Coral Products Share Discussion Threads

[clocktower] 12/1/2018 17:37

If JG does read this thread, then he should not take any salary for the year and explain why he released this statement late on a Friday afternoon. Does he think it will hide his false and past misleading statements - cannot be trusted without a doubt. The company had such promise until it started to expand without understanding the costs and problems this would cause.

I sold my holding sometime ago at a decent profit and watched it go higher, only investing a small amount again after his false statement back in October, so negligible damage done. As the holding is so small I will continue to hold though but a total loss of trust is the result.

I will not be buying more even if the price starts to recover after the full year results are announced much later this year.

Hopefully though for everyone that remains the order book will hold but with the automotive industry likely to be in decline this year, the outlook cannot be positive imo.

How many more one off write downs will there be in the full year accounts?

You can say goodbye to any dividends for some time to come, if ever.

[pugugly] 12/1/2018 17:27

clocktower. Not sure if you can go by the headline in the accounts 2017 of £13,797K
Need (imo) to strip out Goodwill of £5,495K, other intangibles of £2,038K which leaves £6,264K (as intangibles have a habit of evaporating in a fire sale)

PPE comes in at £8,411K - So what value a load of moulding machines and dies in a fire sale ?

Borrowings per 2017 accounts - £6,283K -

Payables £4,487K - Receivables £5,529K so over £1 million of headroom there subjct to faster debt collection and slower payments - I have not dug down to find debtor maturity nor creditor days -

[valhamos] 12/1/2018 17:14

Not good enough to pretend £500k of costs (converting fixed assets from ICM ltd, additional depreciation and financing charges) were unexpected and to state these were reason for not meeting market expectations. These would have been known about months ago.

[fozzie] 12/1/2018 17:01

Absolutely disgusted with this. I bought at 13.9 and am now 40% down on a decent initial stake. Annoyd with myself for hanging on but noises coming from the company were positive. Stinks to high heaven, JG should apologise for misleading the market in October.

[clocktower] 12/1/2018 16:38

Pugugly, Net Assets at April 2017 were around £13m - so I see little change if nothing else serious occurs if the loss after the stated costs come in around £7k and the year does in fact end with a small profit.

I am just fortunate that I invested very little but almost did so after the October Statement, as I was taking money out of the market at that time.

[clocktower] 12/1/2018 16:30

JG bit off more than he could chew, it seems he fancied himself as a big deal maker - greed and pride got the better of him it seems.

[dave4545] 12/1/2018 16:10

Hefty market cap even after the drop 7.6 mil

Even if they get it back to making 700k it's only reasonably valued.

[clocktower] 12/1/2018 16:02

This is what Joe had to say in October:

Joe Grimmond, Chairman of Coral, will provide the following statement at the Group's AGM at 12 noon today:

"I am pleased to announce that trading for the Group has continued its improvement from the final quarter of last year.

Sales are significantly ahead whilst margins have been broadly maintained, notwithstanding the ramp up costs associated with our recently introduced automotive business.

We expect further sales and margin improvement over the remainder of the current financial period.

This reflects our substantial investment in productive capacity during last year and will result in a reduced capital expenditure in the current year."


What a disgraceful outcome, I expect he will be buying again when the shares hit the floor to line his pocket further. Talk about providing false and misleading information, he should be ashamed of himself and be reported to the regulators - but he knows they do nothing that would effect him personally.

[clocktower] 12/1/2018 15:48

They do it on a Friday afternoon as usual when there is bad news after lots of inside selling that has allowed the share price to drift. The previous RNS was nothing but misleading - a disgrace JG. Terrible update.

[clocktower] 11/1/2018 16:00

When JG took control of CRU some years back there was hardly a month went by, when some positive news was posted - acquisitions - large orders etc.

Recently, nothing to get excited about, all that is clear is that sellers are in the market, due in part I expect to that sequence that you refer to sharw.

Normally, when figures are later than the norm, it tends to be because figures are bad and the company are looking for ways to put some icing on the cake with better prospects going forward. However, the last Trading Statement leaves one with a bit of a puzzle and questions as to the veracity of the statement.

[sharw] 10/1/2018 17:13

Will somebody please complete the following sequence:
10 Dec 2012
11 Dec 2013
08 Dec 2014
02 Dec 2015
08 Dec 2016

[clocktower] 09/1/2018 14:40

Agreed Pugugly, and any authority is welcome to look at any of my e-mails but if only they would be as honest and open and release all and any information and documents they create, as they are a bunch of liars that will conceal documents and information from the Courts to protect their own criminality in lots of cases, and sadly the judicial bodies support their actions to keep the system in place.

[pugugly] 09/1/2018 14:22

Secure from whom? From the AUTHORITIES - whoever they may be, can get a Court Order to access all your electronic messages inc phone calls - possibly safe if using hard encryption or dark web and encrypted but still risky - Hard copy letters via post possibly most secure !! Remember BIG BROTHER IS WATCHING YOU. Not joking very serious - Look at Hilary Clinton's e-mails etc.

[fozzie] 09/1/2018 13:37

i didnt sorry

[clocktower] 09/1/2018 11:20

Dout it fozzie but you can forward a message via: edited, hope you saw it.

[fozzie] 09/1/2018 09:33

Clocktower, are private messages on advfn secure?

[clocktower] 09/1/2018 09:10

The Interpack website needs the same overhaul JG, otherwise much improved and more professional.

[clocktower] 09/1/2018 08:56

Thanks all. It seems I got back in to early on this occasion at around 13/14p on the back of the more positive RNS. Fortunately, only a small holding at present.

As the selling continues, and some being fair sized blocks, it does seem all is not as well as the last RNS would have suggested.

In the past JG put his hand into his pocket to buy a fair few, after any bad news but we have not seen his personal support in the same way recently, even though the share price has fallen to levels back in 2012.

However, that said I am delighted to see that there have been drastic improvements since I last posted about the state of the company website.Maybe JG does follow the posts here and acted, ensuring improvements were made rapidly. If so well done.

Another good thing is the latest news about Tatra Plastics and Rotalac Plastics forming Tatra Rotalac:

"Tatra has relocated its operation from Halifax to Rotalac’s Wythenshawe premises. Rotalac has a 40,000 square feet office and production facility with 25 production lines providing a 24 hour operation. Synergies are expected to arise from the merger in the form of saved premises and overhead costs as well as providing for the merger benefits mentioned above."



Even better news is that they are Hiring Machine Operator, and the machines are running 24 hour shifts.

"
The business runs 24 hours on a three shift system and various shifts are on offer. All roles are 40 hours per week and day shifts rotate 6am to 2pm and 2pm to 10pm. There is no rotation of day to night shifts."


Lets hope the figures come out soon. Tempted to punt for a few more if the share price sinks a little more.

[atholl91] 08/1/2018 17:29

The interims are a month later than last year which is negative. Good figures come out early. Grimmond & the other exec director are both ex-res so pop in for 90 days a year. Unsurprising serious management problems last year. Trade says Haydock still a problem. Stock down 16% since last results which indicates Trade maybe right. Still avoiding as chart says likely to go lower.

[valuschmalu] 07/1/2018 20:11

Agree clocktower; the website is appalling. It screams out amateurish. It would just take half a day for someone senior within the company to review it and correct mistakes. Well worth someone doing this. If they cant be bothered then they should just make it a shop window with a few pages to minimise number of errors

[pugugly] 07/1/2018 14:07

temelco - Agreed that is a lot of covered space but a quick google link suggests not much space round the buildings



Confirmed by street view