Coats Group plc, a UK-based leading industrial thread manufacturer, has posted 16 per cent revenue decrease to $1,163 million in its complete fiscal 2020 ended on December 31, 2020 compared to the revenue of $1,389 million in the previous fiscal. Group’s operating profit for the full year decreased to $111 million (FY19: $198 million).
Coats Group plc, a UK-based leading industrial thread manufacturer, has posted 16 per cent revenue decrease to $1,163 million in its complete fiscal 2020 ended on December 31, 2020 compared to the revenue of $1,389 million in the previous fiscal. Group's operating profit for the full year decreased to $111 million (FY19: $198 million). #
“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 in a press release.
Coats Group plc, a UK-based leading industrial thread manufacturer, has posted 16 per cent revenue decrease to $1,163 million in its complete fiscal 2020 ended on December 31, 2020 compared to the revenue of $1,389 million in the previous fiscal. Group's operating profit for the full year decreased to $111 million (FY19: $198 million). #
Sales of apparel and footwear segment were $823 million ($1.0 billion). Whereas, performance materials sales rose to $341 million ($326 million).
Coats Group plc, a UK-based leading industrial thread manufacturer, has posted 16 per cent revenue decrease to $1,163 million in its complete fiscal 2020 ended on December 31, 2020 compared to the revenue of $1,389 million in the previous fiscal. Group's operating profit for the full year decreased to $111 million (FY19: $198 million). #
Sales in Asia during FY20 fell to $629 million ($800 million) due to severe lockdown measures in key A&F markets (India / Bangladesh). However, Americas sales dropped marginally to $315 million ($323 million). While, sales in EMEA slipped to $219 million ($266 million).
Coats Group plc, a UK-based leading industrial thread manufacturer, has posted 16 per cent revenue decrease to $1,163 million in its complete fiscal 2020 ended on December 31, 2020 compared to the revenue of $1,389 million in the previous fiscal. Group's operating profit for the full year decreased to $111 million (FY19: $198 million). #
“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.
Fibre2Fashion News Desk (JL)
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