Coats Group interim revenues grow

Sewing thread manufacturer Coats Group said on Tuesday that interim revenues had grown against both 2020 and 2019 comparatives amid a "strong operational performance".

Coats' first-half reported revenues grew 37% year-on-year to $732.0m and were also 4% firmer when compared to 2019's pre-Covid figures.

Adjusted operating profits were up 179% on the prior year at $95.0m, but were still down 7% on 2019.

Earnings per share came to 3.1 cents, while the firm also declared an interim dividend of 0.61 cents - up from the 0.55 cents returned to investors two years prior.

Chief executive Rajiv Sharma said: "We are pleased to have seen continued recovery and positive momentum during the first half of the year. We have won some excellent contracts and programmes, across both divisions, as customers prioritise reliability, speed and flexibility.

"In the second half of the year we will continue to drive performance by focusing on profitable sales growth, our strong customer relationships, our digital, innovation and sustainability credentials and ongoing pricing and productivity actions."

As of 0855 BST, Coats shares were up 2.25% at 72.60p.