Coats Group Plc (COA.L), a British maker of thread and structural components for variety of industries, on Thursday registered a rise in pre-tax income for the full year, supported a by reduced exceptional items and expenses. However, the company registered a decline in revenue mainly due to widespread industry destocking.
For the 12-month period, the Group posted a pre-tax income of $155.8 million, higher than $151.4 million in the previous year. Exceptional items before taxation dropped to $49.4 million from last year's $52.7 million.
Excluding items, pre-tax earnings were at $200.8 million, lesser than $204.6 million in 2022.
Net profit stood at $74.1 million as against last year's $7.3 million.
Net income per share was at 3.48 cents, compared with a loss of 0.97 cents per share in 2022.
Loss from discontinued operations narrowed to $26.7 million from previous year's $87.7 million.
Operating profit rose to $184 million from $181.1 million a year ago.
Adjusted operating profit was at $233.4 million, higher than $232.7 million a year ago.
Cost of sales was down at $929.1 million, compared with $1.059 billion in 2022.
Administrative expenses stood at $168.4 million as against previous year's $172.7 million.
Distribution costs were down at $118.5 million, compared with $125.8 million in 2022.
Revenue slipped to $1.394 billion from $1.537 billion in 2022.
The Group will pay a final dividend of 1.99 cents per share, a 15 percent increase on the prior year, which will be paid on May 30 to shareholders on the register as of May 3.
Looking ahead, for the full year, the Group expects to post EBIT margin of 17 percent.
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