StockMarketWire.com - Thread manufacturer Coats Group said April sales were down by about 50% owing to the coronavirus hit to the demand and supply.

April sales were down around 50%, as anticipated in the company's base scenario, owing to demand and supply impacts from Covid-19, with about 15 manufacturing sites under enforced government closure.

For 1 January 2020 to 30 April 2020, sales declined 17% year-on-year, reflecting 21% organic decline and a 4% contribution from the acquisition of Pharr High Performance Yarns, which was bought in February.



The company said it anticipated around 40% year-on-year reduction in second-quarter like-for-like operating cost base on cost mitigating actions taken by management and lower activity levels.

The balance sheet remained 'strong with comfortable liquidity and headroom,' the company said. At 8:20am: [LON:COA] Coats Group PLC share price was +0.4p at 44.15p



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