REG - Coral Products PLC - Half-year Report
11/12/2023 07:00
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RNS Number : 2260W Coral Products PLC 11 December 2023
CORAL PRODUCTS PLC
("Coral" or the "Group")
Interim Results
Coral Products plc, a specialist in the design, manufacture and supply of
plastic products, announces its results for the six months to 31 October 2023.
"Investing In Future Growth - Current Earnings In-Line"
Financial headlines Six months to Six months to % Change
31 October 31 October
2023 2022
Group sales £17.2 million £17.6 million (2.27)%
Gross profit £6.0 million £4.8 million 25.0%
Reported profit before taxation £836,000 £894,000 (6.6)%
Underlying basic earnings per share * 1.27p 1.17p 12.0%
Underlying operating profit (excluding finance expenses) * £1,697,000 £1,376,000 23.3%
Underlying EBITDA * £2,326,000 £1,881,000 25.9%
Interim dividend per share 0.50p 0.50p
* The financial headlines disclosed as underlying represent the reported
metrics excluding separately disclosed items (being share based payment
charges, amortisation of intangible assets and other one-off costs in each
period), see note 7.
Operational and Financial Highlights
H1 Trading
· Revenues broadly level at £17.2m reflecting the decision to pull
back from lower margin business lines balanced against organic growth and full
contributions from the Manplas and Ecodeck businesses acquired in September
and October 2022.
· Group benefiting from the focus on higher margin products shown in
the 25% increase in gross profit.
· Underlying EBITDA on track at £2.3m alongside continued
investment in capex programme.
· Cash and cash equivalents were £2.9m as at 31 October 2023 (2022:
£3.8m) after paying £1.3m for the earnout payment for Alma in July 2023.
· Overall net asset position remains strong.
Investing in future growth via capex programme
· £0.5m investment, in the period, in key machinery including:
o Installing 5 new 350/650 tonne capacity injection moulding machines
complete with robotics.
o Installing a new in-mould labelling line.
o Commissioning 8 new injection moulds.
· New machines already in action and expected to boost sales and
earnings over second half.
Sustainability Objectives
· The Group is proud of its focus on sustainability:
o Adoption of bio-based materials.
o Increasing move to re-cyclable materials.
o Increasing use of recycled materials in the manufacturing processes.
o Supply chain tracking and transparency.
Outlook
· While the market remains challenging, Group is well positioned to
meet targets for the year.
· New machinery installed in H1, already operational and delivering
to plan.
· The new investment is operational together with further
investments in a new pipe extruder now being installed at Tatra-Rotalac and a
new sheet extruder in the progress of being installed at Manplas will drive
our Group forward.
· These investments together with the existing orderbook will continue
to drive growth in the near to medium term.
Post balance sheet:
Appointment of new Chief Executive
· Lance Burn appointed to take up the role of CEO of the Group from
2 January 2024.
· Joins from IG Design Group Plc where he has been an Executive
Board Director since 2012.
· As part of the management change, Joe Grimmond will move from being
Executive to Non-Executive Chairman.
Joe Grimmond, Executive Chairman, commented:
"These results are pleasing as they show our ability to successfully bed down
the four acquisitions we made in 2022, which doubled the size of our business,
as well as weed out lower margin business lines. As a result of these changes,
we remain on track with our year end earnings targets. Our overall objective
remains to build a specialist UK plastics business of scale, targeting
profitable, high-demand sectors. To this end, we maintained sales whilst
substantially improving gross margins. Key to future growth is the investment
we have made and continue to make in new machinery positioning us to win new
contracts and expand upon existing relationships. Overall markets are
challenging currently, nevertheless, we are confident the business remains
well placed."
Enquiries: www.coralproducts.com Tel:
Coral Products plc Executive Chairman 07703 518 148
Joe Grimmond
Cavendish Capital Markets Limited NOMAD and Broker 020 7397 8900
Adrian Hadden, Charlie Beeson (Corporate Finance)
Charlie Combe (ECM)
Novella Communications Financial PR 020 3151 7008
Tim Robertson/Safia Colebrook
coral@novella-comms.com
Regulatory Information
The information contained within this announcement is deemed to constitute
inside information for the purposes of Article 7 of EU Regulation 596/2014
(Market Abuse Regulations) which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018. Upon publication of this announcement, this
inside information is now considered to be in the public domain.
