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Coats Group plc (’Coats’ or the ’Company’), the world's leading industrial thread and consumer textile crafts business, today announces its unaudited results for the six months ended 30 June 2015.
Revenue of $748 million, up 4% on a like-for-like basis and down 3% reported; continued double digit sales growth (13%) in Speciality business
Operating profit up 9% on a like-for-like basis before exceptional items; with 15% growth in Industrial segmental profit
Adjusted EPS up 20% to 1.82 cents; reported EPS negatively impacted by non-operating items
Adjusted free cash flow for the last twelve months of $50 million
Completed sale of EMEA Crafts business in July 2015
Commenting on Coats half year 2015 results Paul Forman, Group Chief Executive, said: 'Coats performed well in the first half of 2015, delivering a 9% increase in operating profit. The Speciality business continued to deliver double digit sales growth, with product innovation playing a key role, and we achieved further market share gains in the core Apparel and Footwear business. Both factors contributed to 15% growth in Industrial profit. Performance in our ongoing Crafts business was impacted by reduced fashion handknitting sales, although there was encouraging growth in some product ranges and notably greater predictability of performance.'
‘Non-operating items, primarily foreign exchange losses on parent group cash and discontinued losses related to EMEA Crafts, had a negative impact on reported earnings; however on an adjusted basis we continued to deliver good growth. Consistent delivery of good levels of free cash flow provide a solid platform for ongoing investment in organic and inorganic growth opportunities. Supported by our defined growth strategy, key differentiators and strong underlying business performance, Coats is well positioned for 2015 and beyond.’
For further information, including details of a webcast / conference call at 0900 BST today (3 August 2015), please visit www.coats.com/investors/hy15
Jaideep Thatai, Head of Investor Relations, Coats Group plc +44 20 8210 5086
UK: Richard Mountain, FTI Consulting +44 20 3727 1374
NZ and Australia: Geoff Senescall Akers +64 9 309 5659
Coats is the world's leading industrial thread and consumer textile crafts business. At home in more than 70 countries and employing approximately 20,000 people across six continents, the Company generated revenues of US$1.7bn in 2014. With a rich heritage dating back to the 1750s, 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; applying innovative techniques to develop new Speciality products; and extending the crafts offer into new markets and online. Headquartered in the UK, Coats Group has a premium listing on the London Stock Exchange and is also listed on the New Zealand and Australian exchanges.