Trading and Operational Update

RNS Number : 3698W

Coral Products PLC

01 August 2018

 

CORAL PRODUCTS PLC

("Coral" or the "Company")

Trading and Operational update

Coral Products PLC, a specialist in the design, manufacture and supply of plastic products based in Haydock, Merseyside, is pleased to provide the following update:-

Trading update

The Group made an operating profit in each of the four months to the 30 April 2018 and as a result the Board expect that the Group will meet its revised market expectations for the 12 months to 30 April 2018 which were announced on 12 January 2018.

This improved operating performance over the past four months has continued into the current financial year with both sales and margins ahead of the same period last year.

The Board look to the future with increased confidence as a result of a strong order book and expected further improvement in operating performance in coming months.

Operational update

The Board is pleased to announce that it has ordered a Plastic Recycling Unit to be installed at its Haydock facility.  Delivery and installation is expected to occur in December 2018 with the plant being operational in January 2019.

The plastic recycling plant is expected to contribute to revenues in the financial year to 30 April 2019.

The plastic recycling plant will increase the Group's ability to offer a 360-degree service to many of its customers, in turn reducing land fill and single use of plastics resulting in a reduction in both internal waste and raw material costs.

A further announcement will be made in due course.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

Coral Products plc Mick Wood, CEO Sharon Gramauskas, FD	Tel: [phone]
Cairn Financial Advisers LLP	Tel: [phone]
Nominated Adviser
Tony Rawlinson / Liam Murray
Daniel Stewart & Company plc	Tel: [phone]
Broker
David Lawman
Capital Markets Consultants Limited	Tel: [phone]
PR
Richard Pearson

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Subject to any continuing obligations under applicable law or any relevant AIM Rule requirements, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

 

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