LONDON (Alliance News) - Shares in Coral Products PLC spiked on Thursday after the plastic manufacturer said it swung to a profit in the first half of its financial year.
For the six months to October 31, the company posted pretax profit of GBP582,000 compared to a GBP7,000 loss a year prior.
The swing was due to revenue increasing 10% year-on-year to GBP13.1 million from GBP11.9 million, with administrative and sales costs broadly unchanged.
Chairman Joe Grimmond said: "Trading in the first half of the current year shows a substantial improvement of all our financial headlines. The main feature of the results is the excellent turnaround of Coral Products into profit and we are optimistic that this trend will continue.
"This improvement reflects the huge amount of effort put in by the Coral team. We have increased investment in business development, new products, production capacity and employee capabilities. These investments have strengthened our position in injection moulding, blow moulding and plastic extrusion, whilst at the same time expanding the range of plastic services we supply."
Coral proposed an interim dividend of 0.25 pence per share. A year ago, it did not issue a payout to shareholders.
With regards for its future outlook, the company described itself as confident "in spite of the prevailing uncertainties of Brexit".
Coral Products (CRU)