UK: Coats FY profit doubles in "robust" 2013
- Full-year earnings of US$37.3m
- Sales climb 5% to $1.7bn
- "Robust foundations for future growth"
Coats said the results illustrate the “underlying resilience” of its core markets
Guinness Peat Group Plc has booked what it describes as "robust" trading results at its industrial thread, yarn and zip specialist Coats Plc, despite muted market conditions during fiscal 2013.
In the 12 month period, Coats generated attributable profit of US$37.3m, up from $17.2m in the year ago period.
Sales climbed 5% on a like-for-like basis to $1.7bn, with both the industrial and craft divisions showing growth.
CEO Paul Forman said the results illustrate the "underlying resilience" of its core markets and the company's 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."
Investment group Guinness Peat bought Coats Plc in a GBG414m takeover bid in 2003, and is moving towards a relaunch of the unit on the London stock market.
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