Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


GPG’s Coats lifts 1Q sales as industrial division revives

GPG’s Coats lifts 1Q sales as industrial division bounces back from 2013

May 8 (BusinessDesk) - Guinness Peat Group’s Coats unit boosted first-quarter sales 2 percent in the first three months of the year, and expects to complete its migration to the UK threadmaker’s offices next month.

GPG, which plans to take on the Coats name, said the gain in the threadmaker’s group sales in the first quarter was driven by a 4 percent gain in its industrial division, offsetting a 3 percent fall in sales in its crafts division. On a common currency basis, group sales were up 5 percent, with an 8 percent gain in the industrial division and a 2 percent decline in the crafts division.

Coats’ industrial unit benefited from demand in Asia for apparel and footwear, and growth in speciality and zips in Europe, Middle East and Africa. The crafts division was hindered by a shift in Scandinavia from retail sales to a distributor model.

“Coats anticipates that overall trading performance for the year to 31 December 2014 will be in line with market expectations,” the company said in a statement.

GPG said it’s continuing to reduce group costs, and the board expects to complete the downsizing and migration of support services to Coats on June 30, when it will close its London office and the remaining GPG employees will leave.

The investment firm generated about $1.4 billion from the asset sale programme it embarked on in 2011 after a shareholder revolt over plans to split up the company along regional lines saw a board shake-out. It had cash of some $773 million as at Dec. 31 from $490 million a year earlier, and shareholders’ funds of $896 million, up from $876 million at the end of 2012.

GPG is still engaging with the UK Pensions Regulator over group pension obligations, which is holding up a capital return to shareholders.

The company will hold its annual meeting in London May 22, and announce first-half results on Aug. 13.

The shares slipped 0.7 percent to 67.5 cents yesterday, and have gained 14 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news