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Coats annual profit falls on Covid-19 impact; reinstates dividend
StockMarketWire.com
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Coats reported a fall in annual profit owing to the impact of the pandemic, but the thread manufacturer reinstated its dividend, citing an 'encouraging' recovery.
For the year ended 31 December 2020, pre-tax profit fell $79.6 million from $166.8 million as revenue slipped 16% to $1.16 billion.
The annual results included a stronger recovery in the second half of the year amid improving demand.
'In the second half of the year we saw a continued improving trend in demand with organic revenues down 12%, including most recently an exit rate in November/December of 5% down year-on-year on an organic basis,' the company said.
The company proposed a final dividend of 1.30 cents per share as a result of the strength of the balance sheet, and 'encouraging' recovery.
Looking ahead, the company remains cautious around the recovery amid inflationary pressures within the supply chain, but said it was encouraged by its improved trading performance towards the end of last year as well as in the first two months of this year.
This recovery is expected to continue through 2021, it added.
Story provided by StockMarketWire.com
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