UNDERSTANDING COATS
Coats at a glance
Understanding Coats
Coats at a glance
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We are the global market leader in apparel threads, structural components and threads for footwear, and innovative pioneers in performance materials.
We manufacturer sustainability-led innovative products, and are a trusted partner to leading brands and tier 1 manufacturers across all three segments and multiple industries.
Revenue by division
Revenue by production region
- 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
- 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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Abbigliemento
Abbigliemento
Soluzioni per la calzatura
Soluzioni per la calzatura
Performance Materials
Performance Materials
Our two new factories in Mexico, designed with best-in-class technologies, are now operational and will complement the ongoing optimisation of the North America footprint. Our Innovation hub in North Carolina continues to be an important part of our customer engagement and source of new products. In 2023, the Division launched 6 new products with promising sales potential and achieved 20% on our Vitality Index.
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.”