May 20, 2020 / 6:57 AM / 16 days ago

BRIEF-Coats Group Sees Q2 Like-For-Like Will Be Around 40% Lower Than 2019

May 20 (Reuters) - Coats Group PLC:

* 1 JANUARY 2020 TO 30 APRIL 2020 GROUP SALES FOR PERIOD DOWN 17% YEAR-ON-YEAR

* APRIL SALES DOWN AROUND 50%, AS ANTICIPATED IN OUR BASE SCENARIO, DUE TO DEMAND AND SUPPLY IMPACTS FROM COVID-19

* GROUP REMAINS WELL PLACED TO NAVIGATE THROUGH CURRENT CHALLENGING ENVIRONMENT AND EMERGE STRONGER WHEN IT PASSES

* SEES Q2 LIKE-FOR-LIKE WILL BE AROUND 40% LOWER THAN 2019

* OUR PROJECTED FULL YEAR CAPITAL EXPENDITURE WILL REDUCE BY C.70%

* IN AGREEMENT WITH TRUSTEES OF COATS UK PENSION SCHEME, WE HAVE AGREED TO DEFER REMAINING DEFICIT RECOVERY PAYMENTS FOR 2020

* REMAINING DEFICIT RECOVERY PAYMENTS FOR 2020 TO PROVIDE ADDITIONAL C.$17 MILLION OF HEADROOM COVER DURING THIS YEAR Source text for Eikon: Further company coverage:

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