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Coats Group PLC on Wednesday said trading has been in line with full-year expectations.
For the period of July 1 to October 31, the Uxbridge, England-based industrial thread maker reported organic revenue growth of 6% year-on-year.
It said the growth rate reflected the ‘strong prior year comparator and moderated compared to [the first half] due to an industry-wide softening in demand, mainly in Apparel, towards the end of the period’. In the same period last year, organic revenue growth was up 22% year-on-year.
Year-to-date revenue growth was 14%, ‘a run-rate above the expected long term trend’, Coats said.
In Apparel & Footwear, organic revenue was up 3% for the four months ended October, with a year-to-date revenue growth of 14%, while in Performance Materials, organic revenue was up 15% with year-to-date revenue growth of 16%.
Looking ahead, Coats said it expects its performance for 2022 will be in line with expectations, despite greater foreign exchange headwinds than were expected at the half year. It added that the firm continues to expect to make good progress during 2023.
The company said it will release its full-year results on March 2.
In August, Coats had reported a pretax profit of $96.8 million in the first half of 2022, reflecting a 15% increase from $84.2 million a year before. This was on revenue growth of 14% to $801.5 million from $703.3 million.
Shares were down 2.3% at 66.92 pence each on Wednesday morning in London.
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