Coats Group

COA · Main Market · Industrial Goods and Services · mcap £1,629m · 84.1p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 28 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,613m
Owner’s net cash: −£635.4m
Net cash / market cap: -39%
EV ex leases: £2,267m
Revenue: £1,190m
Operating profit: £184.8m
Free cash flow after leases: £150.8m
EV / EBIT: 12.3×
FCF yield: 9.4%
ROCE: 12%
Net income (owners): £78.5m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 28 Jul 26 · read the results ↗

Source ↗

	Half year 2026 Before exceptional and acquisition related items US$m	Half year 2026 Exceptional and acquisition related items US$m	Half year 2026 Total US$m	Half year 2025 Before exceptional and acquisition related items US$m	Half year 2025 Exceptional and acquisition related items US$m	Half year 2025 Total US$m	Full year 2025 Total US$m
Continuing operations
Revenue	836.9	-	836.9	705.4	-	705.4	1,464.9
Cost of sales	(505.2)	-	(505.2)	(428.1)	(1.0)	(429.1)	(891.1)
Gross profit	331.7	-	331.7	277.3	(1.0)	276.3	573.8
Distribution costs	(74.8)	-	(74.8)	(60.5)	-	(60.5)	(126.8)
Administrative expenses	(91.1)	(34.3)	(125.4)	(76.9)	(10.5)	(87.4)	(205.6)
Other operating income	-	3.8	3.8	-	-	-	-
Operating profit	165.8	(30.5)	135.3	139.9	(11.5)	128.4	241.4
Share of profit of joint ventures	0.8	-	0.8	0.8	-	0.8	1.3
Finance income	3.6	-	3.6	2.5	-	2.5	11.0
Finance costs	(35.4)	-	(35.4)	(20.7)	-	(20.7)	(52.1)
Profit before taxation	134.8	(30.5)	104.3	122.5	(11.5)	111.0	201.6
Taxation	(39.2)	6.9	(32.3)	(36.0)	1.8	(34.2)	(64.9)
Profit from continuing
Operations	95.6	(23.6)	72.0	86.5	(9.7)	76.8	136.7
Loss from discontinued
Operations	-	-	-	0.6	(7.2)	(6.6)	(15.5)
Profit for the period	95.6	(23.6)	72.0	87.1	(16.9)	70.2	121.2
Attributable to
Equity shareholders of the company	85.0	(23.6)	61.4	76.2	(16.9)	59.3	103.4
Non-controlling interests	10.6	-	10.6	10.9	-	10.9	17.8
Total attributable to	95.6	(23.6)	72.0	87.1	(16.9)	70.2	121.2
Earnings per share (cents)
Continuing operations
Basic	3.19	4.09	6.79	–	–	–	–
Diluted	3.18	4.07	6.75	–	–	–	–
Continuing and discontinued
operations
Basic	3.19	3.68	5.91	–	–	–	–
Diluted	3.18	3.66	5.87	–	–	–	–
Adjusted earnings per share 14 (d)	4.41	4.69	9.26	–	–	–	–

Source ↗

	30 June 2026 US$m	30 June 2025 US$m	31 December 2025 US$m
Non-current assets
Goodwill	371.3	127.5	372.9
Other intangible assets	972.1	442.2	1,002.3
Property, plant and equipment	247.6	214.5	248.7
Right-of-use assets	66.4	61.3	75.0
Investments in joint ventures	14.2	14.5	13.3
Other equity investments	0.5	0.6	0.5
Deferred tax assets	17.9	16.4	17.9
Pension surpluses	45.2	45.3	48.7
Loan receivable	43.9	43.3	43.6
Trade and other receivables	15.1	23.6	20.1
Total non-current assets	1,794.2	989.2	1,843.0
Current assets
Inventories	196.8	175.8	173.5
Trade and other receivables	364.8	306.9	336.3
Pension surpluses	1.5	1.5	1.5
Cash and cash equivalents 11 (g)	183.2	168.5	232.0
Assets of disposal group and non-current assets classified as held for sale	0.2	12.6	0.4
Total current assets	746.5	665.3	743.7
Total assets	2,540.7	1,654.5	2,586.7
Current liabilities
Trade and other payables	(334.5)	(288.4)	(338.1)
Income tax liabilities	(70.9)	(57.9)	(76.5)
Bank overdrafts and other borrowings 11 (g)	(0.2)	(2.4)	(0.5)
Lease liabilities	(21.7)	(17.5)	(21.2)
Retirement benefit obligations
- Funded schemes	(0.4)	(0.4)	(0.4)
- Unfunded schemes	(6.6)	(7.9)	(6.8)
Provisions	(28.7)	(19.8)	(32.3)
Liabilities of disposal group classified as held for sale	-	(16.0)	-
Total retirement benefit obligations	(463.0)	(410.3)	(475.8)
Net current assets	283.5	255.0	267.9
Non-current liabilities
Trade and other payables	(3.6)	(6.3)	(4.9)
Deferred tax liabilities	(102.4)	(55.0)	(107.5)
Borrowings 11 (g)	(1,025.2)	(595.9)	(1,046.2)
Lease liabilities	(60.2)	(53.9)	(71.7)
Retirement benefit obligations
- Funded schemes	(30.4)	(26.2)	(30.0)
- Unfunded schemes	(65.8)	(69.5)	(67.7)
Provisions	(19.5)	(25.9)	(19.6)
	(1,307.1)	(832.7)	(1,347.6)
Total liabilities	(1,770.1)	(1,243.0)	(1,823.4)
Net assets	770.6	411.5	763.3
Equity
Share capital	120.4	99.0	120.4
Share premium account	412.3	111.4	412.3
Own shares	(3.7)	(1.8)	(3.2)
Translation reserve	(115.1)	(112.6)	(112.2)
Capital reduction reserve	59.8	59.8	59.8
Other reserves	246.3	246.3	246.3
Retained profit/(loss)	11.5	(25.9)	(0.9)
Equity shareholders' funds	731.5	376.2	722.5
Non-controlling interests	39.1	35.3	40.8
Total equity	770.6	411.5	763.3

