REG - Coral Products PLC - Trading Statement

Coral ProductsAnnouncement

24/05/2023 07:00

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RNS Number : 4043A  Coral Products PLC  24 May 2023

24 May 2023

 

Coral Products plc

(the "Group" or "Coral")

 

Trading Update

 

Coral Products plc, a specialist in the design, manufacture and supply of
plastic products based in Wythenshawe, Manchester, is pleased to report that
the unaudited group management accounts indicate that revenue for the year to
30 April 2023 is expected to be over £35m (2022: £14.4m) which is slightly
ahead of market expectations.   Adjusted EBITDA for the Group is expected to
be not less than £3.5m (2022: £1.8m) which is ahead of market expectations.

The Group maintains a robustly healthy balance sheet with cash and cash
equivalents of circa £5 million as at 30 April 2023.

It is our intention to pay a final dividend, the level of which will be
decided on completion of the audited results for the year.

Executive Chairman, Joe Grimmond, said: "In spite of the challenging trading
conditions in the second half of the year, we have had a successful year,
completing a further 4 acquisitions, which has led to the Group more than
doubling the revenue base together with a near doubling of Group EBITDA. This
marks a significant step towards our objective of building a
specialist UK plastics business of scale, targeting profitable, high-demand
sectors".

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

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

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