REG - Coral Products PLC - Acquisition Update

Coral ProductsAnnouncement

04/07/2023 07:00

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RNS Number : 8233E  Coral Products PLC  04 July 2023

4 July 2023

Coral Products plc

(the "Company" or the "Group" or "Coral")

Acquisition Update

 

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 30 May 2022 regarding the
acquisition of Alma Products Ltd ("APL") (the "Announcement").

As stated in the Announcement, an earn-out consideration would be paid to the
vendors of APL (the "Vendors") based on APL's EBITDA for the year ended 30
April 2023.

The Company is pleased to announce that following better than expected results
at APL, with reported sales in the earn out period of £9.6 million and an
Adjusted EBITDA of £0.6m, the Company will be paying an earn-out
consideration of £1,275,000 to the Vendors ("the Earn-out Consideration").
The Earn-out Consideration will be satisfied from the Group's existing
resources and completes the full consideration for the acquisition of APL. The
Earn-out Consideration had been fully provided for in the year ending 30 April
2023.

The total consideration for APL is therefore £2,775,000.

In addition, the Company announces the disposal of an unused property in Parr,
St Helens acquired with the acquisition of Film & Foil Solutions Limited
in May 2022. The unencumbered property was sold for £225,000, having been
valued on the balance sheet as at 30 April 2023 at £200,000.

Joe Grimmond, Executive Chairman of Coral commented:

 "We're delighted with the performance of APL to date and how well APL has
integrated into the existing Group. We look forward to continuing to develop
and improve the business."

For more information on Coral:

www.coralproducts.com (http://www.coralproducts.com)

ENQUIRIES:

Coral Products plc

Joe Grimmond, Executive
Chairman
 
                Tel: 07703 518148

 

Nominated Adviser & Broker

Cenkos Securities plc

Adrian Hadden

Charlie
Combe
Tel: 020 7397 8900

 

Financial PR

Novella

Tim Robertson
 
Tel: 020 3151 7008

Claire de Groot

Safia
Colebrook

 

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the UK version of Regulation (EU) No 596/2014 which is part of UK law by
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this inside information is now considered to be in the public domain.

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