28 Aug 2013

Interim profit reported by GPG

11:21 am on 28 August 2013

Guinness Peat Group's threadmaking business, which will soon come to represent the whole company, has reported an interim profit, after turning around a loss last year.

Coats made a net profit of $US6.6 million for the six months to the end of June, compared with a loss of nearly $US126 million in the same six months last year.

The company said Coats improved its trading performance despite mixed market conditions.

Eliminating currency fluctuations across the regions it operates in, sales increased by 3.7%, which was driven by growth across both its industrial and craft divisions.

GPG reported a first-half net profit of £28 million, compared with a loss of £49 million.

The group said it is encouraging Coats to explore further areas to improve profit, including projects aimed at cutting costs.