Coats Plc name revived as FY profit rises 21%
- 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.”
- Fashion fit for the future – strategies for speed
- Will new Vietnam wage hinder competitiveness?
- Digitisation to drive new apparel-making models
- Under Armour Lighthouse will disrupt production
- How TAL Apparel is staying ahead of the game
- Gap to shutter all UK Banana Republic stores
- M&S "unappealing" clothing a barrier to growth
- MAS Holdings shares commitment to sustainability
- Reebok Liquid Factory reinvents shoe production
- Bangladesh tops China as lead cotton importer
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020