REG - Coral Products PLC - Interim Results
12/12/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221212:nRSL2887Ja&default-theme=true
RNS Number : 2887J Coral Products PLC 12 December 2022
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 2022.
"Investing in Growth - Organically and via Acquisition"
Financial headlines Six months to Six months to % Change
31 October 31 October
2022 2021
Group sales £17.6 million £7.1 million 147.9%
Gross profit £4.8 million £2.5 million 92.0%
Underlying operating profit (excluding finance expenses) * £1,376,000 £759,000 81.3%
Reported profit before taxation £894,000 £ 510,000 75.3%
Underlying EBITDA * £1,881,000 £1,014,000 85.5%
Underlying basic earnings per share * 1.17p 0.81p 44.4%
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
Completed Acquisitions
Of the £17.6m in sales, £10.3m came from the acquired businesses:
· May 2022, Film & Foil Solutions Ltd acquired for £3.0m.
· May 2022, Alma Products Ltd acquired for £2.5m (including an earn
out of up to £1m).
· September 2022, Manplas Ltd acquired for £300k.
· October 2022, Ecodeck Ltd acquired for £5.5m (including an earn
out of up to £1.15m).
Underlying businesses performing well
· Organic growth in the 2 larger UK-based businesses, Tatra-Rotalac and
Customised Packaging, of a combined 11.1% and an improvement in gross margin.
· This was offset by Global One Pak which performed in line with
management expectations and with improved margins in spite of supply chain
challenges which are expected to improve in the last quarter as production
moves from China to the UK.
· Tatra-Rotalac exceeded expectations with both sales and profits
significantly ahead of budget.
· Customised Packaging continues to perform well with focus on driving
efficiencies.
Targeted Capex Plan to deliver future growth
· Committed £2.5m to support future demand for new opportunities
o New injection moulding machines to create new lines
o Tooling for specific products and anticipated orders
o Re-configured warehouse space to create 5000 sq. ft of additional
manufacturing capacity upgraded to BRC standard
Financial Strength
· Cash and cash equivalents of £3.8m (2021: £5.5m). Cash and cash
equivalents are defined as cash of £3.8m (2021: £4.8m) plus treasury shares
of £nil (2021: £0.7m).
· Strong net assets position.
· Property has been revalued resulting in an increase of £0.9m to
£3.2m
· Interim dividend of 0.5p declared.
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 Supply chain tracking and transparency.
Positive Outlook
· Benefit from the acquired businesses to continue to come through in
the second half of the year with significant opportunities to drive margins
through real efficiencies, optimising people, assets and market opportunities.
· Variable costs well managed across the Group with energy costs
fixed.
· Potential for further M&A subject to meeting "value add"
criteria.
· Overall, well placed going into the second half of the financial
year.
Joe Grimmond, Executive Chairman, commented: "These excellent results reflect
our ongoing investment in future growth. Our objective is to build a
specialist UK plastics business of scale, targeting profitable, high-demand
sectors. We aim to drive growth both organically and via acquisitions, whilst
maintaining our commitment to sustainable objectives. In the 6-month period to
31 October 2022, we acquired four companies, all of which have performed well
and we have committed £2.5m of capex into specific new business projects. At
the same time, we remain prudent with a strong balance sheet, backed by
freehold assets and cash, and we look to return value to shareholders via
dividends and capital growth. And as a result, we are announcing an interim
dividend of 0.5p. Like all businesses, we are mindful of the challenging
economic environment, nevertheless, we believe Coral is in a good position
going forward and we have yet to show the full benefit of our investments to
date."
Joe Grimmond, Chairman, and Sharon Tinsley, Finance Director, will provide a
live investor presentation relating to the financial results via the Investor
Meet Company (IMC) platform on Wednesday, 14 December 2022 at 10:30am GMT.
Investors can sign up for free via:
https://www.investormeetcompany.com/coral-products-plc/register-investor
(https://www.investormeetcompany.com/coral-products-plc/register-investor)
Enquiries: www.coralproducts.com Tel:
Coral Products plc Executive Chairman 07703 518 148
Joe Grimmond
Cenkos Securities plc NOMAD and Broker 020 7397 8900
Adrian Hadden, Charlie Combe
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.
