Board Changes and Trading Update

RNS Number : 5255Y

Coral Products PLC

01 December 2014

 



1 December 2014

Coral Products plc

("Coral" or the "Company")

Board changes

Trading update and notification of interim results

The Board of Coral Products plc announces that Warren Ferster, Chief Executive Officer & Managing Director, and Stuart Ferster, Production Director, have retired as directors of the Company and its subsidiaries with immediate effect to pursue other business interests.

Mr Joe Grimmond, currently Non-Executive Chairman, will become Executive Chairman with immediate effect.

The Board has for some time been aware that the performance of its manufacturing facility at Haydock could be improved. The facility remains lossmaking despite a realignment to focus on new products and significantly increased throughput. The Board commissioned an independent review of operations which was completed recently and which recommended some fundamental improvements. In order to improve the performance and efficiency of the Company's manufacturing plant, the board has appointed an experienced plastics executive as managing director of Coral Products (Mouldings) Ltd, the subsidiary of the Company responsible for manufacturing at Haydock.

In addition, the Board announces that it intends to announce the interim results of the Company for the 6 months ended 31 October 2014 on 8 December 2014. The Board expects these results to be in line with market expectations, reporting a significant increase in profit before taxation and earnings compared with the same period in 2013.

Warren and Stuart Ferster have been directors of Coral since 1989 and have made a substantial contribution to the Board. Their wisdom and advice have been of great benefit to the group. The Board thanks them for their distinguished service and wishes them the very best for the future.

Enquiries:

Coral Products plc                 Joe Grimmond, Chairman	Tel: [phone]
Cairn Financial Advisers LLP   Avi Robinson / Tony Rawlinson	Tel: [phone]
Hume Capital Securities plc David Lawman / Guy Peters	Tel: [phone] Tel: [phone]
Capital Markets Consultants Richard Pearson	Tel: [phone]

 

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