Guinness Peat Group has released its preliminary financial results for the year ended December 31, 2013, incorporating the preliminary results for Coats, world’s leading industrial thread and consumer textile crafts business. Coats reported robust revenue growth at $1,704 million dollars, up 5 per cent like-to-like for both its divisions.
Operating profits are up 12 percent on like-to-like basis before exceptional items. Commenting on Coats’ full year 2013 results Paul Forman, Group Chief Executive, Coats plc said, “I am pleased to report that despite muted market conditions, Coats' results for the year showed growth in sales and profit across both divisions. This illustrates the underlying resilience of our core markets and our strong global market positions.”
With a rich heritage dating back to the 1750s, Coats is present in more than 70 countries, employing over 20,000 people across six continents. Revenues in 2013 were 1.7 billion dollars (over Rs 10,530 crores). Coats’ offers value added products and services to the apparel and footwear industries, developing products in new areas such as tracer threads, aramids and fibre optics.
www.coats.com
