Coral Products PLC Renewal of contract (1464E)

TIDMCRU

RNS Number : 1464E

Coral Products PLC

04 November 2020

4 November 2020

CORAL PRODUCTS PLC

('Coral' or the 'Company' or the 'Group')

Renewal of contract

The Company announces that Tatra Rotalac Limited, a wholly owned subsidiary of the Group, has been awarded the renewal of a 3-year supply contract ("Contract") with a major international telecommunications group.

Following the previous renewal of this Contract, which was announced on 16 January 2018, the Company is pleased to have won the tender process for the renewal of this Contract against a competitive international tender process.

As is standard in this type of contract, it does not guarantee any sales volumes, however the Company anticipates, based on historic volumes under the existing arrangements, that aggregate turnover of circa GBP9m will be achieved during the 3-year supply contract to November 2024.

Tatra Rotalac Limited, which is based in Manchester, provides bespoke thermoplastic extrusion and moulding solutions across a number of industries worldwide.

This announcement contains inside information for the purpose of Article 7 of the EU Regulation 596/2014 and has been arranged for release by Sharon Tinsley, Finance Director of the Company.

For further information, please contact:

 
              Coral Products plc                  Tel: [phone] 
  Michael (Mick) Wood, Chief Executive Officer          154 
 Nominated Adviser & Broker                        Tel: [phone] 
  Cairn Financial Advisers LLP                              0880 
  Liam Murray / Sandy Jamieson 
  David Lawman (Corporate Broking) 
 
 

This announcement contains unaudited information and forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and undue reliance should not be placed on any such statement because they speak only as at the date of this document and are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Coral's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. Coral undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.

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November 04, 2020 02:00 ET (07:00 GMT)