Coats Group plc, the world’s leading industrial thread manufacturer, has announced 2 per cent decline in its revenue to $1,389 million in full fiscal 2019 compared to $1,415 million in previous fiscal year. However operating profit jumped 30 per cent to $191 million in FY19 that ended on December 31, 2019 compared to $147 million in previous year.
Apparel and Footwear (A&F) revenue in FY19 fell 2 per cent to $1,063 million compared to $1083 million in previous year. The headline A&F growth was reportedly impacted by slower demand for zips and trims due to certain in-year fashion trends and conscious low margin product rationalisation, ongoing difficult trading conditions in Latin America Crafts as well as the impact of tail market exits and other customer/product portfolio rationalisation actions.
“I am pleased to report a year of continued growth in profits and cash, despite a market backdrop where we saw