Caution regarding 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 Coral's 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 because of new information, future events or
otherwise, save as required by law and regulations.
About Us
Coral Products is a one stop shop for all plastic needs. Coral Products
manufactures and distributes plastic injection, extruded and vacuum formed
moulded products into a diverse range of sectors including personal care,
household, healthcare, automotive, telecoms and rail. The Group has
manufacturing and distribution facilities across the North West of the UK.
By developing innovative plastic moulded products, providing excellent
customer service and through its hard-working employees, Coral Products
continues to refocus on new markets creating growth and value for its
shareholders.
Sustainability is a core principle of our business. In all manufacturing
processes, any scrap or waste material is reused or recycled. We offer
"end-of-life" recycling and where viable we adopt and use bio based and
re-cyclable materials and provide supply chain tracking and transparency.
Executive Chairman's Statement
Introduction
This will be my last results statement as Executive Chairman of Coral, as I
move from being Executive to Non-Executive Chairman on 2 January 2024 when
Lance Burn becomes CEO of the Group.
I am delighted Lance has agreed to take over the leadership of Coral and I
feel confident that he has the necessary skills, dynamism and market
experience to take the business forward. As these results for the six months
to 31 October 2023 show the Company is in good health and we have established
a strong base from which to achieve our aim of building a specialist UK
plastic business of scale. In the period under review, we maintained sales
despite stopping a number of lower margin contracts with the shortfall covered
by organic growth and receiving the full benefit of the Manplas and Ecodeck
acquisitions made in September and October last year. Focusing on higher
margin contracts is key to our future success and it is reflected in the
significant improvement in our gross margin.
Looking ahead, we remain cautious about the economy in general, but we are
confident that our businesses and the investment we have made will ensure we
deliver a good result for the year.
Results and Financial Position
Trading in the first half of the current year shows revenue broadly in line
with previous year despite the strategic exit of low margin activities with
circa £2.0m revenue. Reported revenue was £17,177,000 (2022: £17,587,000),
gross margins were improved to 34.8% (2022: 27.1%) resulting in a gross profit
of £5,974,000 (2022: £4,759,000). Underlying EBITDA was £2,326,000 (2022:
£1,881,000) and underlying operating profits increased to £1,697,000 (2022:
£1,376,000).
The balance sheet net asset position remains strong at £14,448,000 (2022:
£14,881,000). This represents a solid asset platform for developing the
business.
Operations
Tatra-Rotalac
A leading provider of plastic extrusion and injection moulded products for
commercial use, Tatra-Rotalac has met the Board's expectations during the
first half of the financial year. The installation of 5 new injection moulding
machines complete with robotics alongside a new in-mould labelling line has
significantly expanded the capabilities of this business. This new equipment
which has now been commissioned is expected to significantly improve our
second half performance.
Global One-Pak
A leading supplier of lotion pumps, triggers and mist sprayers, Global One-Pak
is currently experiencing logistical cost increases from Chinese suppliers.
Performing against a much-reduced sales budget and cost base, Global One Pak
has improved gross margin and operating profit. Going into the second half of
the financial year, trading is expected to improve further alongside the start
of a new contract to produce a new range caps and enclosures in the UK.
Manplas/Customised Packaging
In May 2023 the decision was taken to merge Customised Packaging into Manplas.
The two businesses operate in the same market, both provide product protection
solutions designing high quality, custom-made, vacuum-formed components to
protect a wide range of customer products. The combination of the two
businesses has created multiple operational synergies. The integration was
completed successfully and the two teams are now combining well to provide a
wider offer to their shared client base. Currently the business is installing
a new sheet extruder which is expected to be operational during the second
half of this financial year.
