Coats Group plc, a UK-based leading industrial thread manufacturer, has posted 16 per cent revenue decrease to $1,163 mn in its complete fiscal 2020 ended on December 31, 2020 compared to the revenue of $1,389 mn in the previous fiscal. Group’s operating profit for the full year decreased to $111 mn (FY19: $198 mn).
“We have delivered a strong operational performance despite a very difficult global backdrop. Our pace of innovation has not wavered, and we launched 22 new products in 2020,” Rajiv Sharma, Group Chief Executive, said.
Sales of apparel and footwear segment were $823 mn ($1.0 bn). Whereas, performance materials sales rose to $341 mn ($326 mn). Sales in Asia during FY20 fell to $629 mn ($800 mn) due to severe lockdown measures in key A&F markets (India / Bangladesh). However, America’s sales dropped marginally to $315 mn ($323 mn). While, sales in EMEA slipped to $219 mn ($266 mn).
“We remain cautious around the recovery profile of our various global end markets and will be vigilant regarding inflationary pressures within the supply chain. Notwithstanding this uncertainty we are encouraged by our improved trading performance towards the end of last year as well as in the first two months of this year, and the board expects to see continued recovery through 2021,” Sharma said.
