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Sandra Halliday Published
March 7, 2025
Threads and materials giant Coats Group may have been talking loudly about its continued outperformance against the industry and clear global market leadership in certain areas for last year, but that couldn't disguise the fact that its latest results still revealed falling revenues and little movement in profits.
The British company (which reports in US dollars) on Thursday said that 2025 revenues fell 9% on a reported basis to $1.394 billion. They were down 6% currency-neutral and 14% organic (taking into account the acquired Texon and Rhenoflex operations).
Meanwhile, adjusted EBIT was flat at $233 million on a reported basis, while it rose 4% currency-neutral but fell 4% organic.
As mentioned, the company talked of ongoing outperformance against the industry and said it made market share gains in Apparel and Footwear of around 200bps each. It was also the clear global market leader in 100% recycled thread products and revenue in this area grew 44% to $172 million currency-neutral, despite lower industry volumes.
While its overall reduction in revenue is far from desirable, the fact that it beat the rest of the industry was encouraging with the wider Apparel and Footwear markets being around 20% lower.
Also encouraging was the fact that the company said Apparel brand inventory levels normalised and a gradual recovery trend is under way. However, Footwear recovery is lagging Apparel as the destocking in this area began later. The improving trend meant H2 organic revenue was ’only’ 10% lower compared to a 19% decline in H1.
The company also achieved its 2025 group adjusted EBIT margin target of 17% in the second half of 2025, a year ahead of plan.
Plus it reduced its net debt and continued to make major cost savings, while the integration synergies from Texon and Rhenoflex have delivered a total of $16 million in savings to date ($19 million annualised), well ahead of pre-acquisition expectations of $11 million by 2025.
The group expects to make “good progress in 2025 underpinned by modest revenue growth, with a weighting to the second half, as Apparel and Footwear gradually recover, and with increasing tender activity in Performance Materials”.
CEO Rajiv Sharma said there was “much to be confident about in Coats' trading performance in the year. Against the backdrop of widespread industry destocking, we gained market share, grew our margin and our adjusted free cash flow. We have also seen that the consumer in general has remained resilient in these challenging markets, albeit with variation by territory”.