Coats Group drop as it tears up guidance

FTSE 250 industrial thread manufacturer Coats Group (LON:COA) has seen its share price drop by 7.59% to 68.39p (as of 11:40 GMT) as group sales continued to decline during the final months of the year ended 31st October. The continued difficulties in the high street clothing market have put a dampener on the footwear and apparel division but there were signs of life in September and October. Sales in the performance materials division was in line with 2018.

As a consequence, management have cut back their guidance for adjusted operating profit for the full year.