Last checked at 8 Jun 2017 07:00
Coral Products plc
Trading update
Further to the Company's trading update dated 27 January 2017, the Board is pleased to announce that the immediate actions taken by management in Q3 to address poor trading performance at the Company's subsidiary, Coral Products Mouldings Limited in November and December 2016 have resulted in a much improved performance in that subsidiary for the remainder of the financial year ended 30 April 2017. Additional significant orders are expected to further improve performance in the current financial year.
As stated in the January update, all other Group operations remained on budget and trading profitably and this has continued to be the case through to the year end.
Overall, the Board is pleased to report that Group underlying profit for the year (defined as operating profit before share option and intangibles amortisation charges and also compensation for loss of office) is expected to be in line with the Board's and market's revised expectations.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Coral Products plc | Tel: 07703 518 148 |
Joe Grimmond, Chairman |
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Cairn Financial Advisers LLP | Tel: 020 7213 0880 |
Nominated Adviser |
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Tony Rawlinson / Liam Murray |
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Daniel Stewart & Company plc | Tel: 020 7776 6550 |
Broker |
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David Lawman |
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Capital Markets Consultants Limited | Tel: 07515 587 184 |
PR |
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Richard Pearson |
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Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified 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 reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.
A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Subject to any continuing obligations under applicable law or any relevant AIM Rule requirements, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.