TIDMCRU
RNS Number : 8320H
Coral Products PLC
08 December 2020
8 December 2020
CORAL PRODUCTS PLC
('Coral' or the 'Company' or the 'Group')
Coral Products PLC, (the "Company" or the "Group") a specialist
in the design, manufacture and supply of injection moulded plastic
products based in Haydock, Merseyside, announces its audited final
results for the year ended 30 April 2020.
KEY FINANCIALS
2020 2019
GBP GBP
Group revenue 22,321,000 24,733,000
Underlying operating profit * 401,000 1,018,000
Goodwill impairment (350,000) -
Separately disclosed non-cash items (excluding
goodwill impairment) (291,000) (360,000)
Operating (loss)/profit (382,000) 479,000
Gross Margin 35.8% 35.9%
(Loss)/profit for the year before taxation (821,000) 41,000
Underlying EBITDA * 2,114,000 2,479,000
Underlying earnings per share (see note
3) * (0.05)p 0.75p
Dividend paid per share 0.00p 0.25p
* Underlying results are reported before separately disclosed
items, as shown in note 2. Such underlying results are not intended
to be a substitute for, or superior to, IFRS measures of
profit.
HEADLINES
Covid-19 headlines
-- The fall in Group revenues is entirely due to Covid-19, sales
during the second half of the year were expected to be higher than
2019 due to the introduction of the MBRS project and the new
upgraded ice cream tools, both of which were delayed due to the
pandemic.
-- Global One-Pak's sales were hit particularly hard due to
running out of stock as all stock is manufactured in China and
delivery after Chinese New Year did not resume until May 2020 with
deliveries getting to GOP in June 2020.
-- Underlying operating profit decreased to GBP0.4m (2019:
GBP1.0m) and underlying EBITDA decreased to GBP2.1m (2019:
GBP2.5m).
-- Multi box recycling system (MBRS). The tooling of this had
been delayed due to the pandemic. The tools arrived onsite in
September 2020 with production commencing in November 2020.
-- New improved food packaging. The tooling was ready to go for
this summer period but due to the lockdowns very little production
of ice cream tubs has occurred during this financial period.
-- Flame retardant plastic moulded roof tiles for the
construction industry. This has been put on hold by the customer
due to the pandemic.
Other headlines
-- Gross margin remained static at 35.8% (2019: 35.9%).
-- We still remain a supplier of choice for a major on-line tote
retailer with a further extension to supply into 2021/22.
-- Continuing to build on being a major supplier of recycling
crates and caddies into UK councils and local authorities.
-- End of line automation installed in blow moulding to reduce labour resources.
-- Recycling of post-industrial plastic waste increasing contribution.
-- Maximising current assets across manufacturing.
-- Strong net assets position of GBP12.1m as at the year-end (2019: GBP12.9m).
The Company's audit report contained a qualification in relation
to the carrying value of the Company's inventory as the audit
evidence available to the auditor was limited because, given the
global COVID-19 pandemic, no inventory count was undertaken and the
auditor did not observe the physical inventory as at 30 April 2020.
Further details can be found in note 1 below.
Commenting on the results, Joe Grimmond, Chairman, said:
"This current trading period has been one of the most difficult
I've ever experienced, with Brexit, the United States - China
trading wars, the general election and the covid-19 pandemic. The
net effect of all these culminated in a steep reduction in sales in
the second half from our budgeted expectations. This fall in sales
has resulted in a loss in contribution for the period. Revenue was
GBP22.3m (2019: GBP24.7m) and underlying operating profit GBP0.4m
(2019: GBP1.0m), the gross margin of 35.8% (2019: 35.9%) was
maintained which was as a result of the direct and indirect cost
reduction measures taken across the Group".
"The second half of the year was forecasted to have much higher
sales than the first half. This was expected from the long-awaited
multi-box recycling system (MBRS) project and the general uptake in
sales that occurs in the final quarter onwards. The tooling for the
MBRS was severely delayed and with the lockdown the usual uptake
did not occur and we had invested quite heavily in improved tooling
last year to meet demand which the lockdown disrupted. Global
One-Pak was hit particularly hard due to the pandemic as supplies
almost dried up".
