Friday 15th November 2013
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Guinness Peat Group, which has exited more than 50 investments to focus on UK threadmaker Coats, said third-quarter sales for the textile company rose 7 percent in constant currency terms.
Sales at the company's industrial division rose 7 percent in constant currency terms even as it faced softer demand from Latin America, while the crafts division increased sales 5 percent, GPG said in a statement. Including the impact of currency movements, group sales rose 4 percent from a year earlier, the company said.
GPG is still evaluating a return of capital to shareholders following the sale of its non-core investments. The amount to be returned depends on the UK's Pensions Regulator review of GPG's obligations under the Coats Pension Plan and Brunel Holdings Pension Scheme. The regulator has found the schemes were insufficiently resourced and this could lead to a formal warning notice being issued this calendar year which could take several years to resolve, GPG said today.
A decision has yet to be made on whether the Coats Pension Plan was insufficiently resourced, GPG said.
GPG said the pensions review has cost it 8 million pounds so far and is anticipated to total 10 million pounds by the end of the year.
Shares in GPG last traded at 59.5 cents, unchanged from the start of the year.
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