31st Jul 2018 10:10
LONDON (Alliance News) - Coats Group PLC said Tuesday it expects to deliver a full-year 2018 performance "slightly ahead" of previous management views after half-year revenue growth.
In 2017, FTSE 250-listed thread manufacturer reported pretax profit of USD142.9 million on revenue of USD1.51 billion.
For the six months to June 30, Coats said revenue rose 6.5% to USD788 million from USD740 million year-on-year.
The company said that revenue in the company's Industrial business increased by 8.3% to USD695 million driven by continued momentum in the Apparel & Footwear business, while sales in the Crafts unit dropped 5.1% to USD93 million compared to the same period a year ago.
Pretax profit fell to USD70.3 million from USD75.8 million year-on-year.
The company lifted its interim dividend by 14% to 0.50 cent per share from 0.44 cent paid to shareholders last year.
Coats said it looks to "build on a strong first half of the year by continuing to outperform the market" as it did in the Apparel business after 4% growth.
Coats shares were trading 5.0% higher at 84.60 pence each.
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