"The Group has reported a loss before taxation for the financial
year of GBP0.8m (2019: GBP0.04m profit), this is after non cash
amortisation of GBP0.3m (2019: GBP0.3) and goodwill impairment of
GBP0.4m (2019: GBPnil). Across the Group, finance costs have
remained static at GBP0.4m (2019: GBP0.4m) and depreciation at
GBP1.7m (2019: GBP1.5m)".
"Whilst we have confidence in our development strategy and the
prospects of the Group, the very real uncertainties over Brexit and
the coronavirus pandemic are a cause for concern."
"The Group continues with its strategic progress of increasing
focus on value-added and innovative products, particularly in the
food container, recycling, telecommunications, rail industry, home
delivery totes and blow moulding areas. Our aim is to build a
significant plastic moulding business with a bias towards using
recycled materials produced by our recycling unit installed in
Haydock. The current year will benefit from the Coral Mouldings and
Tatra-Rotalac cost reductions and new business".
"Our Group is facing a crisis that is unprecedented, but we
believe that our balance sheet and margins mean that we can
mitigate the effects. The crisis will pass at some point. At that
time, it will be the work we do to move the business forward that
will determine our future success. So, our priorities being clear:
(1) to do all we can to keep our workplaces as safe as possible for
staff, (2) secure the cash resources of the business and (3)
continue to develop our product ranges throughout the next
financial period".
" We have enjoyed a strong start to our current financial year
and we look forward to a satisfactory outturn for the year given
the prevailing conditions. "
For further information, please contact:
Coral Products plc
Michael (Mick) Wood, Chief Executive Officer Tel: 07788 565
154
Nominated Adviser & Broker
Cairn Financial Advisers LLP Tel: 020 7213
Liam Murray/Sandy Jamieson/Ludovico Lazzaretti 0880
David Lawman (Corporate Broking)
Capital Markets Consultants Tel: 07515 587
Richard Pearson 184
This announcement contains inside information for the purpose of
Article 7 of the EU Regulation 596/2014.
CHAIRMAN'S STATEMENT
Coronavirus - Summary of Impact Assessment
As might be expected I will begin with a summary of the risks
that the coronavirus pandemic poses to the business and the actions
we are taking to mitigate the effects. We cannot predict how
widespread the virus will become, how long the pandemic will last
and what the medium to long term effect of this pandemic will
be.
Our priority is to do all we can to keep our workplaces as safe
as possible for staff, ensuring that we follow all government
guidelines. We have planned our business to be flexible, in all
areas, to meet fluctuating levels of demand. We have robust
financial controls that will ensure we maintain our working capital
requirements whilst meeting all our agreed parameters with our
financial partners.
We are taking measures to control costs and conserve cash within
the business which include the delay of capital expenditure, the
potential sale and leaseback of the land and building at the
Haydock site and the suspension of dividend payments.
We reacted quickly to the crisis and as early as mid-March 2020
negotiated capital repayment holidays and a CBIL loan of GBP1
million pounds, this was received on 13 May 2020, with a six-month
capital payment holiday and 12 months interest free from the Groups
existing bank Barclays. We had invested heavily in new capacity in
the last 3 years and this investment will enable us to greatly
reduce capital expenditure over the next 2 financial periods.
Our manufacturing sites at Haydock and Wythenshawe were deemed
as key suppliers during the first wave of the pandemic allowing
both sites to continue manufacturing throughout.
There will be many challenges to our working practices as the
pandemic develops and we are putting plans in place to protect our
most vulnerable employees, comply with differing levels of
Government restrictions and cope with illness throughout the
business. In particular, we have adapted our technology for greater
home working and seeking to segregate critical operational teams so
as to keep all our vital operations and projects on track.
The actions taken by your board give us confidence that we will
come through this current crisis and will be in a position to take
advantage of any economic upturn.
