REG - Coral Products PLC - Trading Update and Directorate Change

Coral ProductsAnnouncement

29/11/2023 07:00

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RNS Number : 9631U  Coral Products PLC  29 November 2023

29 November 2023

Coral Products Plc

("CRU" or the "Company")

Trading Update and Change of Director

 

Coral Products PLC, a Group of specialist businesses in the design,
manufacture and supply of innovative plastic product solutions based in
Wythenshawe, Manchester is pleased to report that earnings for the six months
to 31 October 2023 are expected to be in line with market expectations,
reflecting clear progress towards building a specialist UK plastic business of
scale.

 

Dividend

 

The Company's final dividend of 0.6p per ordinary share, for the year ended 30
April 2023, will be paid on 30 November 2023.

 

Director Change

 

The Company also announces that Joseph Grimmond has informed the Board of his
intention to step down as Executive Chairman and become Non-Executive Chairman
with effect from 1 January 2024.

 

At the same time, the Company is pleased to announce the appointment of Lance
Burn as Group Chief Executive Officer and a Director of the Company with
effect from 2 January 2024.

 

Lance has for the past 14 years worked within IG Design Group Plc and has been
an Executive Board Director of the company since 2012. Between 2009 and 2019,
Lance was CEO of UK and Asia and from 2020 CEO of the IG Design Group
International businesses. Most recently living in North America, Lance has
acted as Interim Group COO leading the "critical and accelerated" business and
organisational transformation of the loss-making "Americas" division,
delivering a FY23 YoY $14.6m adjusted operating profit improvement.

 

Previously, Lance has successfully run multi-site manufacturing businesses
across diverse verticals and has extensive international experience comprising
EMEA, India and Asia, specifically China.

 

 

Joseph Grimmond, Executive Chairman of Coral Products, said:

 

"The Company continues to progress well, and we intend to publish our interims
for the six months to 31 October 2023 in early December demonstrating earnings
in line with market expectations".

 

"In addition, I am delighted that Lance is joining Coral Products at this
exciting time for the Company. He is well known to the Board and brings with
him highly relevant commercial and quoted company experience that will benefit
the Group and its future as it continues to deliver on our stated growth
strategy to become a UK plastics business of scale."

 

"I am incredibly proud of my time as Executive Chairman of Coral Products and
feel that now is the ideal time to pass the day-to-day leadership on to Lance.
I will remain fully committed to Coral Products, as Non-Executive Chairman and
supportive shareholder."

 

 

Pursuant to Schedule 2 (g) of the AIM Rules for Companies, Lance Andrew Burn,
aged 59, has held the following directorships or partnerships in the past five
years.

 Current Directorships / Partnerships:     Directorships / Partnerships in last 5 years:
 [Confederation of British Industry]       Anchor International BV

 Leveraged Property Developments Limited   Anker International Plc

 Leveraged Business Solutions Limited      Berwick Offray LLC

 Mindshop UK Limited                       C.R. Gibson LLC

                                           CSS Industries Inc

                                           IG Design Group Americas, Inc.

                                           IG Design Group Australia Pty Limited

                                           IG Design Group International

                                           IG Design Group Plc

                                           IG Design Group UK Limited

                                           Impact Innovations, Inc

                                           International Greetings Asia Limited

                                           Paper Magic Distribution, Inc

                                           Shenzhen Gift International Greetings Co Ltd

                                           Tawe Coachbuilders Limited

                                           Zhuhe Ningbo Business Consulting Co. Ltd

 

Mr Burn does not currently hold any shares in the Company.

Lance Burn was appointed as a director of Tawe Coachbuilders Limited on 31
December 2007. A special resolution to wind up Tawe Coachbuilders Limited was
passed on 4 February 2010 and Tawe Coachbuilders Limited was dissolved
pursuant to a creditors voluntary liquidation on 10 March 2016. Lance Burn was
a director of Tawe Coachbuilders Limited at the time that liquidators were
appointed through to dissolution. The company had a deficit as regards
creditors of approximately £1.60 million.

There is no further information required to be disclosed in respect of the
above appointment pursuant to Rule 17 and Schedule Two (g) of the AIM Rules
for Companies.

 

 For further information, please contact:

Coral Products plc

 Joe Grimmond, Chairman                               Tel: 07703 518 148

 Nominated Adviser & Broker

 Cavendish Capital Markets Limited                    Tel: 020 7397 1966

 Adrian Hadden / Charlie Beeson (Corporate Finance)

 Charlie Combe (ECM)

 Financial PR                                         Tel: 020 3151 7008

 Novella

 Tim Robertson/Safia Colebrook

 

 

 

This announcement has been posted to: https://coralproducts.com/

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.

 

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