Coral Products PLC Trading update on Customised Packaging Limited (7577A)
February 07 2022 - 1:59AM
UK Regulatory
TIDMCRU
RNS Number : 7577A
Coral Products PLC
07 February 2022
Coral Products plc
(the "Company", the "Group" or "Coral")
Trading update on Customised Packaging Limited
Coral Products plc, a specialist in the design, manufacture and
supply of plastic products based in Wythenshawe, Manchester, is
pleased to announce a follow up to the announcement released on 3
March 2021 regarding the acquisition of Customised Packaging
Limited ("CPL").
As stated in March, an earn-out consideration shall become
payable to the Vendors in the event that CPL's profit before tax
for the year ended 31 December 2021 is greater than GBP250,000
("Earn-Out Consideration"). If triggered, the Earn-Out
Consideration shall be equivalent to 30% of profits in excess of
GBP250,000 for the period 1 January 2021 to 31 December 2021.
The Company is pleased to announce that following better than
expected results at CPL, with reported sales in the year of GBP2.9
million and pre-tax profits of GBP356,000, the Company will be
paying an earn-out consideration of GBP31,671 to the Vendors of
CPL.
Joe Grimmond, Executive Chairman of Coral commented:
"We're delighted with the performance of CPL to date. CPL has
integrated well into the existing Group and we look forward to
continuing improvement."
For more information on Coral and Customised Packaging, please
visit the following websites:
www.coralproducts.com
www.customisedpackaging.co.uk
ENQUIRIES :
Coral Products plc
Joe Grimmond, Executive Chairman Tel: 07703 518148
WH Ireland, Nominated Adviser and Broker Tel: 020 7220 1666
Adrian Hadden
Darshan Patel
Megan Liddell
Capital Markets Consultants Limited Tel: 07515 587184
Richard Pearson
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END
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