Textiles group profits blow

TEXTILES group Coats has failed to reap rewards from a restructuring plan after being left frustrated by economic conditions. The company, which employs 100 staff at its Coats Crafts business, in Darlington, said underlying operating profits dipped to £68.4m from £87.3m last year following a downturn in US demand. Formerly known as Coats Viyella, it has become a global thread business targeting the industrial and crafts markets. While it still owns the fashion brands Jaeger and Viyella, it has disposed of its Berghaus outerwear and Van Heusen shirts businesses.

CAR BOOM: The new car boom continued last month, with sales soaring 18.1 per cent compared with the February 2001 figure. A total of 93,515 new cars were sold in February 2002 against 79,151 in February 2001, the Society of Motor Manufacturers and Traders said.

MORE STORES: The Big Food Group - the new name for Iceland - has unveiled plans to spend £375m on a strategy designed to halt a sharp fall in sales. Up to 80 new Iceland stores are due to open by 2005 with a renewed focus on frozen food in an effort to win back customers on the high street.

SECURITY WIN: St James Security has won a six-figure contract to supply manned guarding services to Northern Rock. The security firm will provide round-the- clock protection at Northern Rock's head office at the Regent Centre, in Gosforth, North Tyneside.

SHOP TALK: The Bridges Shopping Centre, in Sunderland, will be the topic of discussion at the next meeting of the City Professionals Network, organised by the Sunderland area of the North-East Chamber of Commerce. The meeting will be held at the Marriott Hotel, in Seaburn, at 12.45pm on Wednesday, March 20. For further details, contact 0191-516 6036.