Trading Update

RNS Number : 1998X

Coral Products PLC

06 February 2013

 



6 February 2013

Coral Products plc

("Coral" or "the Group")

Trading Update

The board of Coral announces that Group sales and profits for the year ending 30 April 2013 are expected to be below market expectations.

In the Group's interim results for the 6 months ended 31 October 2012, announced on 10 December 2012, the board stated that the Group overall had performed in line with expectations with Interpack performing well countered by disappointing performance in the media packaging business. The board's stated aim is to rebalance sales and production away from its traditional media (CD and DVD packaging) sales market which has been in decline for some time.

In the period since the publication of the interims, media sales have fallen further below expectations and, whilst Interpack remains on budget, it is now unlikely that overall sales and profit targets for the Group for the current financial year will be met.

A number of new food packaging products have been introduced by Interpack in the last quarter, all of which are produced by Coral. The new products cover a range of ice cream and salad containers, sales of which should benefit from the approaching warmer months.

Enquiries

Coral Products plc Joe Grimmond, Non-Executive Chairman Warren Ferster, Chief Executive & Managing Director	Tel: [phone] Tel: [phone]
Nominated Adviser Cairn Financial Advisers LLP Avi Robinson / Tony Rawlinson	Tel: [phone]
Broker XCAP Securities plc David Lawman / Adrian Kirk	Tel: [phone]
Bankside Consultants Richard Pearson	Tel: [phone]

 

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