REG - Coral Products PLC - AGM Statement

Coral ProductsAnnouncement

29/09/2022 07:01

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RNS Number : 0534B  Coral Products PLC  29 September 2022

29(th) September 2022

 

Coral Products plc

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

 

AGM Trading Statement

 

Mr Joe Grimmond, Chairman of Coral Products plc, a specialist in the design,
manufacture and supply of plastic products based in Wythenshawe, Manchester,
will make the following statement at the Annual General Meeting of the Company
which takes place at 12:00 p.m. today at the offices of Tatra Rotalac Limited,
Southmoor Road, Wythenshawe, Manchester, M23 9DS.

"I am delighted to report that the Group has enjoyed a very strong start to
our current financial period with sales and profits before tax materially
ahead of the same period last year and in line with market expectations.

We have successfully integrated the operations of Film and Foil Solutions
Limited, (sales of £10.3 million for the year to 31st December 2020) which
was acquired in May 2022 and Alma Products Limited, (sales of £12.3 million
for the year to 31st December 2021) which was acquired in June 2022. Both
these acquisitions had, as forecast, a small negative impact on the Group's
profit before tax for the period but the Group's profitability remains robust
and both companies were acquired with expectations of improved performance as
Coral begins to influence their direction. This was reflected in the price
paid for the acquisitions.

On 19th September 2022, the Group announced the completion of the Acquisition
of Manplas Holdings Limited ("Manplas"). Manplas will be integrated into our
specialist logistics solutions operations centred around Customised Packaging
Limited which will allow the Tatra business, located adjacent to Manplas, to
expand into the vacated unit. Manplas had sales of £2.7 million in the year
to 30th June 2021.

Whilst the short-term macroeconomic outlook remains challenging, the Group
will continue to seek opportunities to strengthen and develop our business.

With our strong balance sheet, we are confident of further progress in the
current financial period.

In order that our shareholders can share in these improvements, your Board has
declared an interim dividend of 0.5 pence per share with an ex-dividend date
of 10 November 2022 and record date of 11 November 2022. This interim dividend
will be paid on 16 December 2022."

ENQUIRIES:

 

 Coral Products plc                 Tel: 07703 518148

 Joe Grimmond, Executive Chairman

 Nominated Adviser & Broker

 Cenkos LLP                         Tel: 020 7397 1966

 Stephen Keys

 Charlie Combe

 Capital Markets Consultants        Tel: 07515 587 184

 Richard Pearson

 

 

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