Executive Chairman's Statement
Introduction
I am very pleased to present these results as they reflect our clear progress
towards building a specialist UK plastic business of scale. The investments we
have made in the period, adding four new plastic businesses, has driven the
uplift in sales alongside solid organic growth generated from our existing
businesses. Importantly, whilst all four acquisitions have performed to plan,
there is significant untapped potential to come. As a management team, we are
confident of our ability to add real value to each business, using our
extensive knowledge of how to make consistent and attractive returns from the
specialist plastics sector. Going into the second half of the financial year,
we expect to continue to benefit from the acquisitions and the capital
expenditure invested behind new business projects.
Results and Financial Position
Trading in the first half of the current year shows revenue substantially
ahead of the same period for last year. Reported revenue was £17,587,000
(2021: £7,103,000), gross margins were 27.1% (2021: 35.7%) resulting in a
gross profit of £4,759,000 (2021: £2,534,000). Underlying EBITDA was
£1,881,000 (2021: £1,014,000) and underlying operating profits increased to
£1,376,000 (2021: £759,000).
The change in gross margin reflects a change in the mix of companies within
the Group due to acquisitions whilst gross margins on existing businesses
improved. After investing £11,571,000 in new subsidiaries the gearing remains
comfortable at 41%. The balance sheet net asset position is strong at
£14,881,000 (2021: £12,376,000 net of £693,000 treasury shares). This
represents a solid asset platform for developing the business.
Operations
Tatra-Rotalac Ltd
This business, a leading provider of plastic extrusion and injection moulded
products for commercial use, has exceeded the board's expectations during the
first half of the financial year with sales and profits well above budget. The
recent capital expenditure is expected to generate additional improvements to
performance in the final quarter of the year.
Global One-Pak Ltd
This business, a leading supplier of lotion pumps, triggers and mist sprayers,
is currently being held back due to logistical cost increases in Chinese
trading. Performing against a much-reduced sales budget and cost base, Global
One Pak has improved gross margin and operating profit.
Performance in the second half of the financial year is expected to improve
during the final quarter when production of some caps and enclosures begins in
the UK.
Customised Packaging Ltd
This business, a producer of specialised packaging for transportation
including crates and cases, continues to perform well. Following the departure
of the old management team in the earlier part of the year, focus has been on
improving efficiencies within the business. Customised Packaging maintained
sales and improved margin and profit.
Film & Foil Solutions Ltd
This business joined the group in May 2022. It is a market leading converter
and stockist of flexible packaging film, print lamination film and speciality
plastics, paper and aluminium foils. This business came with freehold premises
valued at £2.2 million. This acquisition reinforces our focus on niche,
specialist operators in the plastics sector.
Alma Products Ltd
This business joined the Group in May 2022. It is 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.
This business came with freehold premises valued at £1 million.
Manplas Ltd
This business joined the Group in September 2022. The premises adjoin those of
our Tatra Rotalac subsidiary and will enable further development of the Tatra
Rotalac business by expanding manufacturing space available without the
substantial costs involved in increasing the required power supply.
Furthermore, the services provided by Manplas are complementary to those of
our Customised Packaging ltd subsidiary also located nearby.
The combined acknowledged expertise of Customised Packaging and Manplas forms
what will be a leading provider of customised product protection solutions
solving logistical problems across multiple sectors. This is in line with our
objective of building a specialist group of businesses which are product and
design led.
Ecodeck Ltd
This business joined the Group in October 2022. This business is a natural
strategic fit for the group. The plastic grids offer natural synergy with some
of Coral's existing products, including manufacturing synergies. There is
potential to leverage Ecodeck's ecommerce platform for other group
eco-friendly products.
Capital Expenditure
Total capital expenditure committed to in the first six months was £2,500,000
(2021: £375,000) all related to new product opportunities. £854,000 of which
has been paid in advance.
