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CRU Coral Products Plc

10.70
-0.05 (-0.47%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Coral Products Plc LSE:CRU London Ordinary Share GB0002235736 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05 -0.47% 10.70 10.40 11.00 10.75 10.50 10.75 107,017 16:11:27
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Plastics Products, Nec 35.22M 1.26M 0.0141 7.45 9.36M
Coral Products Plc is listed in the Plastics Products sector of the London Stock Exchange with ticker CRU. The last closing price for Coral Products was 10.75p. Over the last year, Coral Products shares have traded in a share price range of 10.50p to 17.90p.

Coral Products currently has 89,168,957 shares in issue. The market capitalisation of Coral Products is £9.36 million. Coral Products has a price to earnings ratio (PE ratio) of 7.45.

Coral Products Share Discussion Threads

Showing 1201 to 1221 of 4075 messages
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DateSubjectAuthorDiscuss
16/1/2018
14:14
clocktower: Your 674 could well make sense - in particular after the recent trading update and debt levels. Will just have to wait and see.
pugugly
16/1/2018
08:12
topvest - I said "could be" the jewel in the crown.

The questions one has to ask is why are the accounts not ready or or being fully disclosed, bearing in mind they are over a month later than normal.

Could I suggest that the house brokers maybe working the stock back up a little because the company and its various advisers have prepared a funding at a discount, that they will only want to disclose in the finial H1 accounts - with a statement that suggests that post accounts they have raised "xyz" which will put the company in a strong position going forward, or some sort of statement to that effect.

I can see no other reason for the type of delay in view of what JG has already disclosed.

Anyone else with ideas about the delay?

clocktower
15/1/2018
21:18
Haydock is definitely NOT the jewel in the crown. Would have thought that is pretty obvious by now. It's been loss making for a decade or more!
topvest
15/1/2018
13:55
While I would not discount what you say about the stock issues Pugugly, I think the need for skilled staff is required at the units that are busy and producing profits. I expect the problems are with old stock at Haydock, as I guess they had the spare space that just allowed for stock to sit there before they bought the machines and installed them from ICM Ltd and maybe due to the effects from buying of Tambour Shutter Systems.

However, the real concern imo is that they will look to raise funds from stakeholders to clear debt but that might give a big buying opportunity as well, as it could then turn this around rapidly. This would also make the banks happy.

clocktower
15/1/2018
13:55
double post.
clocktower
15/1/2018
13:12
clocktower: Very true - I am likewise suprised at share price increase - Weekend digging did not unfortunately throw up much in the way of facts as to named customers and products supplied - Save for baking trays and plastic containers (look like ice cream tubs and lagre paint containers)

After crunching numbers however still think a good chance these boys need extra funds - also from one of their sites (forget which one) looking for skilled staff - Could that be an indicator that part of the reason for the write down of stock was due to a quality problem ? or just stock control failures and now obsolete ?

pugugly
15/1/2018
12:55
PUGUGLY, Maybe CAR are suffering because CRU is taking business from them, hence their customers have not increased or confirmed orders. It could be that the new machines are set to take business from them and other companies.

Haydock could become the jewel in the crown if JG were able to get these big orders.

I am surprised that the share price has recovered a little this morning but it could be that some of those that had inside knowledge and sold off well before the news came out, have today been buying back in.

clocktower
15/1/2018
09:01
Here we go again. What a pile of rubbish this company is...so glad I got out. Haydock always seems to be the problem and needs closing.
topvest
15/1/2018
08:07
It would not surprise me if CRU was now to raise funds to pay off some of the debt.

Could they raise it at around 6p a share?

clocktower
13/1/2018
14:10
In March 2017 they spent £600k buying ICM Ltd from Administrators - what a bad buy that has turned out to be with all the other costs that should also have been clearly identified at the time of purchase - plus I guess disruption at Haydock - then to make matters worse spent another £200k plus stock in Sept - to complete in October for Tambour Shutter Systems. Maybe that was to pull the shutters down on Coral if needs be.

So, the costs of what now looks like serious blunders that must have acted like a wrecking ball at the cost of stakeholders JG included - bar the fact that he is able to draw a salary from CRU unlike other stakeholders that are not employed by CRU.

If he had a bit of decency he would state clearly and quickly, that he will return any salary drawn since March 2017 and not do so until such time as the company is in a position to once again pay the same dividend as the previous year.

Its fine having lots of moulds and products but with all those extra lines - and they spoke about around 90 I seem to recall, comes stock and sales issues, let alone production switch costs.

JG has been buying machines to fill Haydock without a clue as to the true viability of the whole business.

Let us see those final figures from H1 ASAP and with no whitewashing the true position, and give a clear and concise figures as regards profit/loss for each month since the end of H1, along with current Debt and Cash position, plus size and quality of order book.

clocktower
13/1/2018
13:18
JG has a decent stake in the company so he also gets hurt by share price collapse. Makes the contrast in sentiment over past 3 months even more baffling. He would know what the outcome would have been. Very much feels he's out of his depth here and needs to find a decent CEO pronto. It might mean coughing up for someone decent but this company needs to be have proper management and governance if its to survive.

They would have been better off shutting down Haydock 7 years ago and just been a consolidation vehicle for plastic company acquisitions. Its just destroyed value trying to get the current model to work. The move from media products to a mixture of things has proved far more difficult than anticipated as there wasn't a gradual tail off of media generating some contribution. It just stopped abruptly.

valuschmalu
12/1/2018
20:14
Always kept an eye on this but (thankfully) never invested. Late Friday RNS is inexcusable, off my watchlist all together now.
rp19
12/1/2018
19:57
clocktower: I was just look at the quality of the underlying assets in case there was a further pull back in revenue and noot liking what I saw. Hence the follow up question on sources of revenue and whether any are at risk from the new "war on plastic" OK at least they did not (or I dont think they did) make one trip plastic bags or bottles.

What I have to research is whether there is growth in their sectors of the market and how well positioned are they -v- competition to gain new and/or keep existing contracts.

pugugly
12/1/2018
17:51
Pugugly, I see no reason to suggest that there could be a fire sale - the company is "if one is to believe JG" still profitable and will over the next six months still be paying down debt (slowly though that maybe) - so I expect there will be debt reductions going into 2019

The workforce at Haydock has been cut - so one is only to assume that orders have not materialised or been reduced/cancelled. He says significant savings will be made due to this, I bet he keeps his pay-packet and job, even tough he has failed investors.

So with underlying profits excluding costs already declared is expected to be broadly in line with last year. So if that turns out to be the case,one has the level of profit for the year.

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.

clocktower
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 -

pugugly
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.
valhamos
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.
fozzie
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.
clocktower
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.

dave4545
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