Source ↗

	Half year 2026 US$m	Half year 2025 US$m	Full year 2025 US$m
Cash inflow from operating activities
Cash generated from operations 11 (a)	147.9	127.0	330.8
Interest paid 11 (b)	(31.5)	(18.2)	(35.3)
Taxation paid 11 (c)	(43.0)	(32.9)	(70.8)
Net cash generated by operating activities	73.4	75.9	224.7
Cash (outflow)/inflow from investing activities
Investment income 11 (d)	-	-	1.7
Net capital expenditure and financial investment 11 (e)	(11.8)	(12.7)	(29.5)
Acquisition of businesses 11 (f)	(10.7)	-	(552.0)
Disposal of business 11 (f)	-	13.1	13.1
Net cash (absorbed in)/generated from investing activities	(22.5)	0.4	(566.7)
Cash (outflow)/inflow from financing activities
Issue of ordinary shares	(0.7)	-	322.9
Purchase of own shares by Employee Benefit Trust	(8.6)	(4.8)	(9.0)
Dividends paid to equity shareholders	(43.4)	(34.5)	(53.6)
Dividends paid to non-controlling interests	(12.4)	(8.0)	(14.7)
Payment of lease liabilities	(11.4)	(9.3)	(19.0)
(Repayment)/drawdown of acquisition loan facilities	(450.0)	-	450.0
Borrowings settled on completion of acquisitions	-	-	(247.6)
Issue of senior notes	348.2	-	-
Net increase/(decrease) in other borrowings	79.7	-	(1.0)
Discontinued operations	-	(0.7)	(1.2)
Net cash (absorbed in)/generated from financing activities	(98.6)	(57.3)	426.8
Net (decrease)/increase in cash and cash equivalents	(47.7)	19.0	84.8
Net cash and cash equivalents at beginning of the period	232.0	145.8	145.8
Foreign exchange (losses)/gains on cash and cash equivalents	(1.3)	1.3	1.4
Net cash and cash equivalents at end of the period 11 (g)	183.0	166.1	232.0

Source ↗

	For the year ended 31 December Before exceptional and acquisition related items US$m	For the year ended 31 December Exceptional and acquisition related items US$m	2025 Total US$m	2025 Before exceptional and acquisition related items US$m	2024* Exceptional and acquisition related items US$m	2024* Total US$m
Continuing operations
Revenue	1,464.9	-	1,464.9	1,433.0	-	1,433.0
Cost of sales	(889.8)	(1.3)	(891.1)	(886.3)	(18.7)	(905.0)
Gross profit	575.1	(1.3)	573.8	546.7	(18.7)	528.0
Distribution costs	(126.4)	(0.4)	(126.8)	(119.7)	(0.5)	(120.2)
Administrative expenses	(158.9)	(46.7)	(205.6)	(155.1)	(28.2)	(183.3)
Operating profit	289.8	(48.4)	241.4	271.9	(47.4)	224.5
Share of profits of joint ventures	1.3	-	1.3	1.9	-	1.9
Finance income	11.0	-	11.0	3.1	-	3.1
Finance costs	(48.9)	(3.2)	(52.1)	(31.5)	-	(31.5)
Profit before taxation	253.2	(51.6)	201.6	245.4	(47.4)	198.0
Taxation	(73.4)	8.5	(64.9)	(70.0)	(1.5)	(71.5)
Profit from continuing operations	179.8	(43.1)	136.7	175.4	(48.9)	126.5
Loss from discontinued operations	0.4	(15.9)	(15.5)	(3.6)	(23.2)	(26.8)
Profit for the year	180.2	(59.0)	121.2	171.8	(72.1)	99.7
Attributable to
EQUITY SHAREHOLDERS OF THE COMPANY	162.4	(59.0)	103.4	152.2	(72.1)	80.1
Non-controlling interests	17.8	-	17.8	19.6	-	19.6
Total attributable to	180.2	(59.0)	121.2	171.8	(72.1)	99.7
Earnings per share (cents)
Continuing operations
Basic	6.79	6.66	–	–	–	–
Diluted	6.75	6.58	–	–	–	–
Continuing and discontinued operations
Basic	5.91	4.99	–	–	–	–
Diluted	5.87	4.93	–	–	–	–
Adjusted earnings per share 14 (d)	9.26	9.71	–	–	–	–