Film & Foil Solutions
This business, a market leading converter and stockist of flexible packaging
film, print lamination film and speciality plastics, paper and aluminium foils
has exceeded the Boards expectations during the first half of the financial
year in terms of gross margin. Film & Foil had a number of contracts which
due to customers increasing their in-house capabilities had become very low
margin. The decision was taken to cease servicing these contracts which
released some fixed cost and substantially improved gross margin for the
business as a whole. Revenues reduced in the period but the future focus is on
re-building the revenue line whilst maintaining the current gross margin.
Alma Products
This business, a niche specialist and expert in extrusion, thermoforming and
container printing serving the food industry, providing formable plastic sheet
for Form-Fill-Seal applications, thermoformed and printed plastic food
packaging. This business is very well invested in state-of-the-art sheet
extrusion, volume vacuum forming and one of the most advanced
computer-controlled printing facilities in the industry. Trading in the period
was impacted by the loss of a major contract, however, the pipeline for new
business is encouraging and the business enters the second half in a good
position.
Ecodeck and Ecotatou Spain
Ecodeck is a natural strategic fit for the group. The versatile plastic grids
Ecodeck sells, offer natural synergy with some of Coral's existing products,
including manufacturing synergies. There is also potential to leverage
Ecodeck's ecommerce platform for other group eco-friendly products. During the
first six months, Ecodeck performed well and is well placed to complete a
successful year.
The acquisition of Ecotatou SL earlier this year, gives the Group a foothold
in Spain for the sale and distribution of Ecodeck grids.
Capital Expenditure
The recently commissioned injection moulding facility is expected to improve
our second half performance. Further currently being commissioned extruders at
Manplas/CPL and Tatra Rotalac should come on stream during the final quarter
of our current financial year.
Total capital expenditure in the first 6 months totals £544,000 (2022:
£854,000) all related to new product opportunities.
Dividends
The board have declared an interim dividend of 0.50 pence per share (2022:
0.50p). The ex-dividend date and the record date for the interim dividend are
1 February 2024 and 2 February 2024 respectively. The interim dividend will be
paid on 29 February 2024. This continues to reflect our confidence in the
positive performance and profitable results of the Group.
Outlook
We are mindful of the macroeconomic and geopolitical risks yet remain
confident about the current prospects for our business and its ability to
continue its successful evolution. Our continued investment over many years in
our people and our systems has generated strong and resilient results in the
first half of this year and we believe will continue to do so.
Our continuing priority is to do all we can to keep our workplaces as safe as
possible for staff. 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 and due to contracts already
negotiated all operations will remain relatively unaffected by the current
turmoil in energy prices.
The Group continues with its strategic progress of increasing focus on
value-added and innovative products. Our aim is to build a significant
specialist plastics business with a bias towards using recycled materials.
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
Executive Chairman
11 December 2023
CONSOLIDATED INCOME STATEMENT
Year to
Six months to Six months to 30 April
31 October 31 October 2023
2023 2022 (audited)
(unaudited) (unaudited)
£000
£000 £000
Revenue Note 3 17,177 17,587 35,216
Cost of sales (11,203) (12,828) (24,740)
Gross profit 5,974 4,759 10,476
Operating costs
Distribution expenses (744) (443) (1,301)
Administrative expenses before separately disclosed items (3,533) (2,940) (6,462)
Underlying operating profit 1,697 1,376 2,713
Separately disclosed items:
Share based payment credit/(charge) (18) (11) (36)
Amortisation of intangible assets (268) (163) (513)
Reorganisation costs (95) (49) (123)
Acquisition costs - - (331)
(381) (223) (1,003)
Operating profit/(loss) 1,316 1,153 1,710
Finance expense (480) (259) (458)
Profit/(loss) before taxation 836 894 1,252
Taxation Note 4 (84) (89) 6
Total comprehensive income/(loss) 752 805 1,258
Earnings per ordinary share Note 5
Basic and diluted (pence) 0.84 0.92 1.44
Underlying basic (pence) 1.27 1.17 2.60
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 October 31 October 30 April
2023 2022 2023
(unaudited) (unaudited) (audited)
