Trading Update

RNS Number : 2618V

Coral Products PLC

27 January 2017

 

Coral Products plc

("Coral" or the "Company")

Trading update

Coral announces that following a poor trading performance at its Coral Products Mouldings Limited ("Mouldings")  subsidiary during November and December 2016 group profitability for the year ending 30 April 2017 is likely to be materially below management's and market expectations.

Immediate steps have been taken to improve performance at Mouldings and losses are expected to be reduced from January 2017 onwards although a loss is forecast for the financial year to 30 April 2017.

The Board also announces that for personal reasons, Mr Roberto Zandona, Chief Executive Officer, has resigned both as Chief Executive and as a director of the Company.

Furthermore, Stephen Fletcher, Finance Director of the Company, has retired as Finance Director and is stepping down from the Board also for personal reasons. The Board thanks Mr Fletcher for his 14 years of service to the Company. Pending completion of due diligence procedures required under the AIM Rules, the Board intends to appoint Sharon Gramauskas, currently Group Financial Controller, as Finance Director in due course. Pending such appointment, Ms Gramauskas has assumed Mr Fletcher's duties.

Joe Grimmond, currently Non-executive Chairman, has agreed to act as Executive Chairman until further notice.

All other Coral companies have continued to trade profitably.

During December 2016 the Company's freehold property at Haydock was revalued resulting in a significant surplus of over £500,000 which will be reflected in the Group's balance sheet as at 30 April 2017.

Overall Coral remains profitable, cash generative and with a strong asset base.

The Board remains confident about the Group's medium and longer term prospects.

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

Enquiries

Coral Products plc	Tel: [phone]
Joe Grimmond (Executive Chairman)
Nominated Adviser
Cairn Financial Advisers LLP	Tel: [phone]
Tony Rawlinson, Liam Murray
Broker
Daniel Stewart & Company plc	Tel: [phone]
David Lawman
PR
Capital Markets Consultants Limited	Tel: [phone]
Richard Pearson

 

END

 

 

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