A company that reports in dollars but obtains a significant amount of revenue away from the US is probably not best pleased by recent global economic trends, but that didn’t stop investors in Coats Group (COA) sending the share price up 13 per cent following the half-year results announcement.
Omitting currency movements revenue was actually up marginally, but management say this was stunted by tough market conditions in the second quarter: as global economic difficulties loomed apparently clothing retailers made less thread orders. At constant currencies the key industrial sector saw revenues rise 3 per cent to $607m (£461m), while the crafts business suffered from a dwindling demand for knitwear through a milder North American winter.