22nd May 2024 11:43
(Alliance News) - Coats Group PLC on Wednesday said that it was confident in its medium-term outlook as revenue edged up at the start of the year.
The London-based manufacturer of industrial thread and footwear component said revenue was 4% higher in the first four months of the year compared to a year ago.
Apparel revenue climbed 11% on the back of normalising buying patterns, while Footwear revenue was up 6% and Performance Materials revenue fell 9%.
Looking ahead, Coats said it remains confident to deliver strong profit growth over the medium term as it noted continued benefits from its strategic projects despite an ongoing uncertainty in its markets.
Coats shares rose 2.9% to 88.77 pence each late on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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