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(Alliance News) - Thread manufacturer Coats Group PLC on Tuesday retained its upgraded 2021 guidance after first-half profit and revenue outstripped pre-pandemic levels.
The FTSE 250-listed company said pretax profit hit USD92.0 million in the six months that ended June 30, multiplying from USD10.6 million the year prior.
Profit before tax was 7.7% above the USD85.4 million taken in the first half of 2019, before the pandemic.
Adjusted operating profit was perfectly in line with the company's USD95 million guidance figure at the half-year point.
Shares in the company were up 3.1% at 73.19 pence each in London on Tuesday morning
Revenue also rose above pre-pandemic levels, reaching USD732 million in the first half, 37% higher year-on-year from USD536 million and 3.8% above the USD705 million reported in the first half of 2019.
Apparel & Footwear sales jumped 43% in the first half to USD531 million from USD372 million the year prior, slightly below the USD539 million taken in that period in 2019.
Meanwhile, sales of Performance Materials hit USD201 million, up 23% from USD164 million the year before and up 22% from USD165 million in 2019.
Uxbridge, England-based Coats declared an interim dividend of 0.61 US cent per share, reinstating payouts after issuing none the previous year.
Chief Executive Rajiv Sharma said the company: "Launched 12 new products in the first half, generating USD11 million of incremental revenue, with a healthy pipeline of opportunities ahead of us."
"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," Sharma added.
The company reaffirmed its guidance from July 14, which anticipated trading performance moderately ahead of its previous expectations.
By Scarlett Butler; scarlettbutler@alliancenews.com
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