Final Results

Coral Products PLC 30 June 2003 CORAL PRODUCTS PLC 2003 Preliminary Results Coral Products plc, one of Europe's leading manufacturers and suppliers of media packaging for Digital Versatile Disc (DVD), Video and CD, announces its final results for year ended 30 April 2003. Commenting upon the Company's trading Sir David Rowe-Ham Chairman of Coral said: 'Turnover for the year reflected the continuing demand for media packaging products. Volume demand for video boxes remained strong whilst DVD case sales improved significantly in line with growing support for this leisure and commercial product ' Summary Results (unaudited) Year ended Year 30 April ended 2003 30 April 2002 % change Turnover £20.0m £16.4m +22 % Pre-tax profits £2.0m £1.2m +62 % Fully diluted earnings per share 6.89p 4.03p +71 % Total dividend 3.35p 3.35p same • Further growth in DVD sales as the market expands and advances strongly. •Two further DVD lines have been installed and an additional line is being introduced this year. •A new range of photo-finishing boxes has commenced and is running satisfactorily. •Cash flow and balance sheet remain strong as the company continues to invest in developing and maintaining its position. Regarding prospects for the current year, Sir David added: 'Trading in the new financial year has started slowly, however we are confident in the year ahead of maintaining and improving our position as a market leader in the media packaging industry.' Enquiries: Coral Products plc Tel: 01942 272 882 Warren Ferster, Managing Director Mobile: 07785 223039 Stephen Fletcher, Finance Director Mobile: 0777 1603 985 Williams de Broe plc Tel: 020 7588 7511 David Lawman Tel: 020 7898 2303 CHAIRMAN'S STATEMENT Turnover for the year ended 30 April 2003 amounted to £20.0 million compared with £16.4 million last year and profit before tax for the same period was £2.0 million compared with £1.2 million, an increase of 62%. Diluted earnings per share totalled 6.89p (2002: 4.03p), an increase of 71%, with shareholders' funds at 30 April 2003 increasing to £10.8 million (2002: £10.3 million), namely 53p per share (2002: 50p). Dividend Your directors are recommending a maintained final dividend of 2.3p per ordinary share (2002: 2.3p) to be paid on 22 September 2003 to all shareholders on the register on 22 August 2003. This, together with the interim dividend of 1.05p per ordinary share already paid, makes a total dividend for the year of 3.35p (2002: 3.35p). During the year 400,000 1p ordinary shares were bought back by the company reducing the share capital to a net figure of 20,299,125 shares (2002: 20,562,781 shares). Trading These results have been enhanced by an increased turnover for the year reflecting the continuing demand for our media packaging products, notwithstanding the reduced sales of CD cases. Volume demand for video boxes remained strong whilst DVD case sales improved significantly in line with the growing support for this leisure and commercial product. Prospects Trading in the new financial year has started slowly, however we are confident in the year ahead of maintaining and improving our position as a market leader in our sector of the media packaging industry. Both cash flow and the balance sheet remain strong as we continue to invest in developing and maintaining our productive capacity. Sir David Rowe-Ham Chairman 30 June 2003 MANAGING DIRECTOR'S REVIEW OF OPERATIONS The year to April 2003 showed a considerable improvement in trading. Overall turnover increased by 22% to £20 million and this led to a 62% increase in trading profit to £2 million. Our turnover was mainly related to media packaging products with the addition this year of a range of photo-finishing boxes. Whilst demand for video boxes continued to provide the core business, there has been a marked switch of format to DVD and our high capital investment in increasing production lines has enabled us to take full advantage of this move. DVD sales, which have increased by 150% in the past twelve months, now represent 25% of our total sales and this is expected to increase. CD case sales disappoint in line with overall market trends in the music industry, and whilst they still represent a substantial part of our turnover, their net contribution is below expectation. As stated previously the production of photo-finishing boxes has made a positive contribution to sales and this business should increase during the current year. Housewares sales were of negligible value during the year, but we continue to maintain and service our customer base. During the year we have invested in two new DVD case lines at a total cost of £2 million and a further amount of £1 million is currently being spent on the installation of a further DVD case production line. This expenditure will enable us to increase our manufacturing capacity of DVD cases by over 100%. Last year's official European total DVD growth was 20% and DVD is now classed as the fastest growing home entertainment product. I am confident of continuing growth in DVD turnover in the coming year together with strong demand for video boxes. The fulfilment of the photographic contract is particularly pleasing bringing a diversification of our product range at a time when I anticipate CD demand will remain depressed. I must express my gratitude to all members of staff and management for their hard work during the year ensuring we continue to perform at optimum levels in what remains a highly competitive trading environment. Warren Ferster Managing Director 30 June 2003 On the 30th June 2003, the directors of Coral Products plc approved the following statements of the unaudited preliminary results of the company for the financial year ended 30 April 2003. Profit and Loss Account For the year ended 30 April 2003 2003 2002 (unaudited) (audited) £'000 £'000 --------- ----------- Continuing operations Turnover 20,004 16,371 Cost of sales (13,353) (10,976) -------- -------- Gross Profit 6,651 5,395 Distribution costs (727) (628) Administrative expenses (3,730) (3,307) -------- -------- Operating profit 2,194 1,460 Interest receivable 2 4 Interest payable (194) (231) -------- -------- Profit on ordinary activities before taxation 2,002 1,233 Tax on profit on ordinary activities (586) (399) -------- -------- Profit on ordinary activities after taxation 1,416 834 Dividends (682) (690) -------- -------- Retained profit for the financial year 734 144 -------- -------- Basic earnings per ordinary share 6.91p 4.04p Diluted earnings per share 6.89p 4.03p -------- -------- The Company has no recognised gains and losses other than the profits above and therefore no separate statement of total recognised gains and losses has been presented. Reconciliation of Movements in Equity Shareholders' Funds For the year ended 30 April 2003 2003 2002 (unaudited) (audited) £'000 £'000 -------- -------- Profit for the financial year 1,416 834 Dividends (682) (690) -------- -------- Net additions to equity shareholders' funds 734 144 Proceeds of shares issued 39 - Purchase of own shares (182) (26) -------- -------- 591 118 -------- -------- Equity shareholders' funds at beginning of year 10,254 10,136 -------- -------- Equity shareholders' funds at end of the year 10,845 10,254 -------- -------- Balance Sheet At 30 April 2003 2003 2002 (unaudited) (audited) £'000 £'000 --------- --------- Fixed assets Tangible assets 13,951 12,533 ---------- ---------- Current assets Stocks 2,258 2,048 Debtors 4,553 4,781 Cash at bank and in hand 433 84 ---------- ---------- 7,244 6,913 Creditors: amount falling due within one year (7,365) (6,465) ---------- ---------- Net current (liabilities)/assets (121) 448 ---------- ---------- Total assets less current liabilities 13,830 12,981 Creditors: amounts falling due after more than one (1,430) (1,345) year Provisions for liabilities and charges (1,555) (1,382) ---------- ---------- Net assets 10,845 10,254 ---------- ----------- Capital and reserves Called up share capital 203 205 Share premium account 4,534 4,497 Capital Redemption reserve 5 1 Profit and loss account 6,103 5,551 ---------- ---------- Equity shareholders' funds 10,845 10,254 ---------- ---------- Cash Flow Statement For the year ended 30 April 2003 2003 2002 (unaudited) (audited) £'000 £'000 --------- --------- Net cash inflow from operating activities 5,256 2,915 --------- --------- Return on investments and servicing of finance Interest received 2 4 Interest paid (69) (62) Interest paid on finance leases (125) (173) -------- --------- (192) (231) -------- --------- Taxation (97) (349) -------- --------- Capital expenditure and financial investment Purchase of tangible fixed assets (3,392) (1,918) Sale of tangible fixed assets 18 52 --------- --------- (3,374) (1,866) --------- ---------- Equity dividends paid (688) (692) --------- --------- Net cash inflow / (outflow) before financing 905 (223) --------- --------- Financing Issue of Share Capital 39 - Repurchase of Share Capital (182) (26) Repayments of principal under finance leases (1,731) (1,758) Proceeds of sale and leaseback 1,590 1,539 Repayment of loans (153) (248) Proceeds of new loans - 286 --------- --------- (437) (207) --------- --------- Increase / (decrease) in cash 468 (430) --------- --------- Other Financial Statements For the year ended 30 April 2003 Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities 2003 2002 (unaudited) (audited) £'000 £'000 --------- --------- Operating Profit 2,194 1,460 Depreciation on tangible fixed assets 1,953 1,793 Loss on disposal of tangible fixed assets 3 14 Release of grant income (1) (1) (Increase) in stocks (210) (155) (Increase)/decrease in trade debtors (56) 493 Decrease in other debtors, prepayments and accrued 175 143 income Increase/(decrease) in trade creditors 923 (1,032) Increase in other taxation and social security 82 87 creditors Increase in accruals and deferred income 86 86 Increase in other creditors 107 27 -------- -------- Net cash inflow from operating activities 5,256 2,915 -------- -------- Reconciliation of Net Cash Flow to Movement in Net Debt 2003 2002 (unaudited) (audited) £'000 £'000 --------- --------- Increase/(decrease) in cash in the year 468 (430) Net cash outflow from debt and lease financing 294 181 -------- -------- Change in net debt resulting from cashflows 762 (249) -------- -------- Net debt at 1 May 2002 (3,284) (3,035) ---------- ---------- Net debt at 30 April 2003 (2,522) (3,284) --------- --------- Notes 1. Financial Statements The preliminary results for the year ended 30 April 2003 are unaudited, with the audit report on the full accounts yet to be signed. The preliminary results for the year ended 30 April 2003 have been prepared on the basis of accounting policies set out in the Report and Accounts for the year ended 30 April 2002. The comparative figures for the year ended 30 April 2002 do not constitute statutory accounts. These figures have been extracted from the audited accounts for that year which have been delivered to the Registrar of Companies and on which the auditors issued an unqualified report which did not contain a statement under either Section 237(2) or (3) of the Companies Act 1985. The aforementioned financial information does not amount to full statutory accounts within the meaning of Section 240 of the Companies Act 1985 (as amended). 2. Dividends A final dividend of 2.3p net is recommended by the directors to be payable on 24 September 2003 to all shareholders on the register on 29 August 2003. 3. Earnings per Ordinary Share The calculation of earnings per share is based on the profit on ordinary activities after taxation namely £1,416,000 (2002: £834,000) and on 20,498,000 (2002: 20,625,000) ordinary shares. Diluted earnings per share is based on the same earnings and on the weighted average number of ordinary shares of 20,542,000 (2002: 20,680,000). 4. Annual Report and Accounts The Annual Report and Accounts will be posted to shareholders before 20 August 2003. Copies will be available by writing to the Company Secretary, Coral Products plc, North Florida Rd, Haydock Industrial Estate, Haydock, Merseyside WA11 9TP. (e-mail mail@coralproducts.com). These Reports may also be downloaded or viewed through our web-site at www.coralproducts.com. 5. Annual General Meeting The Annual General Meeting will be held at the Midland Crowne Plaza Hotel, Manchester, on Friday 19 September 2003 at 12.00 noon. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Coral Products (CRU)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today