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Coral Products PLC - Trading Update

Tue, 26th Mar 2019 07:00

RNS Number : 9498T
Coral Products PLC
26 March 2019
 

 

CORAL PRODUCTS PLC

("Coral" or the "Company")

Trading Update

Coral Products PLC, a specialist in the design, manufacture and supply of plastic products based in Haydock, Merseyside, announces that despite reporting a strong recovery in the first half of the financial year and an encouraging start to the second half , a number of key factors have adversely impacted on performance in the latter part of the second half of the financial year, including a downturn in business generated from the automotive industry and significant delays in delivery of totes ordered from a major on-line retailer.

In the six months to 31 October 2018, the Company reported a profit before tax of £582K. This was followed by a loss in the four months to 28 February 2019 and, as a result, the Board therefore now expects the Group's results for the year ending 30 April 2019 to be materially below both Management and Market Expectations.

As previously announced, the interim dividend of 0.25 p per share will be paid on 28 March 2019.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

 

 

Coral Products plc

Mick Wood, CEO

Sharon Gramauskas, FD

 

Tel: 01942 590272

 

 

Cairn Financial Advisers LLP

Tel: 020 7213 0880

Nominated Adviser and Broker

 

Tony Rawlinson / Liam Murray

David Lawman

 

Tel: 07803 505735

 

 

 

 

Capital Markets Consultants Limited

Tel: 07515 587 184

PR

 

Richard Pearson

 

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi?ed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re?ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.  

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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