Dividends
The board have declared an interim dividend of 0.50 pence per share (2021:
0.50p). The ex-dividend date and the record date for the interim dividend were
10 November 2022 and 11 November 2022 respectively. The interim dividend will
be paid on 16 December 2022. This continues to reflect our confidence in the
positive performance and profitable results of the Group.
Outlook
I am delighted with the performance of the business in the first half of the
financial year. I am pleased to report that the results to date are well ahead
of the same period last year, despite the prevailing uncertainties of the
Covid-19 pandemic, the war in Ukraine and higher utility costs. With the new
acquisitions and the increased capital expenditure in plant and equipment,
tooling and premises to meet future forecast demand for new products, we
remain confident of the Group's future prospects.
Joe Grimmond
Executive Chairman
12 December 2022
CONSOLIDATED INCOME STATEMENT
Year to
Six months to Six months to 30 April
31 October 31 October 2022
2022 2021 (audited)
(unaudited) (unaudited)
£000
£000 £000
Revenue Note 3 17,587 7,103 14,391
Cost of sales (12,828) (4,569) (9,104)
Gross profit 4,759 2,534 5,287
Operating costs
Distribution expenses (443) (334) (787)
Administrative expenses before separately disclosed items (2,940) (1,441) (2,926)
Underlying operating profit 1,376 759 1,574
Separately disclosed items:
Share based payment credit/(charge) (11) (25) (21)
Amortisation of intangible assets (163) (163) (327)
Reorganisation costs (49) - (158)
Gain on sale of land and buildings - - 383
One off cost of living payment to all staff - - (39)
(223) (188) (162)
Operating profit/(loss) 1,153 571 1,412
Finance expense (259) (61) (82)
Profit/(loss) before taxation 894 510 1,330
Taxation Note 4 (89) - (363)
Total comprehensive income/(loss) 805 510 967
Earnings per ordinary share Note 5
Basic and diluted (pence) 0.92 0.59 1.19
Underlying basic (pence) 1.17 0.81 1.39
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 October 31 October 30 April
2022 2021 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Non-current assets
Goodwill 7,506 1,945 1,945
Other intangible assets 752 1,079 916
Property, plant and equipment 7,144 1,133 749
Right of use assets 1,960 1,117 1,393
Total non-current assets 17,362 5,274 5,003
Current assets
Inventories 5,570 1,752 1,781
Trade and other receivables 8,662 3,371 3,237
Cash and cash equivalents 3,820 4,780 7,589
Total current assets 18,052 9,903 12,607
Assets held for sale - 2,500 -
Current liabilities
Bank overdrafts and borrowings (6,338) (1,832) (1,389)
Trade and other payables (9,875) (1,906) (2,800)
Lease liabilities (709) (405) (416)
Total current liabilities (16,922) (4,143) (4,605)
Non-current liabilities
Borrowings (1,139) - -
Lease liabilities (1,757) (866) (907)
Deferred taxation (715) (292) (391)
Total non-current liabilities (3,611) (1,158) (1,298)
Total liabilities (20,533) (5,301) (5,903)
Total net assets 14,881 12,376 11,707
Shareholders' Equity
Share capital 903 859 859
Share premium 6,272 5,621 5,621
Investment in Own shares - (693) (1,008)
Other reserves 2,050 1,567 1,061
Retained earnings 5,656 5,022 5,174
Total equity 14,881 12,376 11,707
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 2022 859 5,621 (1,008) 1,061 5,174 11,707
Total comprehensive income - - - - 805 805
Credit for share based payment - - - - 11 11
Sale of treasury shares - - 1,008 136 - 1,144
Issue of new shares 44 651 - - - 695
Revaluation reserve - - - 853 - 853
Dividend paid - - - - (334) (334)
At 31 October 2022 903 6,272 - 2,050 5,656 14,881
For the six months to 31 October 2021 (unaudited)
Share Share Treasury shares Other Retained Total
capital premium reserves earnings equity
£000 £000 £000 £000 £000 £000
At 1 May 2021 859 5,621 (218) 1,567 4,908 12,737
Total comprehensive income - - - - 510 510