Trading
This current trading period has been one of the most difficult
I've ever experienced, with Brexit, the United States - China
trading wars, the general election and the covid-19 pandemic. The
net effect of all these culminated in a steep reduction in sales in
the second half from our budgeted expectations. This fall in sales
has resulted in a loss in contribution for the period. Revenue was
GBP22.3m (2019: GBP24.7m) and underlying operating profit GBP0.4m
(2019: GBP1.0m), the gross margin of 35.8% (2019: 35.9%) was
maintained which was as a result of the direct and indirect cost
reduction measures taken across the Group.
The second half of the year was forecasted to have much higher
sales than the first half. This was expected from the long-awaited
multi-box recycling system (MBRS) project and the general uptake in
sales that occurs in the final quarter onwards. The tooling for the
MBRS was severely delayed and with the lockdown the usual uptake
did not occur and we had invested quite heavily in improved tooling
last year to meet demand which the lockdown disrupted. Global
One-Pak was hit particularly hard due to the pandemic as supplies
almost dried up.
The Group has continued with its strategic progress of
increasing focus on value-added and innovative products. The focus
is to build a significant plastic moulding business with a bias
towards using recycled materials and with the new Recycling unit
now installed and operational at Haydock, we remain confident in
our ability to do so.
The Group has reported a loss before taxation for the financial
year of GBP0.8m (2019: GBP0.04m profit), this is after non cash
amortisation of GBP0.3m (2019: GBP0.3) and goodwill impairment of
GBP0.4m (2019: GBPnil). Across the Group, finance costs have
remained static at GBP0.4m (2019: GBP0.4m) and depreciation at
GBP1.7m (2019: GBP1.5m).
Interpack's profit before tax is GBP0.4m (2019: GBP0.7m), Global
One-Pak's GBP0.1m (2019: GBP0.2m) and Tatra-Rotalac's GBP0.1m
(2019: GBP0.2m loss). The delay in the launch of the MBRS and drop
in sales following the pandemic at Coral Products (Mouldings) has
resulted in a loss of GBP0.8m (2019: GBP0.4m loss). These results
are before amortisation of intangibles arising on consolidation of
GBP0.3m (2019: GBP0.3m) and the goodwill impairment of Tatra
Rotalac of GBP0.4m (2019: GBPnil).
Performance of the Group is monitored principally through
adjusted profit measures which exclude GBP0.8m of adjusted items
(2019: GBP0.5m). Such items include the amortisation of intangibles
arising on the acquisitions of Global One-Pak and Tatra-Rotalac,
due-diligence costs, share based payment charges, compensation for
loss of office of senior management, reorganisation costs and
goodwill impairment.
Dividends
The Board remains committed to its long-term progressive
dividend policy, which takes account of the underlying growth,
whilst acknowledging the requirement for continuing investment and
short-term fluctuations in profit.
Due to the uncertainty surrounding UK Brexit and the Coronavirus
pandemic the Board believe it is prudent to suspend dividend
payments in the short term. Therefore, the Board will not be
recommending the payment of a dividend for this financial
period.
Board Changes
There were no board changes during the year.
Chairman's Corporate Governance Statement
As Non-executive Chairman of the board, my role is to set the
strategy for the company, monitor the ongoing performance of the
companies within the Group to ensure that they are meeting our
requirements and also identify potential acquisition targets.
In addition, my role also encompasses overseeing the functioning
of the board and its effectiveness and ensuring sound corporate
governance practices are followed.
All the Directors of Coral believe strongly in the importance of
good corporate governance for the creation of shareholder value
over the medium to long-term and to engender trust and support
amongst the Group's wider stakeholders.
I work with key executives throughout the organisation to instil
good corporate governance practices in accordance with the
Code.
In accordance with the changes to AIM Rule 26 the Company is now
applying the revised QCA Corporate Governance Code published
earlier in 2018.
The board monitors our corporate governance practices and will
always implement improvements which further enhance performance
and/or benefit stakeholders.
Strategy
Our Board continuously reviews business performance alongside
market conditions to make sure that we take the correct strategic
decisions for each of our businesses. The Board recognises fully
that it has been tasked with delivering enhanced shareholder value.
The challenges facing the Board relate to managing the continued
growth of the Group through the uncertainty and timelines
surrounding UK Brexit and the coronavirus pandemic.
People
We are reliant on the expertise, professionalism and commitment
of our people and thank them for their continued contribution to
the business during a challenging year.
