Trading Statement

Coral Products PLC

27 September 2023

 

27 September 2023

Coral Products plc

(the "Company", the "Group" or "Coral")

GM Trading Statement

Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, announces that Joe Grimmond, the Executive Chairman of the Company, will make the following statement at the General Meeting of the Company which takes place at 12:00 p.m. today at the offices of Tatra Rotalac Limited, Southmoor Road, Wythenshawe, Manchester, M23 9DS.

Trading Update

The current financial year has started well and the Company is trading in line with market expectations. The first quarter was strong and whilst the Company has seen some softening during the second quarter, the overall picture remains positive. In parallel, Coral continues to carefully manage its cost base across the Group.  Cash management is always a priority, and the Company continues to identify opportunities to further enhance its existing strong liquidity position.

The four companies acquired during the previous financial year have integrated well into the Group. Customised Packaging Limited, the Group's specialist logistics solutions operations, was merged with Manplas Limited in May 2023 and synergies are expected to be realised during this financial period. The Tatra Rotalac business has also begun expanding into Manplas's current site.

Whilst the immediate macroeconomic outlook remains challenging and the sales visibility is not as clear as in previous years, the Group will continue to focus on cost and cash management as well as seek opportunities to strengthen and develop the business.

Overall, the Company is confident of further progress in the current financial period.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information, please contact:

Coral Products plc Joe Grimmond, Chairman	Tel: [phone]
Nominated Adviser & Broker Cavendish Securities PLC Adrian Hadden Charlie Combe	Tel: [phone]
Financial PR Novella Tim Robertson Safia Colebrook	Tel: [phone]

 

END