The Coats Group recorded organic revenue growth of 7 percent and reported growth of 4 percent against a weak prior year comparator.
The company said in a release that the improving trend was driven by apparel, where revenue was up 14 percent as customer inventories and buying patterns returned to more normalised levels. Footwear also returned to growth in the period, with revenue 6 percent higher year-on-year, as demand from several major brand customers picked up as their inventories also normalised.
The company added that performance materials trading in the period was in line with our expectations. The business continues to be impacted by US customer phasing issues, and reported revenue down 5 percent in the period but an improvement from a decline of 17 percent in FY23.
The company further said that it is on track to achieve overall savings of 70 million dollars by the end of 2024. These savings, along with focus on controlling costs, resulted in group adjusted EBIT margin to remain in line with the company’s 2024 goal of 17 percent.
Over the medium term, Coats remains confident in the group's ability to deliver strong profit growth and cash generation, owing to the company’s scale, global footprint, innovation, strong digital platform and technical support capabilities, alongside continued investment in sustainability and innovation.
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