Future Developments
The following projects were delayed due to the coronavirus
pandemic. We expect these to now be introduced during the latter
part of the current financial year:
-- The multi box recycling system (MBRS).
-- Conservatory and outbuildings rooftiles.
Outlook
Whilst we have confidence in our development strategy and the
prospects of the Group, the very real uncertainties over Brexit and
the coronavirus pandemic are a cause for concern.
The Group continues with its strategic progress of increasing
focus on value-added and innovative products, particularly in the
food container, recycling, telecommunications, rail industry, home
delivery totes and blow moulding areas. Our aim is to build a
significant plastic moulding business with a bias towards using
recycled materials produced by our recycling unit installed in
Haydock. The current year will benefit from the Coral Mouldings and
Tatra-Rotalac cost reductions and new business.
Our Group is facing a crisis that is unprecedented, but we
believe that our balance sheet and margins mean that we can
mitigate the effects. The crisis will pass at some point. At that
time, it will be the work we do to move the business forward that
will determine our future success. So, our priorities being clear:
(1) to do all we can to keep our workplaces as safe as possible for
staff, (2) secure the cash resources of the business and (3)
continue to develop our product ranges throughout the next
financial period.
We have enjoyed a strong start to our current financial year and
we look forward to a satisfactory outturn for the year given the
prevailing conditions.
Joe Grimmond
Chairman
8 December 2020
Group Income Statement
for the year ended 30 April 2020
2020 2019
GBP'000 GBP'000
--------------------------------------------------- --------- ---------
Revenue 22,321 24,733
Cost of sales (14,329) (15,861)
--------- ---------
Gross profit 7,992 8,872
Operating costs
Distribution expenses (1,296) (1,246)
------------------------------------------------------ --------- ---------
Administrative expenses before impairment
and separately disclosed items (6,295) (6,608)
Other separately disclosed items (433) (539)
Goodwill impairment (350) -
---------
Administrative expenses (7,078) (7,147)
Operating (loss)/profit (382) 479
Finance costs (439) (438)
--------- ---------
(Loss)/profit for the financial year before
taxation (821) 41
Taxation - 43
--------- ---------
(Loss)/profit for the financial year attributable
to the equity holders of the parent (821) 84
--------- ---------
Earnings per share attributable to the
equity holders of the parent
Basic and diluted (loss)/profit per ordinary
share (0.99)p 0.10p
Group Statement of Comprehensive Income
for the year ended 30 April 2020
2020 2019
GBP'000 GBP'000
------------------------------------------------------------- ---------- ----------
(Loss)/profit for the financial
year (821) 84
---------- ----------
Total other comprehensive income - -
---------- ----------
Total comprehensive (loss)/income for the year attributable
to equity holders of the parent (821) 84
---------- ----------
Balance Sheet
as at 30 April 2020
As at As at
30 April 30 April
2020 2019
GBP'000 GBP'000
------------------------------- ---------- ----------
ASSETS
Non-current assets
Goodwill 5,145 5,495
Other intangible assets 1,124 1,401
Property, plant and equipment 2,790 9,411
Right of use assets 4,365 -
---------- ----------
Total non-current assets 13,424 16,307
---------- ----------
Current assets
Inventories 3,368 3,505
Trade and other receivables 4,931 5,521
Cash and cash equivalents 453 -
Total current assets 8,752 9,026
---------- ----------
Assets held for sale 2,520 -
---------- ----------
LIABILITIES
Current liabilities
Term loan - 150
Other borrowings 2,978 4,800
Lease liabilities 1,191 -
Trade and other payables 3,749 3,834
---------- ----------
Total current liabilities 7,918 8,784
---------- ----------
Liabilities on assets held 1,765 -
for sale
---------- ----------
Net current assets 1,589 242
---------- ----------
Non-current liabilities
Term loan - 1,303
Other borrowings - 1,965
Lease liabilities 2,509 -
Deferred tax 398 368
---------- ----------
Total non-current liabilities 2,907 3,636
---------- ----------
NET ASSETS 12,106 12,913
---------- ----------
SHAREHOLDERS' EQUITY
Share capital 826 826
Share premium 5,288 5,288
Other reserves 1,567 1,567
Retained earnings 4,425 5,232
---------- ----------
