Half Year Results 2015 materials
3 August 2015 (07.00 BST) 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.’