AGM Statement

RNS Number : 0534B

Coral Products PLC

29 September 2022

 

29^th September 2022

Coral Products plc

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

AGM Trading Statement

Mr Joe Grimmond, Chairman of Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, will make the following statement at the Annual General Meeting of the Company which takes place at 12:00 p.m. today at the offices of Tatra Rotalac Limited, Southmoor Road, Wythenshawe, Manchester, M23 9DS.

"I am delighted to report that the Group has enjoyed a very strong start to our current financial period with sales and profits before tax materially ahead of the same period last year and in line with market expectations.

We have successfully integrated the operations of Film and Foil Solutions Limited, (sales of £10.3 million for the year to 31st December 2020) which was acquired in May 2022 and Alma Products Limited, (sales of £12.3 million for the year to 31st December 2021) which was acquired in June 2022. Both these acquisitions had, as forecast, a small negative impact on the Group's profit before tax for the period but the Group's profitability remains robust and both companies were acquired with expectations of improved performance as Coral begins to influence their direction. This was reflected in the price paid for the acquisitions.

On 19th September 2022, the Group announced the completion of the Acquisition of Manplas Holdings Limited ("Manplas"). Manplas will be integrated into our specialist logistics solutions operations centred around Customised Packaging Limited which will allow the Tatra business, located adjacent to Manplas, to expand into the vacated unit. Manplas had sales of £2.7 million in the year to 30th June 2021.

Whilst the short-term macroeconomic outlook remains challenging, the Group will continue to seek opportunities to strengthen and develop our business.

With our strong balance sheet, we are confident of further progress in the current financial period.

In order that our shareholders can share in these improvements, your Board has declared an interim dividend of 0.5 pence per share with an ex-dividend date of 10 November 2022 and record date of 11 November 2022. This interim dividend will be paid on 16 December 2022."

ENQUIRIES :

Coral Products plc Joe Grimmond, Executive Chairman	Tel: [phone]
Nominated Adviser & Broker Cenkos LLP Stephen Keys Charlie Combe	Tel: [phone]
Capital Markets Consultants Richard Pearson	Tel: [phone]

 

END

 

 

AGMUWOVRUWUKUAR