£000 £000 £000
Non-current assets
Goodwill 4,402 7,506 4,385
Other intangible assets 2,689 752 2,956
Property, plant and equipment 7,162 7,144 7,209
Right of use assets 2,476 1,960 2,870
Total non-current assets 16,729 17,362 17,420
Current assets
Inventories 4,702 5,570 4,320
Trade and other receivables 7,220 8,662 7,193
Cash and cash equivalents 2,927 3,820 4,774
Assets held for sale 740 - 200
Total current assets 15,589 18,052 16,487
Current liabilities
Bank overdrafts and borrowings (5,710) (6,338) (6,063)
Trade and other payables (4,872) (9,875) (7,218)
Lease liabilities (632) (709) (970)
Total current liabilities (11,214) (16,922) (14,251)
Net current assets 4,375 1,130 2,236
Non-current liabilities
Borrowings (3,865) (1,139) (3,263)
Lease liabilities (1,751) (1,757) (1,505)
Deferred taxation (1,040) (715) (1,040)
Total non-current liabilities (6,656) (3,611) (5,808)
Total net assets 14,448 14,881 13,848
Shareholders' Equity
Share capital 903 903 903
Share premium - 6,272 -
Investment in Own shares (170) - -
Other reserves - 2,050 -
Retained earnings 13,715 5,656 12,945
Total equity 14,448 14,881 13,848
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share Share Treasury shares Other Retained Total
capital premium reserves earnings equity
£000 £000 £000 £000 £000 £000
At 1 May 2023 903 - - - 12,945 13,848
Total comprehensive income - - - - 752 752
Credit for share based payment - - - - 18 18
Purchase of treasury shares - - (170) - - (170)
At 31 October 2023 903 - (170) - 13,715 14,448
For the six months to 31 October 2022 (unaudited)
Share Share Treasury shares Other Retained Total
capital premium reserves earnings equity
£000 £000 £000 £000 £000 £000
At 1 May 2022 859 5,621 (1,008) 1,061 5,174 11,707
Total comprehensive income - - - - 805 805
Charge for share based payment - - - - 11 11
Issue of treasury shares - - 1,008 136 - 1,144
Revaluation reserve - - - 853 - 853
Share issue 44 650 - - - 694
Dividend paid - - - - (344) (344)
At 31 October 2022 903 6,272 - 2,050 5,656 14,881
For the year ended 30 April 2023 (audited)
Share Share Treasury shares Other Retained Total
capital premium reserves earnings equity
£000 £000 £000 £000 £000 £000
At 1 May 2022 859 5,621 (1,008) 1,061 5,174 11,707
Total comprehensive profit - - - - 1,258 1,258
Credit for share based payment - - - - 36 36
Share issue 44 650 - - - 694
Cancellation of share premium acc - (6,271) (111) (1,061) 7,443 -
Issue of treasury shares - - 1,119 - - 1,119
Dividend paid - - - - (966) (966)
At 30 April 2023 903 - - - 12,945 13,848
CONSOLIDATED STATEMENT OF CASH FLOWS
Six months to Six months to Year to
31 October 31 October 30 April
2023 2022 2023
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash flow from operating activities
Profit for the period after tax 752 805 1,258
Adjustments for:
Depreciation of property, plant and equipment 296 268 464
Depreciation of right of use assets under IFRS16 333 236 705
Amortisation of intangible assets 268 163 513
Share based payment (credit)/charge 18 11 36
Profit on disposal of building 10 - -
Loss on disposal of fixed asset 17 37 -
Interest payable 480 259 458
Taxation charge/(credit) 84 89 (6)
(Increase)/decrease in inventories (382) (182) 1,219
Decrease/(increase) in trade and other receivables 473 1,025 999
(Decrease)/increase in trade and other payables (2,097) (5,916) (6,769)
Net cash generated from operating activities 252 (3,205) (1,123)
Cash flow from investing activities
Acquisition of subsidiaries, net of cash in bank (16) (3,852) (4,313)
Proceeds from disposal of property, plant and equipment 225 - -
Acquisition of subsidiaries, payment of earn-out (1,275) - -
Acquisition of property, plant and equipment (544) (854) (2,080)
Net cash (used in)/generated from investing activities (1,610) (4,706) (6,393)
Cash flow from financing activities
Interest paid on bank borrowings and invoice discounting (370) (259) (363)
Interest paid on lease liabilities (111) - (95)
Dividends paid - (334) (966)
Repayments of obligations under lease liabilities (505) (136) (867)
Repayments of bank borrowings (153) - (814)
Purchase of treasury shares (170) - -
New bank loans raised 1,442 - 3,496
New lease liabilities 29 - -
Movements on invoice discounting facility (651) 4,871 4,310
Net cash used in financing activities (489) 4,142 4,701
Net (decrease)/increase in cash and cash equivalents (1,847) (3,769) (2,815)
Cash and cash equivalents at the start of the period 4,774 7,589 7,589
Cash and cash equivalents at the end of the period 2,927 3,820 4,774
NOTES TO THE FINANCIAL STATEMENTS
1. Basis of preparation
The financial information set out in this Interim Report does not constitute
statutory accounts as defined in Section 435 of the Companies Act 2006.
