The Coats Group had lower sales growth in the second quarter due to tough market conditions. Operating profit was up 24 percent on an adjusted basis. Industrial profit growth was 27 per cent delivered by market share gains and cost productivity. Adjusted EPS was up 24 per cent with higher operating profit and reduction in tax rate offset mainly by unrealised losses on foreign exchange hedges.
Adjusted free cash flow for the last twelve months was 82 million dollars primarily due to higher profitability. The revenue of 718 million dollars was maintained. Americas Crafts margin increased, despite tough market conditions, due to focus on costs.
Coats, based in the UK, is the world's leading industrial thread manufacturer and a major player in the Americas textile crafts market. At home in more than 60 countries, Coats employs 19,000 people across six continents.
Coats' pioneering history and innovative culture ensure the company leads the way around the world: providing complementary and value added products and services to the apparel and footwear industries; applying innovative techniques to develop high technology specialty threads and yarns in areas such as automotive and fiber optics and extending the crafts offer into new markets and online.
