Coral Products PLC Trading Update - COVID-19 (3852H)
March 24 2020 - 6:42AM
UK Regulatory
TIDMCRU
RNS Number : 3852H
Coral Products PLC
24 March 2020
CORAL PRODUCTS PLC
("Coral" or the "Group")
Trading Update - COVID-19
The Board of Coral Products plc, a specialist in the design,
manufacture and supply of plastic products is pleased to provide a
trading update.
The Board report that trading for the current financial year
ending 30 April 2020 currently remains in line with Management's
expectations, despite the very difficult conditions arising from
the current coronavirus pandemic.
With the prevailing uncertainty arising from the current
pandemic we feel unable to offer, with any confidence, any guidance
for the following financial period to 30 April 2021.
We are constantly monitoring and updating our financial position
as the crisis unfolds and will provide updates to the market at the
appropriate time.
We are encouraged by the recently announced government measures,
provided that those charged with their implementation act promptly
and as the measures are intended.
As a group we derive circa 70% of our sales from products with
uses related to the efforts to overcome the present crisis.
Examples of these products being as set out below:
-- Home waste collection and recycling bins;
-- Food packaging;
-- Home delivery online totes;
-- Personal care and hygiene; and
-- Other products that support the infrastructure build for broadband and railways.
Provided there is no mandated national shutdown of industry and
with the recently announced Government support we are hopeful that
will come through the current coronavirus led crisis. In the event
of a mandated national emergency shutdown we will obviously need to
measure the length of any such shutdown and the level and extent of
available support.
The Company continues to carefully manage its working capital
position.
Joe Grimmond, Non-executive Chairman stated:
"We are entering completely unknown trading, financial and
social conditions, certainly in my 50 years of management. We must
as a nation maintain our productive capacity whilst keeping at the
forefront the health and well-being of our people."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (MAR).
Enquiries
Coral Products plc Tel: 01942 272
Joe Grimmond, Non-executive Chairman 882
Mick Wood, CEO
Nominated Adviser Tel: 020 7213
Cairn Financial Advisers LLP 0880
Liam Murray / Tony Rawlinson
Broker Tel: 020 7213
Cairn Financial Advisers LLP 0880
David Lawman
Capital Markets Consultants Limited Tel: 07515 587
Richard Pearson 184
This announcement contains unaudited information and
forward-looking statements that are based on current expectations
or beliefs, as well as assumptions about future events. These
forward-looking statements can be identified by the fact that they
do not relate only to historical or current facts and undue
reliance should not be placed on any such statement because they
speak only as at the date of this document and are subject to known
and unknown risks and uncertainties and can be affected by other
factors that could cause actual results, and Coral's plans and
objectives, to differ materially from those expressed or implied in
the forward-looking statements. Coral undertakes no obligation to
revise or update any forward-looking statement contained within
this announcement, regardless of whether those statements are
affected as a result of new information, future events or
otherwise, save as required by law and regulations.
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
TSTSESFFLESSELD
(END) Dow Jones Newswires
March 24, 2020 07:42 ET (11:42 GMT)
Coral Products (LSE:CRU)
Historical Stock Chart
From Apr 2024 to May 2024
Coral Products (LSE:CRU)
Historical Stock Chart
From May 2023 to May 2024