Case studies
STORIES THAT CARE, AND HAVE A POSITIVE IMPACT
Case studies
STORIES THAT CARE, AND HAVE A POSITIVE IMPACT
Case studies
STORIES THAT CARE, IMPACT AND ARE FUTURE FOCUSED
Case studies
STORIES THAT CARE, AND HAVE A POSITIVE IMPACT
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Coats Group plc
Annual report and Accounts 2024
Our Purpose
CONNECTING TALENT, TEXTILES, AND TECHNOLOGY FOR A BETTER, MORE SUSTAINABLE WORLD
Big, transformative ideas are essential for our success. We are driving sustainable growth and premium profitability through innovation and sustainability, transforming Coats for the future, and creating value for our customers, shareholders, and communities.
Our Purpose
Our Purpose
CONNECTING TALENT, TEXTILES, AND TECHNOLOGY FOR A BETTER, MORE SUSTAINABLE WORLD
Big, transformative ideas are essential for our success. We are driving sustainable growth and premium profitability through innovation and sustainability, transforming Coats for the future, and creating value for our customers, shareholders, and communities.
At a Glance
LEADERS IN THREADS, FOOTWEAR COMPONENTS, AND PERFORMANCE MATERIALS.
At a Glance
LEADERS IN THREADS, FOOTWEAR COMPONENTS, AND PERFORMANCE MATERIALS.
At a Glance
LEADERS IN THREADS, FOOTWEAR COMPONENTS, AND PERFORMANCE MATERIALS.
At a Glance
LEADERS IN THREADS, FOOTWEAR COMPONENTS, AND PERFORMANCE MATERIALS.
50+
Countries
50+
Countries
50+
Countries
50+
Countries
c25k
Customers globally
c25k
Customers globally
c25k
Customers globally
c25k
Customers globally
16k+
Permament employees
16k+
Permament employees
16k+
Permament employees
16k+
Permament employees
250+
Years of textiles experience
250+
Years of textiles experience
250+
Years of textiles experience
250+
Years of textiles experience
CEO Statement
OUR CEO STATEMENT
CEO Statement
OUR CEO STATEMENT
CEO Statement
OUR CEO STATEMENT
CEO Statement
OUR CEO STATEMENT
DAVID PAJA
GROUP CHIEF EXECUTIVE OFFICER
DAVID PAJA
GROUP CHIEF EXECUTIVE OFFICER
DAVID PAJA
GROUP CHIEF EXECUTIVE OFFICER
“
Our 2024 results show another year of strong delivery, creating a platform for compounding earnings growth.
Financials
2024 HIGHLIGHTS
Financials
2024 HIGHLIGHTS
Financials
2024 HIGHLIGHTS
Financials
2024 HIGHLIGHTS
Organic revenue growth
9%
-14%
2023
+9%
2024
Organic revenue growth
9%
-14%
2023
+9%
2024
Organic revenue growth
9%
-14%
2023
+9%
2024
Organic revenue growth
9%
-14%
2023
+9%
2024
Strategic projects savings on track to deliver $75 million in 2025
$67m
$37m
2023
$67m
2024
Strategic projects savings on track to deliver $75 million in 2025
$67m
$37m
2023
$67m
2024
Strategic projects savings on track to deliver $75 million in 2025
$67m
$37m
2023
$67m
2024
Strategic projects savings on track to deliver $75 million in 2025
$67m
$37m
2023
$67m
2024
Adjusted EBIT margin
18%
16.7%
2023
18%
2024
Adjusted EBIT margin
18%
16.7%
2023
18%
2024
Adjusted EBIT margin
18%
16.7%
2023
18%
2024
Adjusted EBIT margin
18%
16.7%
2023
18%
2024
Adjusted EBIT
$270m
$233m
2023
$270m
2024
Adjusted EBIT
$270m
$233m
2023
$270m
2024
Adjusted EBIT
$270m
$233m
2023
$270m
2024
Adjusted EBIT
$270m
$233m
2023
$270m
2024
Adjusted free cash flow
$153m
$131m
2023
$153m
2024
Adjusted free cash flow
$153m
$131m
2023
$153m
2024
Adjusted free cash flow
$153m
$131m
2023
$153m
2024
Adjusted free cash flow
$153m
$131m
2023
$153m
2024
Recycled sales growth
144%
44%
2023
144%
2024
Recycled sales growth
144%
44%
2023
144%
2024
Recycled sales growth
144%
44%
2023
144%
2024
Recycled sales growth
144%
44%
2023
144%
2024
OUR
DIVISIONS
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01
APPAREL
In Apparel, our strategy of ‘Winning with the Winners’ continues to pay off. In 2024 we increased our segment share by further 100 points to 26%. Core to this achievement was the substantial growth in our recycled product sales which reached $405 million in 2024 (vs. $172 million in 2023). We also made strong progress in our digital roadmap as we launched our ShopCoats mobile phone app which allows customers to place orders, track deliveries and receive tech support from their phones. With over 80% of our Apparel customers placing orders in ShopCoats, this is a game-changer.
