Coats Group rises after robust annual results | Business

The latest batch of corporate results may have disappointed investors yesterday, but a few shone through amid the gloom — not least Coats Group, which shot to the top of the mid-cap index thanks to a robust set of annual results.

The maker of industrial threads unveiled a 75 per cent rise in adjusted operating profit to $193 million last year, with inflationary pressures largely absorbed by “successful” pricing options. To the market’s delight, the group declared a final dividend of 1.5 cents per share — a 15 per cent jump on 2020.

Moreover, Coats was confident that trading momentum would continue, saying that it expected its full-year performance for 2022 to be “modestly ahead” of the board’s previous expectations.

The company, which makes yarns