Last checked at 8 Jun 2022 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
Coral Products plc
(the "Company", the "Group" or "Coral")
Trading Update and Proposed Dividend
Coral Products Plc a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester is pleased to announce a further trading update in advance of its final results for the year ended 30 April 2022.
HIGHLIGHTS: (unaudited)
· Consolidated group sales are expected to be not less than £14.4m (2021: £10.7m).
· As announced on 20 April 2022, reportable pre-tax profits for the year to 30 April 2022 are expected to be materially above market expectations.
· Very strong liquidity position with cash and cash equivalents as at 30 April 2022 of £7.4m (2021: £3.8m).
· The board is proposing a final dividend for the year of 0.2p, subject to shareholder approval at the AGM due to be held later in the summer, making total dividend for year of 1.1p (2021: 1.0p), an increase of 10% on previous year. Further updates on the associated dividend timetable will be made when the date of the AGM is known.
Outlook
Joe Grimmond, Executive Chairman, comments: "Since the year end, the Group has completed the acquisition on the 4th May 2022 of Film & Foil Solutions Ltd ("Film and Foil") and on 30th May 2022 of Alma Products Ltd ("Alma Products") (see announcements of the same dates) and sales from the existing subsidiaries continue to improve. Whilst it is still early in our current year and despite a great deal of uncertainty surrounding the macroeconomic circumstances, we are confident our current performance; the performance of our new subsidiaries and very strong cash position, even after funding the acquisitions, will see our Group continue to further develop."
ENQUIRIES:
Coral Products plc
Joe Grimmond, Executive Chairman Tel: 07703 518148
WH Ireland, Nominated Adviser and Broker Tel: 020 7220 1666
Katy Mitchell
Darshan Patel
Megan Liddell
Capital Markets Consultants Limited Tel: 07515 587184
Richard Pearson