REG - Coral Products PLC - Trading update on Customised Packaging Limited

Coral ProductsAnnouncement

07/02/2022 07:00

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RNS Number : 7577A  Coral Products PLC  07 February 2022

Coral Products plc

 

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

 

Trading update on Customised Packaging Limited

 

Coral Products plc, a specialist in the design, manufacture and supply of
plastic products based in Wythenshawe, Manchester, is pleased to announce a
follow up to the announcement released on 3 March 2021 regarding the
acquisition of Customised Packaging Limited ("CPL").

As stated in March, an earn-out consideration shall become payable to the
Vendors in the event that CPL's profit before tax for the year ended 31
December 2021 is greater than £250,000 ("Earn-Out Consideration"). If
triggered, the Earn-Out Consideration shall be equivalent to 30% of profits in
excess of £250,000 for the period 1 January 2021 to 31 December 2021.

The Company is pleased to announce that following better than expected results
at CPL, with reported sales in the year of £2.9 million and pre-tax profits
of £356,000, the Company will be paying an earn-out consideration of £31,671
to the Vendors of CPL.

Joe Grimmond, Executive Chairman of Coral commented:

 "We're delighted with the performance of CPL to date. CPL has integrated
well into the existing Group and we look forward to continuing improvement."

For more information on Coral and Customised Packaging, please visit the
following websites:

www.coralproducts.com (http://www.coralproducts.com/)

www.customisedpackaging.co.uk (http://www.customisedpackaging.co.uk)

 

ENQUIRIES:

Coral Products plc

Joe Grimmond, Executive
Chairman
 
 Tel: 07703 518148

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

Adrian Hadden

Darshan Patel

Megan Liddell

Capital Markets Consultants
Limited                                                                      Tel:
07515 587184

Richard
Pearson

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