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Coral Products PLC - Trading Update

Mon, 20th May 2019 07:00

RNS Number : 4571Z
Coral Products PLC
20 May 2019
 

 

CORAL PRODUCTS PLC

("Coral" or the "Company")

Trading Update

 

The board of Coral Products Plc is pleased to provide a further trading update following completion of its financial year ended 30 April 2019.

 

Financial

 

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.

 

Outlook

 

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.

 

Enquiries:

 

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

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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