02
FOOTWEAR
In Footwear, we completed the integration process of the structural components businesses delivering $22m annualised savings from back-office consolidation and procurement. This is twice the level targeted when we announced the Texon and Rhenoflex acquisitions in 2022. The result is a single business with larger scale and relevance for our footwear customers. The completion of our fully integrated footwear manufacturing plant in Indonesia sets us up for success in this critical footwear growth market. The certification by Anta of our technical lab in China positions us as the only partner with such capability, ready to support the fast-growing China domestic brands. Overall, our Footwear division increased share by 200bps in 2024 to 29%.
03
PERFORMANCE MATERIALS
Performance Materials had a challenging year with most of its end markets simultaneously weakened. The problems in our North America yarns business are structural and, as a result, we decided to right-size our footprint with the closure of our facility in Toluca already executed at the end of 2024. This has set us up for improved profitability in 2025. The rest of the Performance Materials portfolio is attractive in terms of growth and profitability profile and will benefit with the market recovery. In 2024 we started production of reinforcement tapes for flexible energy pipes in Spain and we see significant product-led growth opportunities in this sector over the next few years. We have continued to focus on performance threads for automotive, and we achieved market share gains at two large automotive customers.
OUR
DIVISIONS
arrow_back
arrow_forward
01
APPAREL
In Apparel, our strategy of ‘Winning with the Winners’ continues to pay off. In 2024 we increased our segment share by further 100 points to 26%. Core to this achievement was the substantial growth in our recycled product sales which reached $405 million in 2024 (vs. $172 million in 2023). We also made strong progress in our digital roadmap as we launched our ShopCoats mobile phone app which allows customers to place orders, track deliveries and receive tech support from their phones. With over 80% of our Apparel customers placing orders in ShopCoats, this is a game-changer.
02
FOOTWEAR
In Footwear, we completed the integration process of the structural components businesses delivering $22m annualised savings from back-office consolidation and procurement. This is twice the level targeted when we announced the Texon and Rhenoflex acquisitions in 2022. The result is a single business with larger scale and relevance for our footwear customers. The completion of our fully integrated footwear manufacturing plant in Indonesia sets us up for success in this critical footwear growth market. The certification by Anta of our technical lab in China positions us as the only partner with such capability, ready to support the fast-growing China domestic brands. Overall, our Footwear division increased share by 200bps in 2024 to 29%.
03
PERFORMANCE MATERIALS
Performance Materials had a challenging year with most of its end markets simultaneously weakened. The problems in our North America yarns business are structural and, as a result, we decided to right-size our footprint with the closure of our facility in Toluca already executed at the end of 2024. This has set us up for improved profitability in 2025. The rest of the Performance Materials portfolio is attractive in terms of growth and profitability profile and will benefit with the market recovery. In 2024 we started production of reinforcement tapes for flexible energy pipes in Spain and we see significant product-led growth opportunities in this sector over the next few years. We have continued to focus on performance threads for automotive, and we achieved market share gains at two large automotive customers.
OUR DIVISIONS
arrow_back
arrow_forward
01
FOOTWEAR
In Apparel, our strategy of ‘Winning with the Winners’ continues to pay off. In 2024 we increased our segment share by further 100 points to 26%. Core to this achievement was the substantial growth in our recycled product sales which reached $405 million in 2024 (vs. $172 million in 2023). We also made strong progress in our digital roadmap as we launched our ShopCoats mobile phone app which allows customers to place orders, track deliveries and receive tech support from their phones. With over 80% of our Apparel customers placing orders in ShopCoats, this is a game-changer.
02
FOOTWEAR
In Footwear, we completed the integration process of the structural components businesses delivering $22m annualised savings from back-office consolidation and procurement. This is twice the level targeted when we announced the Texon and Rhenoflex acquisitions in 2022. The result is a single business with larger scale and relevance for our footwear customers. The completion of our fully integrated footwear manufacturing plant in Indonesia sets us up for success in this critical footwear growth market. The certification by Anta of our technical lab in China positions us as the only partner with such capability, ready to support the fast-growing China domestic brands. Overall, our Footwear division increased share by 200bps in 2024 to 29%.
