Coats reports marginal improvement in FY14 revenue

Guinness Peat Group in its preliminary financial results for the year ended December 31, 2014, incorporating the 2014 preliminary results for Coats said that the company’s revenue of 1,686 million dollars increased 1 percent on a like-for-like basis, with industrial up 5 percent. Guinness Peat Group (GPG) has also changed its name to Coats Group plc and will operate under a single, combined Board of Directors.

Operating profit, before exceptional items, of 131 million dollars was stable on a like-for-like basis and industrial saw 18 percent growth. Net attributable profit, before exceptional items, of 45 million dollars was up 21 percent year-on-year and 21 million dollars including exceptional items.

Commenting on Coats’ full year 2014 results Paul Forman, Group Chief Executive, said, “We are pleased to have delivered material increases in pre-exceptional attributable profit and free cash flow in 2014. These results show the positive effect of our growth strategy, with a 14 percent growth in speciality sales contributing to an 18 percent increase in industrial operating profit.

“The ongoing introduction of value adding services and innovative products is delivering operational and financial benefits and the sale of EMEA Crafts will enable us to focus more on our high performing global industrial and strong Americas crafts businesses,” Forman added.

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