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(Alliance News) - Coral Products PLC on Monday posted a sharp rise in revenue in its recently ended financial year, though its profit remained unchanged from a year prior.
For the year that ended April 30, the Manchester, England-based specialist in the design, manufacture and supply of plastic products said revenue multiplied to GBP35.2 million from GBP14.4 million the year before.
Coral said GBP21.3 million in revenue was derived from the acquisitions of Ecodeck Grids Ltd, Manplas Holdings Ltd, Alma Products Ltd and Film & Foil Solutions Ltd, which boosted its sales.
However, as costs climbed during the year, it eroded any progress in the firm's bottom-line, with pretax profit unchanged at GBP1.3 million.
Administrative expenses soared to GBP7.5 million from GBP3.1 million and finance costs jumped to GBP458,000 from GBP82,000.
Coral proposed a final dividend of 0.6 pence, up from 0.2p a year prior. This brings its total payout to 1.1p per share, unchanged from a year ago.
Looking ahead, the company said it is "confident" about its current prospects and looks forward to a "satisfactory outturn" for the upcoming financial year.
Chair Joe Grimmon said: "We are pleased to have a completed a successful year for the business. We have invested in both organic and acquisition led growth, whilst maintaining our commitment to sustainability.
"The four acquisitions completed during the first half of the financial year delivered a significant sales uplift and, have integrated well, adding complementary expertise and products lines."
Shares in Coral were up 3.4% at 16.54 pence each in London on Monday morning.
By Sabrina Penty, Alliance News reporter
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