Trading Statement

Coral Products PLC

24 May 2023

 

24 May 2023

Coral Products plc

(the "Group" or "Coral")

Trading Update

Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to report that the unaudited group management accounts indicate that revenue for the year to 30 April 2023 is expected to be over £35m (2022: £14.4m) which is slightly ahead of market expectations.   Adjusted EBITDA for the Group is expected to be not less than £3.5m (2022: £1.8m) which is ahead of market expectations.

The Group maintains a robustly healthy balance sheet with cash and cash equivalents of circa £5 million as at 30 April 2023.

It is our intention to pay a final dividend, the level of which will be decided on completion of the audited results for the year.

Executive Chairman, Joe Grimmond, said: "In spite of the challenging trading conditions in the second half of the year, we have had a successful year, completing a further 4 acquisitions, which has led to the Group more than doubling the revenue base together with a near doubling of Group EBITDA. This marks a significant step towards our objective of building a specialist UK plastics business of scale, targeting profitable, high-demand sectors".

www.coralproducts.com 

ENQUIRIES:

Coral Products plc

Joe Grimmond, Executive Chairman                                                                                        Tel: [phone]

Nominated Adviser & Broker

Cenkos Securities plc

Adrian Hadden

Charlie Combe                                                                                                                                  Tel: [phone]

Financial PR

Novella

Tim Robertson                                                                                                                                  Tel: [phone]

Claire de Groot

Safia Colebrook                                                                                                                               

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

END