Last checked at 4 Jul 2023 07:00
4 July 2023
Coral Products plc
(the "Company" or the "Group" or "Coral")
Acquisition Update
Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to announce a follow up to the announcement released on 30 May 2022 regarding the acquisition of Alma Products Ltd ("APL") (the "Announcement").
As stated in the Announcement, an earn-out consideration would be paid to the vendors of APL (the "Vendors") based on APL's EBITDA for the year ended 30 April 2023.
The Company is pleased to announce that following better than expected results at APL, with reported sales in the earn out period of £9.6 million and an Adjusted EBITDA of £0.6m, the Company will be paying an earn-out consideration of £1,275,000 to the Vendors ("the Earn-out Consideration"). The Earn-out Consideration will be satisfied from the Group's existing resources and completes the full consideration for the acquisition of APL. The Earn-out Consideration had been fully provided for in the year ending 30 April 2023.
The total consideration for APL is therefore £2,775,000.
In addition, the Company announces the disposal of an unused property in Parr, St Helens acquired with the acquisition of Film & Foil Solutions Limited in May 2022. The unencumbered property was sold for £225,000, having been valued on the balance sheet as at 30 April 2023 at £200,000.
Joe Grimmond, Executive Chairman of Coral commented:
"We're delighted with the performance of APL to date and how well APL has integrated into the existing Group. We look forward to continuing to develop and improve the business."
For more information on Coral:
www.coralproducts.com
ENQUIRIES:
Coral Products plc
Joe Grimmond, Executive Chairman Tel: 07703 518148
Nominated Adviser & Broker
Cenkos Securities plc
Adrian Hadden
Charlie Combe Tel: 020 7397 8900
Financial PR
Novella
Tim Robertson Tel: 020 3151 7008
Claire de Groot
Safia Colebrook
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.