Trading Update

RNS Number : 9498T

Coral Products PLC

26 March 2019

 

CORAL PRODUCTS PLC

("Coral" or the "Company")

Trading Update

Coral Products PLC, a specialist in the design, manufacture and supply of plastic products based in Haydock, Merseyside, announces that despite reporting a strong recovery in the first half of the financial year and an encouraging start to the second half , a number of key factors have adversely impacted on performance in the latter part of the second half of the financial year, including a downturn in business generated from the automotive industry and significant delays in delivery of totes ordered from a major on-line retailer.

In the six months to 31 October 2018, the Company reported a profit before tax of £582K. This was followed by a loss in the four months to 28 February 2019 and, as a result, the Board therefore now expects the Group's results for the year ending 30 April 2019 to be materially below both Management and Market Expectations.

As previously announced, the interim dividend of 0.25 p per share will be paid on 28 March 2019.

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

Enquiries:

Coral Products plc Mick Wood, CEO Sharon Gramauskas, FD	Tel: [phone]
Cairn Financial Advisers LLP	Tel: [phone]
Nominated Adviser and Broker
Tony Rawlinson / Liam Murray David Lawman	Tel: [phone]
Capital Markets Consultants Limited	Tel: [phone]
PR
Richard Pearson

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.  

 

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