REG - Coral Products PLC - Trading Statement

Coral ProductsAnnouncement

27/09/2023 07:00

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RNS Number : 7381N  Coral Products PLC  27 September 2023

27 September 2023

Coral Products plc

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

GM Trading Statement

Coral Products plc, a specialist in the design, manufacture and supply of
plastic products based in Wythenshawe, Manchester, announces that Joe
Grimmond, the Executive Chairman of the Company, will make the following
statement at the 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.

Trading Update

The current financial year has started well and the Company is trading in line
with market expectations. The first quarter was strong and whilst the Company
has seen some softening during the second quarter, the overall picture remains
positive. In parallel, Coral continues to carefully manage its cost base
across the Group.  Cash management is always a priority, and the Company
continues to identify opportunities to further enhance its existing strong
liquidity position.

The four companies acquired during the previous financial year have integrated
well into the Group. Customised Packaging Limited, the Group's specialist
logistics solutions operations, was merged with Manplas Limited in May 2023
and synergies are expected to be realised during this financial period. The
Tatra Rotalac business has also begun expanding into Manplas's current site.

Whilst the immediate macroeconomic outlook remains challenging and the sales
visibility is not as clear as in previous years, the Group will continue to
focus on cost and cash management as well as seek opportunities to strengthen
and develop the business.

Overall, the Company is confident of further progress in the current financial
period.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as amended by regulation 11 of the Market Abuse (Amendment)
(EU Exit) Regulations 2019/310. Upon the publication of this announcement via
Regulatory Information Service, this inside information is now considered to
be in the public domain.

 

For further information, please contact:

 

 Coral Products plc

 Joe Grimmond, Chairman                         Tel: 07703 518 148

 Nominated Adviser & Broker

 Cavendish Securities PLC                       Tel: 020 7397 1966

 Adrian Hadden

 Charlie Combe

 Financial PR                                   Tel: 020 3151 7008

 Novella

 Tim Robertson

 Safia Colebrook

 

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