Interim Results

Coral Products PLC
02 December 2004

                               CORAL PRODUCTS PLC

                              2004 Interim Results



Coral Products PLC ('Coral' or the 'Company'), one of Europe's leading
manufacturers and suppliers of media packaging for Digital Versatile Disc (DVD),
Video and Compact Disc (CD), announces interim results for the six months ended
31 October 2004.

Summary

                                         Six months            Six months
                                              ended                 ended
                                         31 October            31 October
                                               2004                  2003

    Turnover                                 £10.0m                £11.0m
    Pre-tax profits                          £0.56m                £1.04m
    Earnings per share                        1.93p                 3.58p
    Interim dividend                          0.70p                 1.05p

*   CD case sales increased significantly in the period.
*   DVD box capacity increased to meet the anticipated demand.
*   Video box sales fall as a result of the change to DVD.
*   Margins under pressure due to raw material price increases.



Chairman Sir David Rowe-Ham said:

'Trading for the first half of our financial year showed a reduced profit
arising primarily from a decline in operating margins due to higher raw material
prices. Selling prices have also suffered as a result of over-capacity in the
market and the strength of sterling.'

'DVD case sales are now well in excess of those of Video boxes'

Regarding prospects for the current year, Sir David added:

'Profits for the full year will not reach those of last year and, as we enter
the second half, trading conditions remain difficult within our industry. We
have maintained our share of the market and have established a position whereby
we can benefit from the changeover in media format from Video to DVD.'

Enquiries:     Coral Products PLC                     Tel: [phone]
               Warren Ferster, Managing Director      Mobile: [phone]
               Stephen Fletcher, Finance Director


CHAIRMAN'S STATEMENT

Trading for the first half of our financial year showed a reduced profit arising
primarily from a decline in operating margins due to higher raw material prices.
Selling prices have also suffered as a result of over-capacity in the market and
the strength of sterling.

Raw material prices increased throughout the period as production supplies were
cut and demand became more intense. Despite these adverse conditions, we are
managing to maintain adequate stock levels.

Sales for CD cases increased significantly during the period and there was also
some increase in DVD case sales. However, overall turnover declined due to the
reductions in Video box sales and photo-finishing box sales, which were greater
than anticipated. DVD case sales are now well in excess of those of Video boxes.

The media industry has witnessed a period of lower activity as the change from
Video to DVD formats has become established, and we have taken this opportunity
to ensure that we have the right production capacity to meet the expected
increase in demand following the changeover. We have increased our DVD case
manufacturing capacity by converting a part of our Video box production to DVD.


Trading

Turnover for the six months ended 31 October 2004 was £10.0 million (2003: £11.0
million) and pre-tax profits decreased to £556,000 (2003: £1,041,000). Diluted
earnings per share were 1.93p (2003: 3.58p).

Interim Dividend

An interim dividend of 0.70p net per ordinary share (2003: 1.05p) has been
declared for the period. This dividend will be paid on 23 February 2005 to all
shareholders on the register on 4 February 2005.

Prospects

Profits for the full year will not reach those of last year and, as we enter the
second half, trading conditions remain difficult within our industry. We have
maintained our share of the market and have established a position whereby we
can benefit from the changeover in media format from Video to DVD.


Sir David Rowe-Ham

2 December 2004

Profit and Loss Account


                             Notes      Unaudited      Unaudited       Audited
                                     Half year to   Half year to       Year to
                                       31 October     31 October      30 April
                                             2004           2003          2004
                                            £'000          £'000         £'000
                                      -----------    -----------   -----------
Continuing operations
Turnover                        (1)        10,014         10,960        20,115
                                      -----------    -----------   -----------
Profit on ordinary                            660          1,118         1,751
activities
before interest
Net interest payable                         (104)           (77)         (175)
                                      -----------    -----------   -----------
Profit on ordinary                            556          1,041         1,576
activities
before taxation
Tax on profit on ordinary
activities                      (2)          (167)          (312)         (398)
                                      -----------    -----------   -----------
Profit on ordinary                            389            729         1,178
activities
after taxation
Dividends                                    (141)          (212)         (674)
                                      -----------    -----------   -----------
Amount transferred to                         248            517           504
reserves
                                      -----------    -----------   -----------
Basic earnings per share        (3)          1.93p          3.60p         5.83p
                                      -----------    -----------   -----------
Diluted earnings per share      (3)          1.93p          3.58p         5.81p
                                      -----------    -----------   -----------

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.

