Proactive Investors - Coats Group PLC shares rose on Thursday as the industrial thread maker posted a rise in full-year 2022 profits and revenue driven by recent acquisitions and raised its dividend.
For the year ended 31 December 2022, Coats reported adjusted pretax profit of $206.8mln, up from $181.6m a year earlier, while revenue grew by 9% to $1.6bn.
Coats said the increases reflected "strong pricing and mix fully offsetting inflation, as well as part-year contribution from acquisitions and strategic projects".
The company lifted its dividend by 15% to 2.43 cents per share.
Coats said it continues to anticipate a full-year 2023 performance in line with its expectations, with a weighting to the second half.
"This performance will be underpinned by the contribution from acquisitions, in addition to associated synergies and efficiencies from strategic projects," it added.
Around 9.50am in London, Coats shares were up 7% at 78.20p.