Coats highlights
- Revenue of $1,686 million, up 1% on a like-for-likea basis, with Industrial up 5%
- Operating profit, before exceptional items, of $131 million stable on a like-for-likea basis; strong performance by Industrial with growth of 18%
- Net attributable profit, before exceptional items, of $45 million, up 21% year-on-year; $21 million including exceptional items (2013: $29 million)
- Adjusted free cash flowb of $70 million, up 30% year-on-year
- Sale of EMEA Crafts agreed; better positions Coats for future profitable growth and allows focus on high performing global Industrial and strong Americas Crafts businesses
- Debt facility successfully refinanced in 2015, extending maturity to 2020 and reducing margin
Commenting on Coats’ Full Year 2014 results Paul Forman, Group Chief Executive, said
‘We are pleased to have delivered material increases in pre-exceptional attributable profit and free cash flow in 2014. These results show the positive effect of our growth strategy, with a 14% growth in Speciality sales contributing to an 18% increase in Industrial operating profit.
‘The ongoing introduction of value adding services and innovative products is delivering operational and financial benefits and the sale of EMEA Crafts will enable us to focus more on our high performing global Industrial and strong Americas Crafts businesses. The successful refinancing of our debt facility and reduction in leverage gives Coats a strong platform to invest in organic and inorganic growth opportunities.’
All figures reported for Coats Group are in US dollars (US$) unless otherwise stated
a Restates 2013 comparative figures at 2014 exchange rates. Reported revenue of $1,703.7 million in 2013.
b See Coats Group financial review for calculation of adjusted free cash flow