British multinational company and the leading thread producer Coats Group plc has announced the unaudited preliminary financial results for the year ended 31 December 2017.
As per the press release issued, the Group’s revenue soared by 4 per cent to US $ 1,510 million during the year under review as compared to US $ 1,457 million in 2016. Segment-wise, the company reported results as follows: Apparel and Footwear (up 5%) and Performance Materials (up 12%).
Coats’ adjusted operating profit for the reporting year surged by 11 per cent to US $ 174 million from US $ 158 million in 2016.
“The year 2017 proved to be a strong one for Coats. During the year under review, key apparel and footwear markets reported continuous momentum,” said Rajiv Sharma, Group Executive while commenting on the results.
According to Sharma, the strong financial performance and investment in growth initiatives have built a solid base for the future of the industrial sewing thread maker. Also, the growth achieved in 2017 has made the company to revise its expectations for 2018, as it now anticipates to note a slight increase in adjusted operating profits this year.
Coats, which is also the second-largest manufacturer of zips and fasteners after YKK, expects to get benefit from the incremental full-year contribution from the Patrick Yarn Mill as well which it acquired in December last year at around US $ 25 million.