TOTAL SHAREHOLDERS' EQUITY 12,106 12,913
---------- ----------
Statement of Changes in Shareholders' Equity
for the year ended 30 April 2020
Called Share
Up Premium Other Retained Total
Share Reserve Reserves Earnings Equity
Capital GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
----------------------------- --------- --------- ----------- ----------- ----------
Group
At 1 May 2018 826 5,288 1,567 5,490 13,171
Profit for the year - - - 84 84
Other comprehensive - - - - -
income
--------- --------- ----------- ----------- ----------
Total comprehensive
income - - - 84 84
--------- --------- ----------- ----------- ----------
Contributions by
and distributions
to owners
Credit to equity
for equity settled
share-based payments - - - 71 71
Dividend paid - - - (413) (413)
--------- --------- ----------- ----------- ----------
At 1 May 2019 826 5,288 1,567 5,232 12,913
Loss for the year - - - (821) (821)
Total comprehensive
loss - - - (821) (821)
--------- --------- ----------- ----------- ----------
Contributions by
and distributions
to owners
Credit to equity for
equity settled share-based
payments - - - 14 14
Dividend paid - - - - -
At 30 April 2020 826 5,288 1,567 4,425 12,106
--------- --------- ----------- ----------- ----------
Cash Flow Statement
for the year ended 30 April 2020
Group
2020 2019
GBP'000 GBP'000
---------------------------------------------- --------- ---------
Cash flows from operating activities
(Loss)/profit for the year (821) 84
Adjustments for:
Depreciation of property, plant and
equipment 1,032 1,461
Depreciation on right of use assets 681 -
under IFRS16
(Profit)/loss on disposal of tangible
assets - (23)
Goodwill impairment 350 -
Amortisation of intangible assets 277 289
Share based payment charge 14 71
Interest payable 439 438
Taxation charge/(credit) - (43)
--------- ---------
Operating cash flows before movements
in working capital 1,972 2,277
Decrease/(increase) in inventories 137 (641)
Decrease/(increase) in trade and
other receivables 563 (69)
(Decrease)/increase in trade and
other payables (87) (75)
--------- ---------
Cash generated by operations 2,585 1,492
UK corporation tax received - 2
--------- ---------
Net cash generated from operating activities 2,585 1,494
--------- ---------
Cash flows from investing activities
Proceeds from disposal of property,
plant and equipment - 33
Acquisition of property, plant
and equipment (322) (690)
Net cash used in investing activities (322) (657)
--------- ---------
Cash flows from financing activities
New bank loans raised 500 -
Dividends paid - (413)
New lease liabilities 58 350
Interest paid on borrowings (135) (438)
Interest paid on lease liabilities (304) -
Repayments of bank borrowings (188) (151)
Repayments of obligations under lease
liabilities (1,180) (801)
Movements on invoice discounting facility (534) 118
Net cash used in financing activities (1,783) (1,335)
--------- ---------
Net increase/(decrease) in cash
and cash equivalents 480 (498)
Cash and cash equivalents at 1
May (27) 471
--------- ---------
Cash and cash equivalents at 30
April 453 (27)
--------- ---------
Notes
for the year ended 30 April 2020
1. Basis of preparation
The financial information set out above does not constitute the
Group's statutory accounts for the years ended 30 April 2020 or
2019 within the meaning of Section 434 of the Companies Act 2006,
but is derived from those accounts. Statutory accounts for 2019
have been delivered to the Registrar of Companies and those for
2020 will be delivered following the company's Annual General
Meeting. The auditors' report on the statutory accounts for the
year ended 30 April 2019 was unqualified, did not draw attention to
any matters by way of emphasis, and did not contain statements
under s498 (2) or s498 (3) of the Companies Act 2006. The auditor's
report on the statutory accounts for the year ended 30 April 2020
was qualified with respect to inventory having a carrying value of
GBP3,368,000 as the audit evidence available was limited because,
given the global COVID-19 pandemic, no inventory count was
undertaken and the auditor did not observe the physical inventory
as at 30 April 2020. In respect solely of the limitation relating
to inventory, the auditor did not obtain all the information and
explanations considered necessary for the purpose of the
audit and were unable to determine whether adequate accounting
records had been kept by the parent company.