These interim financial statements are for the six months ended 31 October
2023. They do not include all the information required for full annual
financial statements and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 30 April 2023. The
Interim Report has not been reviewed by our auditor in accordance with the
International Standard on Review Engagement 2410 issued by the Auditing
Practices Board. IAS 34 'Interim financial reporting' is not applicable to
these half year condensed consolidated financial statements and has therefore
not been applied.
2. Significant accounting policies
The accounting policies applied by the Group in these condensed consolidated
interim financial statements are the same as those applied by the Group in its
consolidated financial statements for the year ended 30 April 2023.
3. Revenue
All production is based in the United Kingdom. The geographical analysis of
revenue is shown below:
Six months to Six months to Year to
31 October 2023 31 October 2022 30 April 2023
(unaudited) (unaudited) (audited)
£000 £000 £000
United Kingdom 16,977 17,166 34,633
Rest of Europe 157 368 91
Rest of the World 43 53 492
17,177 17,587 35,216
Turnover by business activity
Sale and manufacture of plastic products 17,177 17,587 35,216
A breakdown of Group revenues by product group is shown below:
Six months to Six months to Year to
31 October 2023 31 October 2022 30 April 2023
(unaudited) (unaudited) (audited)
£000 £000 £000
Rigids 10,558 8,008 18,284
Flexibles 6,619 9,579 16,932
17,177 17,587 35,216
4. Taxation
The taxation charge for the six months to 31 October 2023 is based on the
effective taxation rate, which is estimated will apply to earnings for the
year ending 30 April 2024. The rate used is below the applicable UK
corporation tax rate of 25% due to the utilisation of tax losses in the
period.
5. Earnings per share
Basic and underlying earnings per ordinary share are calculated using the
weighted average number of ordinary shares in issue during the financial
period of 89,556,580 (31 October 2022: 87,554,854 and 30 April 2023:
87,123,068).
Six months to Six months to Year to
31 October 2023 31 October 2022 30 April
(unaudited) (unaudited) 2023
(audited)
£000 p £000 p £000 p
Basic and diluted earnings per ordinary share
Profit/(loss) for the period after tax 752 0.84 805 0.92 1,258 1.44
Underlying earnings per ordinary share
Underlying profit/(loss) for the period after tax 1,133 1.27 1,028 1.17 2,261 2.60
6. Movement in Net Debt
Net debt incorporates the Group's borrowings and bank overdrafts less cash and
cash equivalents. A reconciliation of the movement in the net debt is shown
below:
Six months to Six months to Year to
31 October 31 October 30 April
2023 2022 2023
(unaudited) (unaudited) (audited)
£000 £000 £000
Net (decrease)/increase in cash and cash equivalents (1,847) (3,769) (2,815)
Net increase in invoice discounting facilities 651 (4,835) (4,310)
(Increase)/decrease in bank and other loans (899) (1,253) (3,627)
(Increase)/decrease in lease liabilities 91 (1,143) (1,152)
Movement in net debt in the financial period (2,004) (11,000) (11,904)
Net funds/(debt) at beginning of period (7,027) 4,877 4,877
Net funds/(debt) at end of period (9,031) (6,123) (7,027)
7. Underlying profit and separately disclosed items
Underlying profit before tax, underlying earnings per share, underlying
operating profit, underlying earnings before interest, tax, depreciation and
amortisation are defined as being before share based payment charges,
amortisation of intangibles recognised on acquisition, acquisition costs,
reorganisation costs, compensation for loss of office, impairment of goodwill
and impairment loss on trade receivables. Collectively these are referred to
as separately disclosed items. In the opinion of the directors the disclosure
of these transactions should be reported separately for a better understanding
of the underlying trading performance of the Group.