03
PERFORMANCE MATERIALS
Performance Materials had a challenging year with most of its end markets simultaneously weakened. The problems in our North America yarns business are structural and, as a result, we decided to right-size our footprint with the closure of our facility in Toluca already executed at the end of 2024. This has set us up for improved profitability in 2025. The rest of the Performance Materials portfolio is attractive in terms of growth and profitability profile and will benefit with the market recovery. In 2024 we started production of reinforcement tapes for flexible energy pipes in Spain and we see significant product-led growth opportunities in this sector over the next few years. We have continued to focus on performance threads for automotive, and we achieved market share gains at two large automotive customers.
OUR
DIVISIONS
arrow_back
arrow_forward
01
APPAREL
In Apparel, our strategy of ‘Winning with the Winners’ continues to pay off. In 2024 we increased our segment share by further 100 points to 26%. Core to this achievement was the substantial growth in our recycled product sales which reached $405 million in 2024 (vs. $172 million in 2023). We also made strong progress in our digital roadmap as we launched our ShopCoats mobile phone app which allows customers to place orders, track deliveries and receive tech support from their phones. With over 80% of our Apparel customers placing orders in ShopCoats, this is a game-changer.
02
FOOTWEAR
In Footwear, we completed the integration process of the structural components businesses delivering $22m annualised savings from back-office consolidation and procurement. This is twice the level targeted when we announced the Texon and Rhenoflex acquisitions in 2022. The result is a single business with larger scale and relevance for our footwear customers. The completion of our fully integrated footwear manufacturing plant in Indonesia sets us up for success in this critical footwear growth market. The certification by Anta of our technical lab in China positions us as the only partner with such capability, ready to support the fast-growing China domestic brands. Overall, our Footwear division increased share by 200bps in 2024 to 29%.
03
PERFORMANCE MATERIALS
Performance Materials had a challenging year with most of its end markets simultaneously weakened. The problems in our North America yarns business are structural and, as a result, we decided to right-size our footprint with the closure of our facility in Toluca already executed at the end of 2024. This has set us up for improved profitability in 2025. The rest of the Performance Materials portfolio is attractive in terms of growth and profitability profile and will benefit with the market recovery. In 2024 we started production of reinforcement tapes for flexible energy pipes in Spain and we see significant product-led growth opportunities in this sector over the next few years. We have continued to focus on performance threads for automotive, and we achieved market share gains at two large automotive customers.
ENERGY
51% reduction in Scopes 1 and 2 emissions from 2022 baseline
ENERGY
51% reduction in Scopes 1 and 2 emissions from 2022 baseline
ENERGY
51% reduction in Scopes 1 and 2 emissions from 2022 baseline
ENERGY
51% reduction in Scopes 1 and 2 emissions from 2022 baseline
MATERIALS
46% volume free from new oil extraction raw materials
MATERIALS
46% volume free from new oil extraction raw materials
MATERIALS
46% volume free from new oil extraction raw materials
MATERIALS
46% volume free from new oil extraction raw materials
WATER
14% increase in recycling water
WATER
14% increase in recycling water
WATER
14% increase in recycling water
WATER
14% increase in recycling water
WASTE
87% reduction in waste to landfill since 2022 99.85% all effluent to meet ZDHC
WASTE
87% reduction in waste to landfill since 2022 99.85% all effluent to meet ZDHC
WASTE
87% reduction in waste to landfill since 2022 99.85% all effluent to meet ZDHC
WASTE
87% reduction in waste to landfill since 2022 99.85% all effluent to meet ZDHC
PEOPLE
95% GPTW coverage and 30% women in leading
PEOPLE
95% GPTW coverage and 30% women in leading
PEOPLE
95% GPTW coverage and 30% women in leading
PEOPLE
95% GPTW coverage and 30% women in leading
Sustainability
OUR STRATEGY FRAMEWORK
Sustainability
OUR STRATEGY FRAMEWORK
Sustainability
OUR STRATEGY FRAMEWORK
Sustainability
OUR STRATEGY FRAMEWORK
Downloads
01
COATS CARES CELEBRATING KINDNESS AND GENEROSITY
For many years, Coats has been a beacon of hope and progress, reaching out to communities around the globe. Coats Cares brings all of these community engagement projects under one big umbrella.
