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Coats Group reported a rise in profits on improved margins despite mixed conditions in underlying retail and industrial markets.
For the six months ended 30 June 2019, pre-tax profits rose to $100.8.1m from $79.8m a year earlier as revenues fell 3% to $705m.
Adjusted operating profit was up 8% (up 3% on a reported basis)
The uptick in profits was supported by improved operating margins, strong cash flow generation and underlying earnings growth as the company continued to cut costs, reaping in the benefits of its 'Connecting for Growth,' programme.
The company anticipated delivering 2019 full-year adjusted operating profit in line with its expectations, though added that earnings would be hurt by adverse currency movements.
'In the second half of the year we will continue to drive performance through our focus on customer service and building on our innovation and digital capabilities, supported by our self-help initiatives. Our full year earnings per share will be impacted by the highlighted foreign exchange movements,' the company said.
At 8:26am: (LON:COA) Coats Group Plc share price was -0.17p at 79.58p