Business
2016 Full Year results
2016 Full Year results.
About this update from Coats Group Plc
[{"type":"text","content":"\n \nRNS Number : 7389X Coats Group PLC 24 February 2017 \n \n\n24 February 2017\n \nCoats Group plc\n \n2016 Full Year results\n \nCoats Group plc ('Coats' or the 'Company'), the world's leading industrial thread manufacturer, today announces its unaudited results for the year ended 31 December 2016.\n \nHighlights\n \n· Revenue up 2% on a CER basis to $1,457 million (down 1% reported). Continued solid growth of 4% in Industrial Division achieved through market share gains, offsetting 8% decline in Crafts Americas. \n· Adjusted operating profit up 16% (up 13% reported) through market share gains, cost productivity, controlled overheads and raw material price benefits. \n· Adjusted EPS up 23% to 4.91c (reported EPS of 4.28c) with higher operating profit and reduction in tax rate partially offset by unrealised losses on foreign exchange hedges. \n· Adjusted free cash flow of $78 million (2015: $71 million) as net working capital continues to be controlled effectively. \n· Return on capital employed increase of 600bps to 39% (2015: 33%) mainly as a result of higher profitability. \n· Acquired Gotex and Fast React; both performing well and ahead of management expectations ($3m operating profit contribution in 2016). \n· Cessation of regulatory action for UK Coats and Brunel pension schemes, representing approximately 90% of UK pension liabilities and scheme members. \n· Rajiv Sharma became Group CEO on 1 January 2017, previously CEO Industrial Division. \n· The Board recommends a final dividend of 0.84 US cents per share payable in May 2017, subject to shareholder approval, which represents a pro forma full year 2016 dividend of 1.25 c per share. \n \n \n\n\n\n\n* Denotes a KPI\n\n\n2016\n\n\n2015 2\n\n\nChange\n\n\nCER\nchange 1\n\n\nOrganic\nchange 1\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nRevenue\n \n\n\nreported\n\n\n$1,457m\n\n\n$1,472m\n\n\n(1)%\n\n\n2%\n\n\n* 1%\n\n\n \n\n...