Source ↗

	2025 US$m	2024 US$m
Non-current assets
Goodwill	372.9	120.4
Other intangible assets	1,002.3	443.5
Property, plant and equipment	248.7	226.3
Right-of-use assets	75.0	68.9
Investments in joint ventures	13.3	13.7
Other equity investments	0.5	0.6
Deferred tax assets	17.9	13.6
Pension surpluses	48.7	44.0
Loan receivable	43.6	38.3
Trade and other receivables	20.1	25.0
Total non-current assets	1,843.0	994.3
Current assets
Inventories	173.5	176.1
Trade and other receivables	336.3	292.2
Pension surpluses	1.5	1.5
Cash and cash equivalents 11 (g)	232.0	146.0
Non-current assets classified as held for sale	0.4	0.6
Total current assets	743.7	616.4
Total assets	2,586.7	1,610.7
Current liabilities
Trade and other payables	(338.1)	(299.2)
Income tax liabilities	(76.5)	(49.5)
Bank overdrafts and other borrowings 11 (g)	(0.5)	(0.2)
Lease liabilities 11 (g)	(21.2)	(16.6)
Retirement benefit obligations
- Funded schemes	(0.4)	(0.4)
- Unfunded schemes	(6.8)	(7.5)
Provisions	(32.3)	(26.5)
Total retirement benefit obligations	(475.8)	(399.9)
Net current assets	267.9	216.5
Non-current liabilities
Trade and other payables	(4.9)	(7.4)
Deferred tax liabilities	(107.5)	(58.0)
Borrowings 11 (g)	(1,046.2)	(595.1)
Lease liabilities 11 (g)	(71.7)	(66.6)
Retirement benefit obligations
- Funded schemes	(30.0)	(14.4)
- Unfunded schemes	(67.7)	(65.6)
Provisions	(19.6)	(25.1)
	(1,347.6)	(832.2)
Total liabilities	(1,823.4)	(1,232.1)
Net assets	763.3	378.6
Equity
Share capital 8	120.4	99.0
Share premium account	412.3	111.4
Own shares 8	(3.2)	(5.3)
Translation reserve	(112.2)	(129.7)
Capital reduction reserve	59.8	59.8
Other reserves	246.3	246.3
Retained loss	(0.9)	(35.4)
EQUITY SHAREHOLDERS' FUNDS	722.5	346.1
Non-controlling interests	40.8	32.5
Total equity	763.3	378.6

Source ↗

	2025 US$m	2024 US$m
Cash inflow from operating activities
Cash generated from operations 11 (a)	330.8	196.7
Interest paid 11 (b)	(35.3)	(31.5)
Taxation paid 11 (c)	(70.8)	(69.4)
Net cash generated by operating activities	224.7	95.8
Cash outflow from investing activities
Investment income 11 (d)	1.7	1.0
Net capital expenditure and financial investment 11 (e)	(29.5)	(24.0)
Acquisition of businesses 11 (f)	(552.0)	-
Disposal of business 11 (f)	13.1	-
Loan made to UK Pension Scheme 11 (a)	-	(38.3)
Net cash absorbed in investing activities	(566.7)	(61.3)
Cash inflow from financing activities
Issue of ordinary shares	322.9	-
Purchase of own shares by Employee Benefit Trust	(9.0)	(8.7)
Dividends paid to equity shareholders	(53.6)	(46.2)
Dividends paid to non-controlling interests	(14.7)	(18.0)
Payment of lease liabilities	(19.0)	(17.4)
Drawdown of acquisition loan facilities	450.0	-
Borrowings settled on completion of acquisitions	(247.6)	-
Issue of senior notes	-	248.7
Repayment of senior notes	-	(125.0)
Net decrease in other borrowings	(1.0)	(28.0)
Discontinued operations	(1.2)	(1.8)
Net cash generated from financing activities	426.8	3.6
Net increase in cash and cash equivalents	84.8	38.1
Net cash and cash equivalents at beginning of the year	145.8	111.5
Foreign exchange gain/(losses) on cash and cash equivalents	1.4	(3.8)
Net cash and cash equivalents at end of the year 11 (g)	232.0	145.8

