Coral Products shares up as turns to interim profit amid revenue rise

(Alliance News) - Coral Products PLC on Thursday said its outlook for the year remained positively unchanged as it posted a swing to an interim pretax profit amid revenue growth.

The Manchester, England-based maker of bespoke plastic products said it swung to a pretax profit of GBP118,000 in the six months to October 31, from a loss of GBP1.3 million a year ago.

Revenue climbed 22% to GBP19.2 million from GBP15.8 million, while cost of sales increased 14% to GBP12.5 million from GBP11.0 million.

Administrative costs increased 5.0% to GBP5.1 million from GBP4.9 million.

Chief Executive Officer Ian Hillman said: "We recognise this as very positive set of results, delivered despite a soft and challenging economy. We view the achievement as further endorsement of the business capability and strengthened product portfolio, made possible through our hard working and dedicated employees. Whilst we see progress and momentum in all areas of the business, we remain focussed on returning all group businesses to profitability, strengthen our balance sheet and optimise our cash generation through our trading performance. With good revenue momentum and incremental gross margin improvements, our second half prospects and outlook remain positive."

Coral Products expects revenue in the second financial half to be marginally higher despite an adverse seasonal effect on revenue in December and January. "The improvement in revenue is primarily driven by the continued phasing of new business wins. The benefits from the operational restructuring and other initiatives underway at our Manplas Ltd business is expected to bring this business back into profitability on a consistent and sustainable basis," the firm said.

Coral Products shares rose 5.3% to 8.69 pence each on Thursday afternoon in London.

By Tom Budszus, Alliance News slot editor

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