Coats expects profits to dip

Coats expects profits to dip

Coats Viyella, Britain's biggest textile company, warned that pre-tax profits for the year would be slightly below last time's pounds 152m. City expectations were at about pounds 160m. Coats said exceptionally warm weather lasting through to late November hit the performance of clothing across all its UK activities, while home furnishing volumes and margins did not recover as expected. Coats shares fell 1p to 169p. The company, which said trading conditions would remain subdued in 1996, announced the appointment of Kirk Stephenson as finance director from 1 April. He is currently group finance director of Amersham International.