11 June 2024
Coral Products
plc
(the
"Group")
Post Close Trading Update and
Re-instatement of Dividend
Coral Products plc, a group of
specialist businesses in the design, UK manufacture and
omni-channel supply of a wide range of bespoke plastic products
based in Wythenshawe, Manchester, reports that revenue for the year
to 30 April 2024 is expected to be over £31m (2023: £35.2m),
underlying EBITDA for the Group is expected to be not less than
£3.2m (2023: £3.9m), which is in line with recent market
expectations.
It is our intention to reinstate an
interim FY24 dividend of 0.25 pence to shareholders on the register
at the close of business on 26 July 2024 and to be paid on 23
August 2024. In addition, a final dividend will be proposed, the
level of which will be confirmed on completion of the audited
results for the year.
CEO, Lance Burn, commented:
"We quickly recognised and communicated the adverse commercial
impact experienced in our industry towards the end of 2023 and as a
result, have been able to implement corrective commercial measures
and organisational reform. We are pleased to say that we are
beginning to see improvements in most of our markets, whilst being
mindful of the continuing economic and geopolitical
uncertainty.
We
have created a focused and accountable new two-Division structure
which is delivering performance and margin improvement through
innovation, simplification and efficiency. We have exited low
margin revenue streams in order to focus on profitability. Our
recent investment of over £3m in new manufacturing capabilities is
now fully commissioned serving new commercial channels and
customers. This capital expenditure is expected to benefit the
current financial year.
We
also continue to strengthen our organisation to support our four
strategic pillars of growth:
o
Successfully managing complex commercial, product and service
solutions.
o
Excelling at UK manufacturing and technical
innovation.
o
Greater margin efficiency through investment in technology and
people.
o
Accessing commercial opportunity, scale and synergy through
M&A.
I
am pleased to see so much progress in such a brief time since I
became CEO and I would like to thank my new colleagues for their
support and effort as we accelerate a positive transformation of
our business in pursuit of growth."
For
further information, please contact:
|
Coral Products plc
Lance Burn,
CEO
|
Tel: 0161
946 9476
|
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Nominated Adviser & Broker
Cavendish Capital Markets Limited
Adrian Hadden/Charlie
Beeson (Corporate Finance)
Charlie Combe (ECM)
|
Tel: 020
7397 1966
|
|
|
|
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Financial PR
Novella
Tim Robertson
Safia Colebrook
|
Tel: 020
3151 7008
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