UK manufacturer Coats Group expects H1 FY21 operating profit of $95 mn
Coats Group plc, a UK-based industrial thread manufacturer, has reported strong operational performance and demand recovery in the six-month period to June 30, 2021, despite recent lockdown impacts in India in May and June which have now subsided. The group now expects operating profit for H1 to be around $95 million (2019: $102 million).
Backed by sales growth of 34 per cent to $732 million in H1 FY21 over the previous year ($536 million), and 1 per cent against 2019 ($705 million), Coats anticipates its performance for the full year 2021 to be moderately ahead of its previous expectations, the group said in a statement.
The sales of Apparel & Footwear (A&F) divison were flat against 2019 with positive end market sentiment across US, Europe and Asia. According to the group, the sports and athleisure continued to perform well and casualisation trend has further sustained.
Moreover, Performance Materials’ divison reported 4 per cent growth in the first half with improvement in all the segments apart from personal protection which continues to be impacted by US labour availability issues, the British firm added.
The company will release its half year results on August 3, 2021.
Fibre2Fashion News Desk (JL)
Coats Group plc, a UK-based industrial thread manufacturer, has reported strong operational performance and demand recovery in the six-month period to June 30, 2021, despite recent lockdown impacts in India in May and June which have now subsided. The group now expects operating profit for H1 to be around $95 million (2019: $102 million).
