StockMarketWire.com - Industrial thread manufacturing group Coats reported higher profit in the first half of the year as the launch of new products bolstered sales.

For the six months ended 30 June 2021, pre-tax profit rose to $92.0 million from $79.6 million as revenue increased 37% to $732 million.

'We also launched 12 new products in the first half, generating $11 million of incremental revenue, with a healthy pipeline of opportunities ahead of us,' the company said.

The company declared an interim dividend of 0.61 cents per share declared.

'The company issued a post-close trading update on 14 July which stated that performance for the full year 2021 was anticipated to be moderately ahead of its previous expectations,' it added.




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