Six months to Six months to Year to
31 October 31 October 30 April
2023 2022 2023
(unaudited) (unaudited) (audited)
£000 £000 £000
Operating profit/(loss) 1,316 1,153 1,710
Separately disclosed items within administration expenses
Share based payment (credit)/charge 18 11 36
Amortisation of intangible assets 268 163 513
Reorganisation costs 95 49 123
Acquisition costs - - 331
Total separately disclosed items 381 223 1,003
Underlying operating profit 1,697 1,376 2,713
Depreciation 629 505 1,169
Underlying EBITDA 2,326 1,881 3,882
8. Business Combinations
In June 2023 the Group acquired 100% share capital of Ecotatou SL in Spain for
€18,000 satisfied in cash. This acquisition gives the Group a foothold in
Spain for the sale and distribution of Ecodeck grids.
9. Company Information
Company contacts
Directors Joe Grimmond Executive Chairman
Sharon
Tinsley Group Finance Director
Phil
Allen Group Operations Director
Paul
Freud Corporate Development Director
Ian
Hillman Director
Steve
Barber Non-Executive Director
David
Low Non-Executive Director
Secretary Sharon Tinsley
Registered Office Southmoor Road, Wythenshawe, Manchester,
M23 9DS, UK
Registered Number 02429784
Website www.coralproducts.com
(http://www.coralproducts.com)
Nominated Advisor & Broker Cavendish Capital Markets Limited
One Bartholomew Close
London
EC1A 7BL
Auditors Crowe UK LLP Bankers Virgin Money
3(rd) Floor, The Lexicon 48-50 Market Street
Mount Street Manchester
Manchester M1 1PW
M2 5NT
Registrars Share Registrars Limited Solicitors Legal Clarity Lawyers LLP
3 The Millennium Centre 55 Newhall Street
Crosby Way Birmingham
Farnham, Surrey B3 3RB
GU9 7XX
Trading subsidiaries
Company Business activity Registered office
Tatra Rotalac Limited Manufacture of plastic mouldings and extrusions Southmoor Road, Wythenshawe, Manchester, M23 9DS
Global One-Pak Limited Design, packaging and distribution of lotion pumps, trigger sprays and aerosol Hyde Park House, Cartwright Street, Newton, Hyde, Cheshire, SK14 4EH
caps
Customised Packaging Limited Manufacture of thermoformed mouldings and extrusions Unit 2-4 Denton Business Park, Windmill Lane, Manchester, M34 3SP
Film & Foil Solutions Limited Converter of flexible packaging, print lamination film and speciality plastic, North Florida Road, Haydock Industrial Estate, St Helens, WA11 9UB
paper and aluminium foils
Alma Products Limited Extrusion, thermoforming and container printing Unit 18B, Daresbury Court, Evenwood Close, Runcorn, Cheshire, WA7 1LZ
Manplas Limited Vacuum-formed components and sheet plastic parts Coldfield Drive, Wythenshawe, Manchester, M23 9GG
Ecodeck Limited Eco-friendly driveway grids, plastic shed bases and grass grid reinforcement 123 Saltergate, Chesterfield, Derbyshire, S40 1NH
Ecotatou SL Distribution of Eco-friendly driveway grids Carretera Tortosa-1@Aldea km 2
43500 Tortosa (Tarragona)
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