Acquisition Update

Coral Products PLC

04 July 2023

 

4 July 2023

Coral Products plc

(the "Company" or the "Group" or "Coral")

Acquisition Update

Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to announce a follow up to the announcement released on 30 May 2022 regarding the acquisition of Alma Products Ltd ("APL") (the "Announcement").

As stated in the Announcement, an earn-out consideration would be paid to the vendors of APL (the "Vendors") based on APL's EBITDA for the year ended 30 April 2023. 

The Company is pleased to announce that following better than expected results at APL, with reported sales in the earn out period of £9.6 million and an Adjusted EBITDA of £0.6m, the Company will be paying an earn-out consideration of £1,275,000 to the Vendors ("the Earn-out Consideration"). The Earn-out Consideration will be satisfied from the Group's existing resources and completes the full consideration for the acquisition of APL. The Earn-out Consideration had been fully provided for in the year ending 30 April 2023.

The total consideration for APL is therefore £2,775,000.

In addition, the Company announces the disposal of an unused property in Parr, St Helens acquired with the acquisition of Film & Foil Solutions Limited in May 2022. The unencumbered property was sold for £225,000, having been valued on the balance sheet as at 30 April 2023 at £200,000.

Joe Grimmond, Executive Chairman of Coral commented:

 "We're delighted with the performance of APL to date and how well APL has integrated into the existing Group. We look forward to continuing to develop and improve the business."

For more information on Coral:

www.coralproducts.com 

ENQUIRIES:

Coral Products plc

Joe Grimmond, Executive Chairman                                                                                        Tel: [phone]

Nominated Adviser & Broker

Cenkos Securities plc

Adrian Hadden

Charlie Combe                                                                                                                                  Tel: [phone]

Financial PR

Novella

Tim Robertson                                                                                                                                  Tel: [phone]

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.

 

END