Basis of preparation

The interim results have been prepared on the basis of the accounting policies
set out in the Company's accounts for the year ended 30 April 2004, and are
neither audited nor reviewed.

Balance Sheet

                                        Unaudited     Unaudited       Audited
                                            As at         As at         As at
                                       31 October    31 October      30 April
                                             2004          2003          2004
                                            £'000         £'000         £'000
                                      -----------   -----------   -----------
Tangible fixed assets                      13,923        14,636        13,968

Current assets
Stocks                                      2,493         2,454         3,119
Debtors                                     6,053         6,234         3,678
Cash at bank and in hand                        -             -            14
                                      -----------   -----------   -----------
                                            8,546         8,688         6,811
Creditors: amounts falling due
within one year                            (8,995)       (9,002)       (7,001)
                                      -----------   -----------   -----------
Net current liabilities                      (449)         (314)         (190)
                                      -----------   -----------   -----------
Total assets less current
liabilities                                13,474        14,322        13,778
Creditors: amounts falling due after         (430)       (1,488)         (988)
more than one year
Provisions for liabilities and
charges                                    (1,548)       (1,555)       (1,548)
Deferred taxation
                                      -----------   -----------   -----------
Total net assets                           11,496        11,279        11,242
                                      -----------   -----------   -----------
Capital and reserves
Share capital                                 201           202           201
Share premium                               4,557         4,550         4,551
Capital redemption reserve                      7             7             7
Profit and loss account                     6,731         6,520         6,483
                                      -----------   -----------   -----------
Equity shareholders' funds                 11,496        11,279        11,242
                                      -----------   -----------   -----------



Movements in Shareholders' Funds

                                     Unaudited      Unaudited        Audited
                                         As at          As at          As at
                                    31 October     31 October       30 April
                                          2004           2003           2004
                                         £'000          £'000          £'000
                                   -----------    -----------    -----------
Profit for the period                      389            729          1,178
Dividends                                 (141)          (212)          (674)
                                   -----------    -----------    -----------
Net additions to equity
shareholders' funds                        248            517            504
Proceeds of shares issued                    6             17             17
Purchase of own shares                       -           (100)          (124)
                                   -----------    -----------    -----------
                                           254            434            397
                                   -----------    -----------    -----------
Equity shareholders' funds at the
beginning of the period                 11,242         10,845         10,845
                                   -----------    -----------    -----------
Equity shareholders' funds at the
end of the period                       11,496         11,279         11,242
                                   -----------    -----------    -----------

Cash Flow Statement

                                        Unaudited      Unaudited       Audited
                                     Half year to   Half year to       Year to
                                       31 October     31 October      30 April
                                             2004           2003          2004
                                            £'000          £'000         £'000
                                      -----------    -----------   -----------
Net cash inflow from operating
activities                                  1,070            726         2,949
                                      -----------    -----------   -----------
Returns on investments and
servicing of finance
Net interest paid                             (99)           (77)         (163)
                                      -----------    -----------   -----------
Taxation                                      344              3          (811)
                                      -----------    -----------   -----------
Capital expenditure and financial
investment
Purchase of tangible fixed assets          (1,078)        (1,744)       (2,166)
                                      -----------    -----------   -----------
Equity dividends paid                        (463)          (467)         (678)
                                      -----------    -----------   -----------
Net cash outflow before financing            (226)        (1,559)         (869)
                                      -----------    -----------   -----------
Financing
Issue of share capital                          6             17            17
Repurchase of share capital                     -           (100)         (124)
Repayment of loans                            (74)           (80)         (163)
Repayment of principal under finance
leases                                       (559)          (803)       (1,552)
Proceeds of new asset finance                 490            969           969
                                      -----------    -----------   -----------
Net cash (outflow)/ inflow from
financing                                    (137)             3          (853)
                                      -----------    -----------   -----------
Decrease in cash in the period               (363)        (1,556)       (1,722)
                                      -----------    -----------   -----------


