Thread maker Coats (LON:COA) reported a 5 percent jump in sales in the first quarter of the year, after a strong performance in its industrial division.
Strong industrial sales boosted the results, rising 6 percent on a constant currency basis, with a 3 percent increase in its footwear business driven by improved performance in the Asian markets. Its performance materials business grew by 19 percent year-on-year.
Tough market conditions in North America spurred weaker performance in the crafts division, however, which saw sales decline by 4 percent on a constant currency basis.
“The group continues to perform well, and anticipates delivering 2018 full year results in line with management’s expectations,” the firm said.
In February the group said it would be starting 2018 in a “strong position”, adding that a “refocused strategy” would boost the North American crafts business.
Shares in Coats Group (LON:COA) are currently trading down 2.07 percent at 81.78 (0906GMT).