Charge for share based payment - - - - 25 25
Purchase of treasury shares - - (475) - - (475)
Dividend paid - - - - (421) (421)
At 31 October 2021 859 5,621 (693) 1,567 5,022 12,376
For the year ended 30 April 2022 (audited)
Share Share Treasury shares Other Retained Total
capital premium reserves earnings equity
£000 £000 £000 £000 £000 £000
At 1 May 2021 859 5,621 (218) 1,567 4,908 12,737
Total comprehensive profit - - - - 967 967
Credit for share based payment - - - - 21 21
Revaluation reserve - - - (506) 506 -
Purchase of treasury shares - - (790) - - (790)
Dividend paid - - - - (1,228) (1,228)
At 30 April 2022 859 5,621 (1,008) 1,061 5,174 11,707
CONSOLIDATED STATEMENT OF CASH FLOWS
Six months to Six months to Year to
31 October 31 October 30 April
2022 2021 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Cash flow from operating activities
Profit for the period after tax 805 510 967
Adjustments for:
Depreciation of property, plant and equipment 268 122 165
Depreciation of right of use assets under IFRS16 236 133 296
Amortisation of intangible assets 163 163 327
Share based payment (credit)/charge 11 25 21
Profit on disposal of building - - (424)
Loss on disposal of fixed asset 37 - -
Interest payable 259 61 82
Taxation charge/(credit) 89 - 363
(Increase)/decrease in inventories (182) 76 47
Decrease/(increase) in trade and other receivables 1,025 505 82
(Decrease)/increase in trade and other payables (5,916) (133) 761
Net cash generated from operating activities (3,205) 1,462 2,687
Cash flow from investing activities
Net cash on disposal of building - - 3,500
Acquisition of subsidiaries, net of cash in bank (3,852) - -
Acquisition of property, plant and equipment (854) (375) (206)
Net cash (used in)/generated from investing activities (4,706) (375) 3,294
Cash flow from financing activities
Interest paid on bank borrowings and invoice discounting (259) (61) (22)
Interest paid on lease liabilities - - (60)
Dividends paid (334) - (1,228)
Repayments of obligations under lease liabilities (136) (93) (171)
Purchase of treasury shares - (475) (790)
Issue of new shares - - -
New bank loans raised - - -
Movements on invoice discounting facility 4,871 479 36
Net cash used in financing activities 4,142 (150) (2,235)
Net (decrease)/increase in cash and cash equivalents (3,769) 937 3,746
Cash and cash equivalents at the start of the period 7,589 3,843 3,843
Cash and cash equivalents at the end of the period 3,820 4,780 7,589
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
2022. 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 2022.
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.
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 2022.
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 2022 31 October 2021 30 April 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
United Kingdom 17,166 6,827 13,799
Rest of Europe 368 186 134
Rest of the World 53 90 458
17,587 7,103 14,391
Turnover by business activity
Sale and manufacture of plastic products 17,587 7,103 14,391
A breakdown of Group revenues by product group is shown below:
Six months to Six months to Year to
31 October 2022 31 October 2021 30 April 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Extrusion and injection moulding 5,051 4,419 9,468
Trigger sprays and nozzles 708 1,168 2,094
Vacuum forming 1,919 1,516 2,829
Flexible packaging 4,744 - -
Thermoforming and container printing 4,836 - -
Eco-friendly grids and shed bases 329 - -
17,587 7,103 14,391
4. Taxation
The taxation charge for the six months to 31 October 2022 is based on the
effective taxation rate, which is estimated will apply to earnings for the
year ending 30 April 2023. The rate used is below the applicable UK
corporation tax rate of 19% 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 87,554,854 (31 October 2021: 85,942,534 and 30 April 2022:
81,113,698).