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	1,190.0	1,111.8	1,121.4
Gross profit	–	435.5	413.2
Adjusted operating profit	235.3	220.0	212.8
Operating profit	184.8	183.2	175.7
Operating profit to net income
Finance costs	–	(39.5)	(24.6)
Profit before tax	–	153.0	154.9
Tax	–	(49.3)	(56.0)
Net income (owners)	–	78.5	62.7
Discontinued operations	–	(11.8)	(21.0)
Per share
EPS basic	3.8p	4.4p	4.0p
EPS diluted	–	4.4p	3.9p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	622.4	+14%	567.7	544.2
Adjusted operating profit	123.4	+14%	111.9	108.1
Operating profit	100.4	+2%	84.4	98.8
Operating profit to net income
Net income (owners)	45.7	–	–	–
Per share
EPS basic	2.4p	–	1.4p	3.0p
Dividend per share	0.8p	–	–	0.7p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	166.5	170.5	75.0
Interest paid	(36.2)	(26.8)	(24.6)
Tax paid	(60.3)	(53.7)	(54.3)
Financing activities
Lease principal paid	(15.7)	(14.4)	(13.6)
Dividends paid	(46.3)	(40.7)	(36.2)
Share buybacks	(9.5)	(6.8)	(6.8)
Shares issued	–	245.1	–

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	54.6	−7%	112.0	58.6
Interest paid	(23.4)	+67%	(12.7)	(14.0)
Tax paid	(32.0)	+26%	(28.3)	(25.4)
Financing activities
Lease principal paid	(8.5)	+18%	(7.2)	(7.2)
Dividends paid	(32.3)	+21%	(14.1)	(26.6)
Share buybacks	(6.4)	+73%	(3.1)	(3.7)
Shares issued	(0.5)	–	–	–

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	280.1	276.9	95.9
Other intangibles	733.4	744.3	353.4
Property, plant & equipment	186.8	184.7	180.3
Associates & JVs	10.7	9.9	10.9
Other investments	0.4	0.4	0.5
Non-current assets	1,353.7	1,368.5	792.3
Current assets
Inventories	148.5	128.8	140.3
Trade receivables	275.2	249.7	232.8
Cash	138.2	172.3	116.3
Current assets	563.2	552.2	491.2
Total assets	1,916.9	1,920.7	1,283.5
Current liabilities
Trade payables	252.4	251.1	238.4
Borrowings, current	0.2	0.4^r	0.2
Lease liabilities, current	16.4	15.7^r	13.2
Current liabilities	349.3	353.3	318.7
Non-current liabilities
Borrowings, non-current	773.5	776.9^r	474.2
Lease liabilities, non-current	45.4	53.2^r	53.1
Non-current liabilities	986.2	1,000.7	663.2
Total liabilities	1,335.5	1,354.0	981.8
Equity
Non-controlling interests	29.5	30.3	25.9
Total equity	581.4	566.8	301.7
Net cash and other figures
Net cash / (debt) ex leases	(635.3)	(605.2)	(357.8)
Net cash / (debt) incl. leases	(697.2)	(673.9)	(424.3)
Undrawn facilities	–	311.9	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	280.1	276.9	92.9	95.9
Other intangibles	733.4	744.3	322.3	353.4
Property, plant & equipment	186.8	184.7	156.3	180.3
Associates & JVs	10.7	9.9	10.6	10.9
Other investments	0.4	0.4	0.4	0.5
Non-current assets	1,353.7	1,368.5	721.0	792.3
Current assets
Inventories	148.5	128.8	128.1	140.3
Trade receivables	275.2	249.7	223.7	232.8
Cash	138.2	172.3	122.8	116.3
Current assets	563.2	552.2	484.9	491.2
Total assets	1,916.9	1,920.7	1,205.9	1,283.5
Current liabilities
Trade payables	252.4	251.1	210.2	238.4
Borrowings, current	0.2	0.4^r	1.7	0.2
Lease liabilities, current	16.4	15.7^r	12.8	13.2
Current liabilities	349.3	353.3	299.1	318.7
Non-current liabilities
Borrowings, non-current	773.5	776.9^r	434.3	474.2
Lease liabilities, non-current	45.4	53.2^r	39.3	53.1
Non-current liabilities	986.2	1,000.7	606.9	663.2
Total liabilities	1,335.5	1,354.0	906.0	981.8
Equity
Non-controlling interests	29.5	30.3	25.7	25.9
Total equity	581.4	566.8	299.9	301.7
Net cash and other figures
Net cash / (debt) ex leases	(635.3)	(605.2)	–	(357.8)
Net cash / (debt) incl. leases	(697.2)	(673.9)	(365.3)	(424.3)
Undrawn facilities	–	311.9	–	–

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