LONDON (Alliance News) - Shares in Coral Products PLC surged Tuesday after the plastics manufacturer said it has finally signed the multi-million pound contract, for which it has been in talks since December, for a 10-year supply deal with a national online retailer.
Coral Products shares were Tuesday morning quoted at 14.10 pence, up 8.5%. The shares have touched an intraday peak of 14.90p.
In a short statement Tuesday, Coral Products said that its customer, a national online retailer, has indicated that its orders could generate GBP8 million in revenue inside the first two years of the contract. The company had said in April that was in advanced talks for the contract, which it had first flagged in December.
Under the agreement, Coral Products said its will supply a range of tote boxes that would support the online retailer's growing presence. It said initial deliveries will be from June onwards.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Coral Products (CRU)