Last checked at 24 May 2023 07:00
24 May 2023
Coral Products plc
(the "Group" or "Coral")
Trading Update
Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to report that the unaudited group management accounts indicate that revenue for the year to 30 April 2023 is expected to be over £35m (2022: £14.4m) which is slightly ahead of market expectations. Adjusted EBITDA for the Group is expected to be not less than £3.5m (2022: £1.8m) which is ahead of market expectations.
The Group maintains a robustly healthy balance sheet with cash and cash equivalents of circa £5 million as at 30 April 2023.
It is our intention to pay a final dividend, the level of which will be decided on completion of the audited results for the year.
Executive Chairman, Joe Grimmond, said: "In spite of the challenging trading conditions in the second half of the year, we have had a successful year, completing a further 4 acquisitions, which has led to the Group more than doubling the revenue base together with a near doubling of Group EBITDA. This marks a significant step towards our objective of building a specialist UK plastics business of scale, targeting profitable, high-demand sectors".
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.