This financial information has been prepared in accordance with
International Financial Reporting Standards ("IFRSs") and
International Financial Reporting Interpretations Committee (IFRIC)
interpretations as adopted by the European Union and with those
parts of the Companies Act 2006 applicable to companies reporting
under IFRS.
2. Underlying operating profit and separately disclosed
items
Underlying profit - the Company believes that underlying profit
and underlying earnings provide additional useful information for
shareholders. The term underlying earnings is not a defined term
under IFRS and may not therefore be comparable with similarly
titled profit measurements reported by other companies.
2020 2019
GBP'000 GBP'000
---------------------------------------------------- --------- ---------
Operating (loss)/profit (382) 479
Separately disclosed items within administrative
expenses
---------------------------------------------------- --------- ---------
Share based payment charge 14 71
Amortisation of intangible assets (customer
relationships and brands) 277 289
Reorganisation costs 142 179
Goodwill impairment 350 -
---------------------------------------------------- --------- ---------
Total separately disclosed items 783 539
--------- ---------
Underlying operating profit 401 1,018
Depreciation 1,713 1,461
--------- ---------
Underlying EBITDA 2,114 2,479
Separately disclosed items (excluding amortisation
and impairment) (156) (250)
--------- ---------
EBITDA 1,958 2,229
3. Earnings per share
Basic and underlying earnings per share
The basic earnings per share is calculated by dividing the
earnings attributable to ordinary shareholders for the financial
period by the weighted average number of shares in issue during the
financial period of 82,614,865 (2019: 82,614,865).
Underlying earnings per share is also shown calculated by
reference to earnings before separately disclosed items. The
directors consider that this gives a useful indication of
underlying performance.
2020 2019
GBP'000 EPS (p) GBP'000 EPS (p)
(Loss)/profit for the
financial period (821) (0.99) 84 0.10
Separately disclosed
items (note 2) 783 539
Underlying (loss)/profit
for the period (38) (0.05) 623 0.75
------------------ -------------------- ---------------- -----------------
4. Dividends
A dividend for the year ended 30 April 2019 of 0.25p per share
was paid on 28 March 2019. This dividend amounted to
GBP206,537.
Due to the effects the coronavirus pandemic is having on the
business; the Board will not be recommending a payment of a final
dividend payment for the year ended 30 April 2020.
5. Group reconciliation of net cash flow to movement in net
debt
2020 2019
GBP'000 GBP'000
-------------------------------------------- --------- ---------
Net increase/(decrease) in cash and
cash equivalents 480 (498)
Decrease/(increase) on invoice discounting
facility 534 (118)
(Increase)/decrease in bank loans
and other loans (312) 151
(Decrease)/increase in lease liabilities (475) (441)
--------- ---------
Movement in net debt for the period 227 (906)
Net debt at beginning of period (8,217) (7,311)
--------- ---------
Net debt at end of period (7,990) (8,217)
--------- ---------
6. Post Balance Sheet Event
A coronavirus business interruption loan (CBIL) of GBP1 million
was received from Barclays Bank on 13 May 2020. This is on a 3-year
term interest free for the first 12 months and repayment holiday
for the first 6 months. The interest rate is 4.61% over base. The
only covenant in place is that capital expenditure cannot be higher
than GBP400,000 and during the term of the loan no dividend
payments can be made.
The invoice factoring facility with Barclays was reviewed in
June 2020 and renewed for a further twelve months.
7. Publication of Annual Report
A copy of the 2020 Report & Accounts will be sent to all
shareholders on or before 18 December 2020. Further copies will be
available to the public at the company's registered address at
North Florida Road, Haydock Industrial Estate, Haydock, Merseyside
WA11 9TP and on the Company's website at www.coralproducts.com.
8. Forward looking statements
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 Corals 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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (MAR). The Directors of the
Group take responsibility for this announcement.
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END
FR UBSBRRRUURAA
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