Coral Products PLC Year End Trading Update (2278A)
June 01 2021 - 1:00AM
UK Regulatory
TIDMCRU
RNS Number : 2278A
Coral Products PLC
01 June 2021
1 June 2021
Coral Products plc
("Coral", the "Company" or the "Group")
Year End Trading Update
Return to full year profitability and confident outlook on
future performance.
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
Coral Products Plc, a specialist in the design, manufacture and
supply of plastic products based in Wythenshawe, Manchester, is
pleased to provide a trading update in advance of its final results
for the year ended 30(th) April 2021.
HIGHLIGHTS (unaudited)
-- Group Sales for continuing activities at the year end are
expected to be not less than GBP10.7m (2020: GBP8.7m) for the year
ended 30 April 2021 and when discontinued activities are included,
Group Sales are expected to be not less than GBP22.4m (2020
GBP22.3m).
-- The board expects to report Group profits before tax of circa
GBP3.0m (2020: GBP0.8m loss) including a profit of GBP700,000 from
continuing operations and GBP2.3m relating to the trading
contribution and profits on the disposals of Coral Mouldings Ltd
and Interpack Ltd.
-- The results include two months contribution from the
successful integration of Customised Packaging Ltd acquired 2 March
2021.
-- Cash balances of GBP3.8m as at 30 April 2021 (2020: GBP0.5m) and gearing eliminated.
-- Current year trading has started well and is in line with management expectations.
-- The sale of the freehold property (which has no net debt) is
expected to complete during the second half and will generate
GBP3.5 million substantially increasing free cash reserves on
completion. The carrying value in the books is GBP2.5 million.
-- The Board is proposing a final dividend of 0.5p per share
subject to shareholder approval at the AGM due to be held later in
the summer.
Joe Grimmond, Executive Chairman, comments: "The Group now has
three profitable trading subsidiaries and with the disposal of our
Haydock operations and the sale of the associated freehold
properties the Group is now substantially cash rich and debt free.
Our continuing activities are all in sectors with forecast growth
opportunities. We look forward with increased confidence to further
development".
ENQUIRIES:
Coral Products plc
Joe Grimmond, Executive Chairman Tel 07703 518148
WH Ireland Nominated Adviser and Broker Tel 020 7220 1666
Adrian Hadden
Darshan Patel
Lydia Zychowska
Jasper Berry (Corporate Broking)
Capital Markets Consultants Limited
Richard Pearson Tel 07515 587184
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END
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