Trading Update - COVID-19

RNS Number : 3852H

Coral Products PLC

24 March 2020

 

CORAL PRODUCTS PLC

("Coral" or the "Group")

Trading Update - COVID-19

The Board of Coral Products plc, a specialist in the design, manufacture and supply of plastic products is pleased to provide a trading update.

The Board report that trading for the current financial year ending 30 April 2020 currently remains in line with Management's expectations, despite the very difficult conditions arising from the current coronavirus pandemic.

With the prevailing uncertainty arising from the current pandemic we feel unable to offer, with any confidence, any guidance for the following financial period to 30 April 2021.

We are constantly monitoring and updating our financial position as the crisis unfolds and will provide updates to the market at the appropriate time.

We are encouraged by the recently announced government measures, provided that those charged with their implementation act promptly and as the measures are intended.

As a group we derive circa 70% of our sales from products with uses related to the efforts to overcome the present crisis. Examples of these products being as set out below:

· Home waste collection and recycling bins;

· Food packaging;

· Home delivery online totes;

· Personal care and hygiene; and

· Other products that support the infrastructure build for broadband and railways.

Provided there is no mandated national shutdown of industry and with the recently announced Government support we are hopeful that will come through the current coronavirus led crisis.  In the event of a mandated national emergency shutdown we will obviously need to measure the length of any such shutdown and the level and extent of available support.

The Company continues to carefully manage its working capital position.

Joe Grimmond, Non-executive Chairman stated:

"We are entering completely unknown trading, financial and social conditions, certainly in my 50 years of management. We must as a nation maintain our productive capacity whilst keeping at the forefront the health and well-being of our people."

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

Enquiries

Coral Products plc Joe Grimmond, Non-executive Chairman Mick Wood, CEO	Tel: [phone]
Nominated Adviser Cairn Financial Advisers LLP Liam Murray / Tony Rawlinson	Tel: [phone]
Broker Cairn Financial Advisers LLP David Lawman	Tel: [phone]
Capital Markets Consultants Limited Richard Pearson	Tel: [phone]

This announcement contains unaudited information and forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and undue reliance should not be placed on any such statement because they speak only as at the date of this document and are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Coral's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. Coral undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.

 

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