Coats Group PLC Trading Statement (1973T)
23 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMCOA
RNS Number : 1973T
Coats Group PLC
23 November 2021
23 November 2021
Coats Group plc
Trading update: 6% organic revenue growth vs 2019, on track for
Full Year expectations
Coats Group plc ('Coats', the 'Company' or the 'Group'), the
world's leading industrial thread manufacturer, today announces a
trading update for the period 1 July 2021 to 31 October 2021 ('the
period'). Given the exceptional circumstances of 2020, we include
2019 detail in this statement.
-- 6% organic growth vs 2019, despite Covid disruption in
Vietnam during the period, which has now subsided
-- Pricing and productivity actions continue to offset inflationary pressures
-- Performance for the year anticipated to be in line with Group expectations
July to October Revenue July to October Revenue
vs 2020 vs 2019
Organic(2) Organic(3)
------------------------ ------------------------
Group 22% 6%
------------------------ ------------------------
Apparel & Footwear 25% 5%
------------------------ ------------------------
Performance Materials 17% 8%
------------------------ ------------------------
All following references are on an organic CER basis.
Strong organic Group revenue performance for the period, up 22%
year-on-year, and up 6% versus 2019 (H1 up 1%).
Strong operational performance, demand recovery, market share
gains and customer wins have continued, despite recent lockdown
impacts in Vietnam which have now subsided. The lessons learnt from
shutdowns around the globe in 2020 mean the Group continues to be
well-placed to manage regional Covid disruption as our global
footprint and organisational agility allow many of our customers to
be supported from other manufacturing sites.
Apparel & Footwear grew 5% vs 2019 (vs flat in the first
half). We continued to see positive end market sentiment across the
US, Europe and Asia. Sports and athleisure continued to perform
well.
Performance Materials grew 8% (organic) vs 2019; all segments
continued to perform strongly apart from US Personal Protection
which has a healthy demand pipeline but continues to be impacted by
US labour availability issues.
Pricing and procurement actions and self-help productivity
programmes continue to offset heightened inflationary pressures in
the supply chain (raw materials, energy, labour and freight
inflation).
Outlook
Given the Group's continued positive trading we anticipate
performance for the Full Year 2021 to be in line with our
expectations.
For the remainder of the year, and into 2022, we will continue
to drive profitable revenue growth by focusing on our strong
customer relationships, our digital, innovation and sustainability
credentials and ongoing pricing and productivity actions.
The Group will release its Full Year 2021 results on 3 March
2022.
Constant Exchange Rate (CER) are 2020 and 2019 results restated
(1) at 2021 exchange rates;
Organic on a CER basis includes like-for-like contributions from
(2) Pharr HP (post acquisition date of February 2020);
Organic on a CER basis includes like-for-like contributions from
(3) Threadsol (post acquisition date of February 2019) and excludes
contribution from Pharr HP (acquired in February 2020)
Appendix:
July to October Revenue July to October Revenue
vs 2020 vs 2019
Reported CER(1) Organic(2) Reported CER(1) Organic(3)
--------- ------- ----------- --------- ------- -----------
Group 22% 22% 22% 9% 11% 6%
--------- ------- ----------- --------- ------- -----------
Apparel & Footwear 25% 25% 25% 4% 5% 5%
--------- ------- ----------- --------- ------- -----------
Performance Materials 16% 17% 17% 26% 29% 8%
--------- ------- ----------- --------- ------- -----------
YTD Revenue vs 2020 YTD Revenue vs 2019
------------------------------- -------------------------------
Reported CER(1) Organic(2) Reported CER(1) Organic(3)
--------- ------- ----------- --------- ------- -----------
Group 31% 30% 29% 6% 8% 3%
--------- ------- ----------- --------- ------- -----------
Apparel & Footwear 35% 34% 34% 0% 2% 2%
--------- ------- ----------- --------- ------- -----------
Performance Materials 20% 20% 18% 24% 26% 6%
--------- ------- ----------- --------- ------- -----------
_________________________________________________________________________________________
Enquiry details
+44 (0)7880 471
Investors Victoria Huxster Coats Group plc 350
Richard Mountain / +44 (0)20 3727
Media Nick Hasell FTI Consulting 1374
_________________________________________________________________________________________
About Coats Group plc
Coats is the world's leading industrial thread company. At home
in some 50 countries, Coats has a workforce of 17,000 people across
six continents. Revenues in 2020 were US$1.2bn. The pioneering
history and innovative culture of Coats ensure it leads the way
around the world. It provides complementary and value-added
products, services and software solutions to the apparel and
footwear industries. It applies innovative techniques to develop
high technology Performance Materials threads, yarns, fabrics and
composites in areas like personal protection, telecoms, energy,
transportation, and household and recreation. Headquartered in the
UK, Coats is a FTSE 250 company, a constituent of the FTSE4Good
Index Series, a participant in the UN Global Compact and a member
of the Ellen MacArthur Foundation. It has also committed to
developing a long-term target to reach net-zero emissions by 2050,
the highest level of ambition on climate under the Science Based
Target initiative.
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