Six months to Six months to Year to
31 October 2022 31 October 2021 30 April
(unaudited) (unaudited) 2022
(audited)
£000 p £000 p £000 p
Basic and diluted earnings per ordinary share
Profit/(loss) for the period after tax 805 0.92 510 0.59 967 1.19
Underlying earnings per ordinary share
Underlying profit/(loss) for the period after tax 1,028 1.17 698 0.81 1,129 1.39
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
2022 2021 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Net (decrease)/increase in cash and cash equivalents (3,769) 937 3,746
Net increase in invoice discounting facilities (4,835) (479) (36)
(Increase)/decrease in bank and other loans (1,253) - -
(Increase)/decrease in lease liabilities (1,143) 223 171
Movement in net debt in the financial period (11,000) 681 3,881
Net funds/(debt) at beginning of period 4,877 996 996
Net funds/(debt) at end of period (6,123) 1,677 4,877
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
2022 2021 2022
(unaudited) (unaudited) (audited)
£000 £000 £000
Operating profit/(loss) 1,153 571 1,412
Separately disclosed items within administration expenses
Share based payment (credit)/charge 11 25 21
Amortisation of intangible assets 163 163 327
Reorganisation costs 49 - 158
Gain from the sale of land and buildings - - (383)
One off cost of living payment to all staff - - 39
Total separately disclosed items 223 188 162
Underlying operating profit 1,376 759 1,574
Depreciation 505 255 205
Underlying EBITDA 1,881 1,014 1,779
8. Business Combinations
During the period the Group acquired 100% share capital of the entities below:
· May 2022, Film & Foil Solutions Ltd acquired for £3.0m.
· May 2022, Alma Products Ltd acquired for £2.5m (including an earn
out of up to £1m) plus the excess cash of £210,000.
· September 2022, Manplas Ltd acquired for £300k.
· October 2022, Ecodeck Ltd acquired for £5.5m (including an earn
out of up to £1.15m) plus the excess cash of £61,000.
Details of the fair value of identifiable assets and liabilities acquired,
purchase consideration and goodwill are as follows:
Net assets acquired Alma Products £'000s Film & Foil £'000s Ecodeck Manplas Total
£'000s £'000s £'000s
Cash and cash equivalents 706 363 1,462 26 2,557
Property, plant and equipment 1,472 2,831 236 115 4,654
Right of use assets 434 229 - 652 1,315
Inventories 881 1,773 112 341 3,107
Trade and other receivables 1,871 3,495 107 585 6,058
Trade and other payables (3,556) (5,933) (576) (1,616) (11,681)
Total net assets 1,808 2,758 1,341 103 6,010
Fair value of consideration paid £'000s
Cash 1,710 2,250 3,411 200 7,571
Shares - 750 1,000 100 1,850
Deferred consideration 1,000 - 1,150 - 2,150
Total consideration 2,710 3,000 5,561 300 11,571
Goodwill 902 242 4,220 197 5,561
As of the date of this report the purchase price allocation exercise was not
complete therefore all the intangibles have been recognised as goodwill for
the purposes of this report.
As part of the acquisition agreement with Ecodeck, if the profit during the
year to 31 January 2023 exceeds £1,000,000 then an earn out will be paid
equal to £3 for every £1 of profit before tax that exceeds £1,000,000. The
maximum earn out will not exceed £1,150,000.
As part of the acquisition agreement with Alma Products, if the EBITDA during
the year to 30 April 2023 is equal to £500,000 then an earn out will be paid
equal to £1,000,000. If EBITDA is below £500,000 then an earn out will be
paid will be equal to £1,000,000 less an amount equal to £5 for each £1
EBITDA is below £500,000. If EBITDA is more than £500,000, an additional
earn out will be paid of £2.50 for every £1 by which EBITDA exceeds
£500,000. The maximum earn out will not exceed £1,500,000.
Since the acquisition dates, the companies have contributed the below revenues
and profit before tax:
Revenue Profit
£'000s £'000s
Film & Foil Solutions Ltd 4,744 15
Alma Products Ltd 4,836 255
Manplas Ltd 375 (29)
Ecodeck Ltd 329 26
10,284 267
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FSAFAUEESEDERecent news on Coral Products
See all newsREG - Coral Products PLC - Director/PDMR Shareholding
AnnouncementREG - Coral Products PLC - Director/PDMR Shareholding
AnnouncementREG - Coral Products PLC - Acquisition of the assets of Arrow Film Converters
AnnouncementREG - Coral Products PLC - Ice Cream & Food Container three-year Agreement
AnnouncementREG - Coral Products PLC - Renewal of Contract
Announcement