Coats affirms guidance for modest annual profit growth, delisting from NZX, ASX

Wed, 18 May 2016

By Jonathan Underhill May 19 (BusinessDesk) - Coats Group, the UK-based thread-maker left after diversified investor Guinness Peat Group sold its other assets, reiterated its guidance for a "modest" increase in annual earnings before one-time items and affirmed plans to delist from the NZX and the ASX and keep its London Stock Exchange listing. The company said reported sales in the four months ended April 30 fell 5 percent, mainly reflecting a 23 percent slump in craft sales, which it attributed to weak demand in the US handknitting mark...

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