Mon, 20th May 2019 07:00
CORAL PRODUCTS PLC
("Coral" or the "Company")
The board of Coral Products Plc is pleased to provide a further trading update following completion of its financial year ended 30 April 2019.
Our trading update of 26 March 2019 stated that we expected the results for the year to be materially below market expectations. With the benefit of March and April's actual results together with urgent management action we are pleased to report that the variance from market expectation, while still material, will not be as significant as previously expected.
The outcome for the year to 30 April 2019 as per our as yet unaudited management accounts indicates a marked improvement over the previous year's results. Sales, Operating Profit, (underlying and actual) and EBITDA were much improved. Gross margins also improved despite difficult trading conditions. Overall debt slightly increased as we continued to invest in new products, processes, plant and people, to ensure we have the resources to meet what we believe will be increased market demand.
The board expects to release its final results in August 2019 in advance of the AGM in September 2019.
New Product Introduction (NPI)
We are especially pleased that during the year we developed a number of new products all of which will be introduced into production and sales during the current financial year. This NPI spans the Group and includes:
· Interpack Ltd New and improved food packaging;
· Coral Mouldings Flame retardant plastic moulded roof tiles,
23lt caddy (recycled materials);
· Tatra-Rotalac Extruded highway sound barriers; and
· Global One-Pak New jar range made out of recycled material.
We are also delighted to announce our first significant overseas order for totes to meet the requirement of our customer for a fulfilment centre located in France.
The board remains confident in its strategy and looks forward to a year of continued improvement.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Coral Products plc
Mick Wood, CEO
Sharon Gramauskas, FD
Tel: 07788 565 154
Cairn Financial Advisers LLP
Tel: 020 7213 0880
Nominated Adviser and Broker
Tony Rawlinson / Liam Murray
Tel: 07803 505735
Capital Markets Consultants Limited
Tel: 07515 587 184
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.