Coats, world’s leading industrial thread company, announced unaudited half yearly results ended 30 June 2021.
The positive momentum continues to be reflected in these results. Its revenue in H1 was US $ 732 million compared to US $ 536 million of H1 2020.
In a statement, the company said that it continued positive momentum during the first half; organic revenues were up by 1 per cent compared to 2019 and 34 per cent compared to 2020, despite recent lockdown impacts in India in May and June which have now ended.
The company observed encouraging momentum and recovery in apparel and footwear as the core thread business was up by 2 per cent compared to 2019 (41 per cent compared to 2020).
Besides, there’s been positive end market sentiment across the US, Europe and Asia; also, sports and athleisure performed well due to ongoing casualisation trend.
Performance materials noticed organic growth of 4 per cent compared to 2019 (19 per cent compared to 2020), with all segments performing strongly apart from personal protection, which continues to be impacted by US labour availability issues.
“We are pleased to have seen continued recovery and positive momentum during the first half of the year. We have won some excellent contracts and programmes, across both divisions, as customers prioritise reliability, speed and flexibility. We also launched 12 new products in the first half, generating US $ 11 million of incremental revenue, with a healthy pipeline of opportunities ahead of us. We have continued the advancement of our industry-leading sustainability agenda, with strong demand for our EcoVerde product range and revenue of US $ 43 million, which was 5 times higher than in the first half of 2020. We are also proud to have launched EcoRegen, a biodegradable thread supporting Coats’ drive towards a circular economy,” said Rajiv Sharma, Group’s Chief Executive.
He further added that in the second half of the year we will continue to drive performance by focusing on profitable sales growth, our strong customer relationships, our digital, innovation and sustainability credentials and ongoing pricing and productivity actions.
At home in some 50 countries, Coats has a workforce of 17,000 people across 6 continents.