REG - Coral Products PLC - Trading Update and Proposed Dividend

Coral ProductsAnnouncement

08/06/2022 07:00

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RNS Number : 0448O  Coral Products PLC  08 June 2022

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(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
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Coral Products plc

 

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

 

Trading Update and Proposed Dividend

Coral Products Plc a specialist in the design, manufacture and supply of
plastic products based in Wythenshawe, Manchester is pleased to announce a
further trading update in advance of its final results for the year ended 30
April 2022.

HIGHLIGHTS: (unaudited)

·    Consolidated group sales are expected to be not less than £14.4m
(2021: £10.7m).

·    As announced on 20 April 2022, reportable pre-tax profits for the
year to 30 April 2022 are expected to be materially above market expectations.

·    Very strong liquidity position with cash and cash equivalents as at
30 April 2022 of £7.4m (2021: £3.8m).

·    The board is proposing a final dividend for the year of 0.2p, subject
to shareholder approval at the AGM due to be held later in the summer, making
total dividend for year of 1.1p (2021: 1.0p), an increase of 10% on previous
year. Further updates on the associated dividend timetable will be made when
the date of the AGM is known.

Outlook

Joe Grimmond, Executive Chairman, comments: "Since the year end, the Group has
completed the acquisition on the 4th May 2022 of Film & Foil Solutions Ltd
("Film and Foil") and on 30th May 2022 of Alma Products Ltd ("Alma Products")
(see announcements of the same dates) and sales from the existing subsidiaries
continue to improve. Whilst it is still early in our current year and despite
a great deal of uncertainty surrounding the macroeconomic circumstances, we
are confident our current performance; the performance of our new subsidiaries
and very strong cash position, even after funding the acquisitions, will see
our Group continue to further develop."

ENQUIRIES:

Coral Products plc

Joe Grimmond, Executive
Chairman
 
 Tel: 07703 518148

WH Ireland, Nominated Adviser and
Broker
           Tel: 020 7220 1666

Katy Mitchell

Darshan Patel

Megan Liddell

Capital Markets Consultants
Limited                                                                      Tel:
07515 587184

Richard Pearson

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