REG - Coral Products PLC - Trading Update <Origin Href="QuoteRef">CRU.L</Origin>

Coral ProductsAnnouncement

27/01/2017 07:01

RNS Number : 2618V
Coral Products PLC
27 January 2017
Coral Products plc
("Coral" or the "Company")
Trading update
Coral announces that following a poor trading performance at its Coral Products Mouldings Limited ("Mouldings") subsidiary during November and December 2016 group profitability for theyear ending 30 April 2017 is likely to be materially belowmanagement's andmarket expectations.
Immediate steps have been taken to improve performanceat Mouldingsand losses are expected tobe reduced from January 2017 onwards although a loss is forecast for the financial year to 30 April 2017.

The Board also announces that for personal reasons, Mr Roberto Zandona, Chief Executive Officer, has resigned both as Chief Executive and as a director of the Company.
Furthermore, Stephen Fletcher, Finance Director of the Company, has retired as Finance Director and is stepping down from the Board also for personal reasons. The Board thanks Mr Fletcher for his 14 years of service to the Company. Pending completion of due diligence procedures required under the AIM Rules, the Board intends to appointSharonGramauskas,currentlyGroup Financial Controller, as Finance Directorin due course. Pending such appointment, MsGramauskashas assumed Mr Fletcher's duties.
JoeGrimmond, currently Non-executive Chairman, has agreed to act as Executive Chairman until further notice.
All other Coral companieshave continued to trade profitably.
During December 2016 the Company's freehold property at Haydock was revalued resulting in a significant surplus of over 500,000 which will be reflected in the Group's balance sheet as at 30 April 2017.
Overall Coral remains profitable, cash generative and with a strong asset base.
The Board remains confident about the Group's medium and longer term prospects.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries
Coral Products plc
Tel: 07703 518 148
Joe Grimmond (Executive Chairman)
Nominated Adviser
Cairn Financial Advisers LLP
Tel: 020 7213 0880
Tony Rawlinson, Liam Murray
Broker
Daniel Stewart & Company plc
Tel: 020 7776 6550
David Lawman
PR
Capital Markets Consultants Limited
Tel: 07515 587 184
Richard Pearson

This information is provided by RNS
The company news service from the London Stock Exchange
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