Guinness Peat Group PLC Incorporated The 2013 Preliminary Results for Coats PLC

Guinness Peat Group plc released its preliminary financial results for the year ended 31 December 2013, incorporating the 2013 preliminary results for Coats plc, the world’s leading industrial thread and consumer textile crafts business.

Coats plc highlights
- Robust trading results despite muted market conditions
- Revenue of $1,704 million, up 5% like-for-like with both Divisions showing growth
- Operating profit up 12% like-for-like before exceptional items
- Attributable profit before exceptional items up $20 million to $37 million
- Full year free cash flow of $45 million ($54 million before reorganisation, property sales and US antitrust litigation)
- Reorganisation activity substantially completed
- New Chairman appointed to Coats’ Board

Commenting on Coats’ Full Year 2013 results Paul Forman, Group Chief Executive, said, ‘I am pleased to report that despite muted market conditions, Coats' results for the year showed growth in sales and profit across both Divisions.  This illustrates the underlying resilience of our core markets and our strong global market positions.

“We have continued to generate a good level of free cash flow and growth in returns on capital.  Furthermore we have increasingly robust foundations for future growth through accelerating product innovation, exciting new service offerings and greater capability in key areas like consumer crafts marketing and market leading digital propositions.”