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GPG plc releases 2013 preliminary results

  • 25 Feb 2014

Guinness Peat Group plc today released its preliminary financial results for the year ended 31 December 2013, incorporating the 2013 preliminary results for Coats plc, the world’s leading industrial thread and consumer textile crafts business.

Coats plc highlights

  • Robust trading results despite muted market conditions
  • Revenue of $1,704 million, up 5% like-for-like[1] with both Divisions showing growth
  • Operating profit up 12% like-for-like before exceptional items
  • Attributable profit before exceptional items up $20 million to $37 million
  • Full year free cash flow of $45 million ($54 million before reorganisation, property sales and US antitrust litigation)
  • Reorganisation activity substantially completed
  • New Chairman appointed to Coats’ Board

 

Commenting on Coats’ Full Year 2013 results Paul Forman, Group Chief Executive, Coats plc said:

‘I am pleased to report that despite muted market conditions, Coats' results for the year showed growth in sales and profit across both Divisions. This illustrates the underlying resilience of our core markets and our strong global market positions.

‘We have continued to generate a good level of free cash flow and growth in returns on capital. Furthermore we have increasingly robust foundations for future growth through accelerating product innovation, exciting new service offerings and greater capability in key areas like consumer crafts marketing and market leading digital propositions.’

A full copy of the announcement can be found at Results and Reports 

[1] 2012 figures at 2013 exchange rates

END

For more information please contact:

Anna Mitchell, Head of Group Communications anna.mitchell@coats.com
T +44 (0)208 210 5015, M +(0)7740 747976

Kristina Blissett, Communications Manager kristina.blissett@coats.com
T +44 (0)208 210 5084, M +44 (0)7714 539887

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

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