19th May 2021 10:59
(Alliance News) - Coats Group PLC said on Wednesday it was on track for a full-year performance slightly ahead of expectations after strong sales at the start of 2021.
The thread manufacturer's revenue for the first four months of the year was up 28% year-on-year, and was 3% ahead of the comparative, pre-pandemic period in 2019.
As a result, Coats said performance for the year would be "slightly ahead" of previous expectations. It reported revenue of USD1.16 billion and pretax profit of USD79.6 million for 2020.
"We are pleased to have seen recovery and positive momentum during the period, which resulted in a strong operational performance and a return to growth compared to 2019," said Chief Executive Rajiv Sharma.
"Whilst we remain vigilant around the ongoing Covid pandemic, given the improving end market sentiment, we anticipate that the recovery in our trading will continue and that our anticipated performance for the year will be slightly ahead of our previous expectations."
Shares in Coats were trading 5.5% higher at 62.25 pence in London on Wednesday morning.
The group's annual general meeting will take place later on Wednesday.
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Coats