GPG plc releases 2014 half year financial report
- 13 Aug 2014
Guinness Peat Group plc today released its financial results for the first half to 30 June 2014, incorporating the first half results for Coats plc, the world’s leading industrial thread and consumer textile crafts business.
Coats plc highlights
- Revenue of $837 million, up 2% year-on-year on a like-for-likea basis, flat on a reported basis
- Operating profit of $65 million, up 5%, like-for-likea before exceptional items, up 3% on a reported basis
- Strong performance across the Industrial Division; Crafts impacted by reduction in fashion handknitting demand and one-off costs
- Profit before tax up 28% to $50 million
- Net attributable profit more than doubled to $19 million
- Last 12 months adjusted free cash flowb of $49 million
Commenting on Coats’ half year 2014 results Paul Forman, Group Chief Executive, said:
‘Coats' group performance in the first half of 2014 continued to improve and build on the growth achieved in 2013. The Industrial Division delivered another strong performance, illustrating the strength of our core markets and leading global market positions, as well as the increasing contribution from our Speciality business. Crafts performance was impacted by a reduction in fashion handknitting demand and one-off costs.
‘We expect both Divisions to contribute positively in the second half of 2014 and for the Group to deliver a year-on-year increase in profits, with full year attributable profit in line with market expectations. The significant growth in attributable profit and good level of free cash flow are satisfying outcomes.’
A full copy of the announcement can be found at www.coats.com/resultsandreports
a H1 2013 figures at H1 2014 exchange rates
b See Coats Group financial review for calculation of adjusted free cash flow
ENDS
For more information contact:
Jaideep Thatai, Head of Investor Relations jaideep.thatai@coats.com
T +44 (0)208 210 5086, M +44 (0)7827 882 405
Anna Mitchell, Group Director of Communications anna.mitchell@coats.com
T +44 (0)208 210 5015, M +44 (0)7740 747 976
Notes to Editors
About Coats
With a rich heritage dating back to the 1750s, Coats is the world's leading industrial thread and consumer textile crafts business, at home in more than 70 countries, employing over 20,000 people across six continents. Revenues in 2013 were US$1.7bn.
Our well-known brands and strong relationships with customers and consumers mean our products and services meet current and future needs. Our company-wide understanding of our business partners and consumers, coupled with the deep expertise of our people, builds trust and certainty.
Coats’ pioneering history and innovative culture ensure the company continues leading the way around the world: providing complementary and value added products and services to the apparel and footwear industries; extending the crafts offer into new markets and online; and applying innovative techniques to develop products in new areas such as tracer threads, aramids and fibre optics.
- One in five garments on the planet is held together using Coats’ thread
- 100 million car airbags are made using Coats’ thread every year
- Coats produces enough yarn to knit 70 million scarves a year
- In three and a half hours, Coats makes enough thread to go to the moon and back
- 400 million pairs of shoes are made every year using Coats’ thread
- One million teabags using Coats’ thread are brewed every 10 minutes
- Thousands of surgical operations take place every day using Coats’ thread
- Thomas Edison used Coats’ thread in 1879 to invent the light bulb
- Coats produces enough thread to reach around the Equator every 11 minutes
- Coats is the second largest and fastest growing global zip manufacturer