LONDON (Alliance News) - Coats Group PLC on Thursday said despite current uncertainties in the market it expects annual performance to be in line with management views.
"Whilst we remain cautious around the current macroeconomic uncertainties, based on our current assessment of business trends, we anticipate delivering 2019 full year performance in line with management's expectations," the company said.
In the period between January 1 and April 30, the FTSE 250 industrial thread manufacturer reported sales down 3% as a result of currency headwinds, mainly the Indian rupee, Turkish lira, and Brazilian real.
On a constant currency basis, group sales in the period grew 2% year-on-year, driven by growth across both the Apparel & Footwear and Performance Materials divisions, up 2% and 4% respectively.
Coats shares were trading 3.5% lower at 79.70 pence each early Thursday.
Coats (COA)