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(Sharecast News) - Industrial threads maker Coats said it expected "modest" revenue growth this year as markets recovered in the second half after reporting higher 2023 profits.
The company, which makes threads for the shoe and clothing industries, said pre-tax profit for the year to December 31 rose to $155m from $151m on a 9% fall in revenue to $1.4bn. Operating profit rose 2% to $184m.
Coats said it expected to make "good progress" in 2024 underpinned by modest revenue growth, with a weighting to the second half, as apparel and footwear gradually recover, and increasing tender activity in performance materials.
"Our continued focus on controlling our costs, including the benefits of strategic projects, increases our confidence in achieving our 17% group EBIT margin target in 2024," Coats said on Thursday.
Reporting by Frank Prenesti for Sharecast.com
