Business
Half Yearly Report
Half Yearly Report.
About this update from Coats Group Plc
[{"type":"text","content":"\n \nRNS Number : 9631O Guinness Peat Group PLC 12 August 2014 \n \n\n \n \nGuinness Peat Group plc \n('GPG' or 'the Company')\n \n \n2014 Half Year Financial Report\n \n \n \nHighlights\n \n· Net attributable profit of £8 million (H1 2013: £9 million loss from continuing activities)\n· Net asset backing per share of 28.4p (31 December 2013: 31.5p)\n· Coats' net profit attributable to GPG of £11 million (US$19 million) (H1 2013: £4 million, US$7 million)\n· Parent Group cash maintained (30 June 2014: £376 million, 31 December 2013: £383 million); supported by prudent management of overheads\n· Board and management continue to engage constructively with the UK Pensions Regulator in relation to its investigations; all options are being explored with the aim of resolving these matters as efficiently as possible\n· Mike Clasper appointed Chairman of GPG Board on 16 April 2014\n \n \nCommenting on GPG's half year 2014 results Mike Clasper, GPG Chairman, said:\n \n'During the first half of 2014 GPG continued to take a number of important steps in delivering our strategy. The Board is pleased with its investment in Coats and its business performance. It is encouraging that Coats has again delivered an increase in profits and is generating a level of free cash* that allows it to invest in its growth strategy and will enable it to pay dividends in the future. \n \nThe composition of the GPG Board has further evolved to best support the needs of the Company and the interests of shareholders, and we have maintained the cash position of the Group by prudently managing overheads. However the UK Pensions Regulator's investigations continue to defer GPG's ability to complete its strategic objectives, including the return of value to shareholders. The Board and management continue to engage constructively with the Regulator and are maintaining an open dialogue with the trustees of the pension schemes. All options are being explored to try to resolve these matters as efficiently as possible, recognising the intere...