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Apparel & footwear divisions spur UK manufacturer Coats Group H1 sales
24 Aug 21 2 min read
With encouraging momentum and recovery in apparel and footwear segment, Coats Group, a UK-based industrial thread manufacturer, reported 37 per cent revenue growth to $732 million in first half (H1) of FY21 ended on June 30, 2021, against revenue of $536 million in the same period of last year. Operating profit jumped 179 per cent to $95 million ($34 million).
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“We have won some excellent contracts and programmes, across apparel and footwear divisions, as customers prioritise reliability, speed and flexibility. We also launched 12 new products in the first half, generating $11 million of incremental revenue, with a healthy pipeline of opportunities ahead of us,” Rajiv Sharma, chief executive at Coats Group, said in a press release.
“We have continued the advancement of our industry-leading sustainability agenda, with strong demand for our EcoVerde product range and revenue of $43 million, which was 5x higher than in the first half of 2020. We are also proud to have launched EcoRegen, a biodegradable thread supporting Coats’ drive towards a circular economy,” Sharma added.
According to the company, its core thread business grew 41 per cent with positive end market sentiment across US, Europe and Asia. Sports and athleisure divisions performed well due to ongoing casualisation trend.
Moreover, performance materials organic growth was 19 per cent over prior year, with all segments performing strongly apart from personal protection which continues to be impacted by US labour availability issues, the company further noted.
“In the second half of the year we will continue to drive performance by focusing on profitable sales growth, our strong customer relationships, our digital, innovation and sustainability credentials and ongoing pricing and productivity actions,” Sharma concluded in the release.
Fibre2Fashion News Desk (JL)
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