UNDERSTANDING COATS
Coats Highlights
Understanding Coats
Coats Highlights
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We are a world-leading Tier 2 manufacturer and trusted partner for the apparel and footwear industries.
We deliver essential materials, components, and software solutions that help our customers grow, compete and win.
A FTSE250 company and a FTSE4Good Index constituent, Coats takes part in the UN Global Compact and is committed to science-based sustainability targets for 2030 and beyond.
>50
Countries c25,000
Customers globally Revenue by division
>16,000
Permanent employees >250
Years of textiles experience Revenue by production region
FY24 Results
- Revenue up 8% on a reported basis and 9% CER
- Group adjusted EBIT margin of 18.0%, ahead of previously announced 2024 margin target of 17%, and despite in-year margin headwinds from Performance Materials Division
- Adjusted earnings per share growth of 18% to 9.5 cents
- Strong adjusted free cash flow of $153 million – 101% cash conversion
- Net debt (excluding lease liabilities) at $449 million with leverage reduced to 1.5x net debt: EBITDA (ahead of 1.6-1.7x guidance post pensions settlement), comfortably within 1-2x target range and providing significant capacity to support the Group’s capital allocation strategy
- Proposed final dividend of 2.19 cents, +10%, reflecting the Board’s confidence in growth strategy and future performance
FY24 Results
- Continued outperformance against the industry in Apparel and Footwear – further market share gains (+100bps Apparel and +200bps Footwear)
- Extended global market leadership position in 100% recycled thread products – revenue grew 144% to $405 million a further significant acceleration in industry adoption
- Strategic projects actions now complete - $8 million incremental EBIT to be delivered in 2025 (taking total savings to $75 million)
- Performance Materials Americas manufacturing footprint right sized in Q4 with the closure of the Toluca site to align to structural softness in North American Yarns – will drive immediate margin improvement
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Apparel
Apparel
Our focus on material transitions and recycled thread products has yielded exceptional results, with sales of recycled threads growing 144% to $405 million. These products underscore our leadership in sustainable innovations.
Footwear
Footwear
We continued to push the boundaries with Rhenoprint™ RP 2.0 a breakthrough in lightweight structural components that significantly
reduces carbon footprints, made possible by our expertise in process and machine design. Additionally, we are expanding into the footwear woven uppers market, an exciting adjacency where we leverage our textile engineering expertise to develop high-performance, breathable, and durable woven uppers.
David Gosnell
Chair
“I am pleased to reflect on Coats’ excellent performance and substantial progress towards a top performing premium industrial company striving to meet its strategic goals.”