Coral Products PLC Trading Update (4571Z)
May 20 2019 - 2:00AM
UK Regulatory
TIDMCRU
RNS Number : 4571Z
Coral Products PLC
20 May 2019
CORAL PRODUCTS PLC
("Coral" or the "Company")
Trading Update
The board of Coral Products Plc is pleased to provide a further
trading update following completion of its financial year ended 30
April 2019.
Financial
Our trading update of 26 March 2019 stated that we expected the
results for the year to be materially below market expectations.
With the benefit of March and April's actual results together with
urgent management action we are pleased to report that the variance
from market expectation, while still material, will not be as
significant as previously expected.
The outcome for the year to 30 April 2019 as per our as yet
unaudited management accounts indicates a marked improvement over
the previous year's results. Sales, Operating Profit, (underlying
and actual) and EBITDA were much improved. Gross margins also
improved despite difficult trading conditions. Overall debt
slightly increased as we continued to invest in new products,
processes, plant and people, to ensure we have the resources to
meet what we believe will be increased market demand.
The board expects to release its final results in August 2019 in
advance of the AGM in September 2019.
New Product Introduction (NPI)
We are especially pleased that during the year we developed a
number of new products all of which will be introduced into
production and sales during the current financial year. This NPI
spans the Group and includes:
-- Interpack Ltd New and improved food packaging;
-- Coral Mouldings Flame retardant plastic moulded roof tiles,
23lt caddy (recycled materials);
-- Tatra-Rotalac Extruded highway sound barriers; and
-- Global One-Pak New jar range made out of recycled material.
We are also delighted to announce our first significant overseas
order for totes to meet the requirement of our customer for a
fulfilment centre located in France.
Outlook
The board remains confident in its strategy and looks forward to
a year of continued improvement.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries:
Coral Products plc
Mick Wood, CEO Tel: 07788 565 154
Sharon Gramauskas, FD
Cairn Financial Advisers LLP Tel: 020 7213 0880
Nominated Adviser and Broker
Tony Rawlinson / Liam Murray
David Lawman Tel: 07803 505735
Capital Markets Consultants Tel: 07515 587 184
Limited
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
identi ed 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 re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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