Reconciliation of Net Cashflow to
Movement in Net Debt

                                        Unaudited      Unaudited       Audited
                                     Half year to   Half year to       Year to
                                       31 October     31 October      30 April
                                             2004           2003          2004
                                            £'000          £'000         £'000
                                      -----------    -----------   -----------
Decrease in cash in the period               (363)        (1,556)       (1,722)
Net cash outflow/(inflow) from debt
and lease financing                           143            (86)          746
                                      -----------    -----------   -----------
Change in net debt resulting from
cashflows in the period                      (220)        (1,642)         (976)
Net debt at beginning of period            (3,498)        (2,522)       (2,522)
                                      -----------    -----------   -----------
Net debt at end of period                  (3,718)        (4,164)       (3,498)
                                      -----------    -----------   -----------


Reconcilitation of Operating Profit to Net Cash Inflow
from Operating Activities

                                     Unaudited       Unaudited        Audited
                                  Half year to    Half year to        Year to
                                    31 October      31 October       30 April
                                          2004            2003           2004
                                         £'000           £'000          £'000
                                   -----------     -----------    -----------
Operating profit                           660           1,118          1,751
Depreciation charges                     1,123           1,059          2,149
Release of grant income                      -               -             (1)
Decrease/(increase) in stocks              626            (196)          (861)
(Increase)/decrease in debtors          (2,375)         (1,572)           841
Increase/(decrease) in creditors         1,036             317           (930)
                                   -----------     -----------    -----------
Net cash inflow from operating
activities                               1,070             726          2,949
                                   -----------     -----------    -----------



Notes to the Accounts

1.  Turnover
    All production is based in the United Kingdom. The geographical analysis of
    turnover is shown below:
                                     Unaudited        Unaudited       Audited
                                  Half year to     Half year to       Year to
                                    31 October       31 October      30 April
                                          2004             2003          2004
                                         £'000            £'000         £'000
                                   -----------      -----------   -----------
    United Kingdom                       8,593            9,107        16,848
    Rest of Europe                       1,421            1,853         3,267
                                   -----------      -----------   -----------
                                        10,014           10,960        20,115
    By Business Activity:          -----------      -----------   -----------
    Media packaging                     10,014           10,960        20,115
                                   -----------      -----------   -----------

2   The charge for taxation on the profit for the period is based upon the
    estimated effective rate for the full year

3   The calculation of basic earnings per share is based on the profit on
    ordinary activities after taxation for the half year namely £389,000 (2003:
    £729,000) and on 20,119,472 (2003: 20,267,271) ordinary shares, being the
    weighted average number of ordinary shares in issue and ranking for
    dividend during the period. Calculation of fully diluted earnings per share
    is based upon a fully diluted weighted average number of ordinary shares of
    20,153,832 (2003: 20,387,566)

4   The results for the year ended 30 April 2004 are in abbreviated form and
    have been extracted from the published accounts as filed with the Registrar
    of Companies. These were audited and reported upon without qualification by
    PricewaterhouseCoopers LLP and did not contain a statement under Section
    237(2) or (3) of the Companies Act 1985.

5   The interim report will be posted to all shareholders on 6 December 2004
    and copies of this and the last published Annual Report and Accounts are
    available from the Company Secretary - Coral Products PLC, North Florida
    Road, Haydock Industrial Estate, Haydock, Merseyside WA11 9TP (Tel: 01942
    272882). The report may also be viewed on our web site at coralproducts.com.




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