Trading Update and Directorate Change

Coral Products PLC

29 November 2023

 

29 November 2023

Coral Products Plc

("CRU" or the "Company")

Trading Update and Change of Director

Coral Products PLC, a Group of specialist businesses in the design, manufacture and supply of innovative plastic product solutions based in Wythenshawe, Manchester is pleased to report that earnings for the six months to 31 October 2023 are expected to be in line with market expectations, reflecting clear progress towards building a specialist UK plastic business of scale.

Dividend

The Company's final dividend of 0.6p per ordinary share, for the year ended 30 April 2023, will be paid on 30 November 2023.

Director Change

The Company also announces that Joseph Grimmond has informed the Board of his intention to step down as Executive Chairman and become Non-Executive Chairman with effect from 1 January 2024.

At the same time, the Company is pleased to announce the appointment of Lance Burn as Group Chief Executive Officer and a Director of the Company with effect from 2 January 2024. 

Lance has for the past 14 years worked within IG Design Group Plc and has been an Executive Board Director of the company since 2012. Between 2009 and 2019, Lance was CEO of UK and Asia and from 2020 CEO of the IG Design Group International businesses. Most recently living in North America, Lance has acted as Interim Group COO leading the "critical and accelerated" business and organisational transformation of the loss-making "Americas" division, delivering a FY23 YoY $14.6m adjusted operating profit improvement.

Previously, Lance has successfully run multi-site manufacturing businesses across diverse verticals and has extensive international experience comprising EMEA, India and Asia, specifically China.

Joseph Grimmond, Executive Chairman of Coral Products, said:

"The Company continues to progress well, and we intend to publish our interims for the six months to 31 October 2023 in early December demonstrating earnings in line with market expectations".

"In addition, I am delighted that Lance is joining Coral Products at this exciting time for the Company. He is well known to the Board and brings with him highly relevant commercial and quoted company experience that will benefit the Group and its future as it continues to deliver on our stated growth strategy to become a UK plastics business of scale."

"I am incredibly proud of my time as Executive Chairman of Coral Products and feel that now is the ideal time to pass the day-to-day leadership on to Lance. I will remain fully committed to Coral Products, as Non-Executive Chairman and supportive shareholder."

Pursuant to Schedule 2 (g) of the AIM Rules for Companies, Lance Andrew Burn, aged 59, has held the following directorships or partnerships in the past five years.

Current Directorships / Partnerships:

Directorships / Partnerships in last 5 years:

[Confederation of British Industry] Leveraged Property Developments Limited Leveraged Business Solutions Limited Mindshop UK Limited

Anchor International BV Anker International Plc Berwick Offray LLC C.R. Gibson LLC CSS Industries Inc IG Design Group Americas, Inc. IG Design Group Australia Pty Limited IG Design Group International IG Design Group Plc IG Design Group UK Limited Impact Innovations, Inc International Greetings Asia Limited Paper Magic Distribution, Inc Shenzhen Gift International Greetings Co Ltd Tawe Coachbuilders Limited Zhuhe Ningbo Business Consulting Co. Ltd

Mr Burn does not currently hold any shares in the Company.

Lance Burn was appointed as a director of Tawe Coachbuilders Limited on 31 December 2007. A special resolution to wind up Tawe Coachbuilders Limited was passed on 4 February 2010 and Tawe Coachbuilders Limited was dissolved pursuant to a creditors voluntary liquidation on 10 March 2016. Lance Burn was a director of Tawe Coachbuilders Limited at the time that liquidators were appointed through to dissolution. The company had a deficit as regards creditors of approximately £1.60 million.

There is no further information required to be disclosed in respect of the above appointment pursuant to Rule 17 and Schedule Two (g) of the AIM Rules for Companies.

For further information, please contact: Coral Products plc Joe Grimmond, Chairman            Tel: [phone] Nominated Adviser & Broker Cavendish Capital Markets Limited Adrian Hadden / Charlie Beeson (Corporate Finance) Charlie Combe (ECM) Tel: [phone] Financial PR Novella Tim Robertson/Safia Colebrook Tel: [phone]

This announcement has been posted to: https://coralproducts.com/

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.

 

END