For the first half of 2015 Coats' revenue was up four per cent on a like-for-like basis and down three per cent reported. Adjusted EPS was up 20 per cent. Coats is the world’s leading industrial thread and consumer textile crafts business. There was a nine per cent increase in operating profit. The specialty business continued to deliver double digit sales growth, with product innovation playing a key role. There were further market share gains in the core apparel and footwear businesses. Both factors contributed to 15 per cent growth in industrial profit.

Performance in ongoing crafts business was impacted by reduced fashion hand knitting sales, although there was encouraging growth in some product ranges. Non-operating items, primarily foreign exchange losses on parent group cash and discontinued losses related to EMEA Crafts, had a negative impact on earnings. However, on an adjusted basis the group continued to deliver good growth. Consistent delivery of good levels of free cash flow provides a solid platform for ongoing investment in organic and inorganic growth opportunities.

Supported by its defined growth strategy, key differentiators and strong underlying business performance, Coats is well positioned for 2015 and beyond.

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