02
CHINA DOMESTIC MARKET HIGHLY ATTRACTIVE GROWTH MARKET
Harnessing the Growth Opportunity
Our sales have outpaced market development, growing double-digit in the Apparel segment and doubling in the Footwear segment. These results have been achieved as a result of commercial and operational excellence in response to four important trends in the market.
03
INVESTMENT IN INDONESIA: THE FUTURE OF FOOTWEAR
Innovation in Indonesia
Our new Indonesian facility combines our existing excellence in thread production with cutting-edge structural components manufacturing, creating a one-stop-shop for our customers in this high growth footwear market.
04
TELECOM AND ENERGY SOLUTIONS: HIGH-PERFORMANCE COATED YARNS AND TAPES
Coats Gotex - Tripled Capacity
With a modernised production facility, an expanded product portfolio, robust innovation initiatives and excellent customer service, Gotex is well-positioned to continue driving growth and creating value in the high-demand Energy and Telecommunications markets.
arrow_back
arrow_forward
01
COATS CARES CELEBRATING KINDNESS AND GENEROSITY
For many years, Coats has been a beacon of hope and progress, reaching out to communities around the globe. Coats Cares brings all of these community engagement projects under one big umbrella.
02
CHINA DOMESTIC MARKET HIGHLY ATTRACTIVE GROWTH MARKET
Harnessing the Growth Opportunity
Our sales have outpaced market development, growing double-digit in the Apparel segment and doubling in the Footwear segment. These results have been achieved as a result of commercial and operational excellence in response to four important trends in the market.
03
INVESTMENT IN INDONESIA: THE FUTURE OF FOOTWEAR
Innovation in Indonesia
Our new Indonesian facility combines our existing excellence in thread production with cutting-edge structural components manufacturing, creating a one-stop-shop for our customers in this high growth footwear market.
04
TELECOM AND ENERGY SOLUTIONS: HIGH-PERFORMANCE COATED YARNS AND TAPES
Coats Gotex - Tripled Capacity
With a modernised production facility, an expanded product portfolio, robust innovation initiatives and excellent customer service, Gotex is well-positioned to continue driving growth and creating value in the high-demand Energy and Telecommunications markets.
arrow_back
arrow_forward
01
COATS CARES CELEBRATING KINDNESS AND GENEROSITY
For many years, Coats has been a beacon of hope and progress, reaching out to communities around the globe. Coats Cares brings all of these community engagement projects under one big umbrella.
02
CHINA DOMESTIC MARKET HIGHLY ATTRACTIVE GROWTH MARKET
Harnessing the Growth Opportunity
Our sales have outpaced market development, growing double-digit in the Apparel segment and doubling in the Footwear segment. These results have been achieved as a result of commercial and operational excellence in response to four important trends in the market.
03
INVESTMENT IN INDONESIA: THE FUTURE OF FOOTWEAR
Innovation in Indonesia
Our new Indonesian facility combines our existing excellence in thread production with cutting-edge structural components manufacturing, creating a one-stop-shop for our customers in this high growth footwear market.
04
TELECOM AND ENERGY SOLUTIONS: HIGH-PERFORMANCE COATED YARNS AND TAPES
Coats Gotex - Tripled Capacity
With a modernised production facility, an expanded product portfolio, robust innovation initiatives and excellent customer service, Gotex is well-positioned to continue driving growth and creating value in the high-demand Energy and Telecommunications markets.
01
COATS CARES CELEBRATING KINDNESS AND GENEROSITY
For many years, Coats has been a beacon of hope and progress, reaching out to communities around the globe. Coats Cares brings all of these community engagement projects under one big umbrella.
02
CHINA DOMESTIC MARKET HIGHLY ATTRACTIVE GROWTH MARKET
Harnessing the Growth Opportunity
Our sales have outpaced market development, growing double-digit in the Apparel segment and doubling in the Footwear segment. These results have been achieved as a result of commercial and operational excellence in response to four important trends in the market.
03
INVESTMENT IN INDONESIA: THE FUTURE OF FOOTWEAR
Innovation in Indonesia
Our new Indonesian facility combines our existing excellence in thread production with cutting-edge structural components manufacturing, creating a one-stop-shop for our customers in this high growth footwear market.
04
TELECOM AND ENERGY SOLUTIONS: HIGH-PERFORMANCE COATED YARNS AND TAPES
Coats Gotex - Tripled Capacity
With a modernised production facility, an expanded product portfolio, robust innovation initiatives and excellent customer service, Gotex is well-positioned to continue driving growth and creating value in the high-demand Energy and Telecommunications markets.
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Coats Group plc