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GPG's Coats demand improves in second-half

Monday 15th November 2010

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Coats' industrial thread demand since June has improved at a lower rate than in the first six months of the year, although it's significantly better than in 2009, says Ron Brierley's Guinness Peat Group.

That reflects a stronger performance in the second half of 2009, it says.

Coats, GPG's largest investment, has found its crafts market "has remained challenging," maintaining sales at 2009 levels, GPG says. Raw material prices peaked in the September quarter, "putting pressure on gross margins."

The information was contained in GPG's "interim management statement" covering the period from July 1 to November 12 which was "prepared solely to provide additional information to shareholders to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules and should not be relied on by any other party or for any other purpose," GPG says.

The statement says net asset backing per share improved to 51.18 British pence (NZ$1.066) at September 30 from 47.69 pence at June 30. GPG parent group cash at September 30 was 172 million British pounds, up from 167 million pounds at June 30.

GPG's NZX-listed shares were unchanged at 73 cents.

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