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Coats thread business up four per cent

From January to April, Coats’ core thread business grew four per cent as key Asian markets performed strongly. The Performance Materials business grew by 19 per cent year-on-year, with four per cent organic growth and a 15 per cent contribution from the acquisition of Patrick Yarn Mill.

Organic growth in Performance Materials was underpinned by continued double-digit growth in hi-tech end uses (for example, flame retardant yarns), with some weakness in certain traditional end use segments in North America.

Crafts sales declined four per cent on a CER basis. This was due to the North American business, where market conditions remained tough, alongside the adverse impact in the period of the introduction of own-label hand knitting products at a major customer.

Coats is the world’s leading industrial thread manufacturer and a major player in the Americas textile crafts market. At home in more than 50 countries, Coats employs 19,000 people across six continents.

Sales growth for the group of eight per cent in the period was above the CER growth of five per cent due to the dollar weakening against certain key trading currencies, for example, the Chinese, the Indian and the Mexican.

The group continues to perform well, and anticipates delivering 2018 full year results in line with management’s expectations.

 

 
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