• Guinness Peat Group to be renamed Coats plc
  • FY net profit rises 21% to GBP45m (US$69.5m)
  • Revenues increase 1% to GBP1.686bn

Industrial thread and craft textiles business Guinness Peat Group is changing its name to Coats Plc, operating under a single board of directors from now on.

The announcement, which comes into effect in the coming days, coincided with the unveiling of the company’s full-year results for 2014, and signals the return of the Coats name to the London Stock Exchange 125 years after its initial listing there.

Full-year revenues rose 1% in the year, with industrial revenues rising 5%, the company said.

It added that the recent sale of its loss-making EMEA crafts business would allow the company to focus on the growth opportunities offered by its industrial thread and Americas crafts activities.

“I am pleased to say we are moving on,” said Guinness Peat Group chairman Mike Clasper.

“Coats…is moving further away from the GPG investment company past, we now have one board to lead the business and we are structuring our executive team to efficiently support the simplified corporate structure.

“Within Coats, the industrial business delivered good profit growth; however, the group results were impacted by crafts, particularly in EMEA.”