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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.60 | 9.20 | 10.00 | 9.60 | 9.60 | 9.60 | 0.00 | 08:00:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Plastics Products, Nec | 35.22M | 1.26M | 0.0141 | 6.81 | 8.56M |
TIDMCRU
RNS Number : 3852H
Coral Products PLC
24 March 2020
CORAL PRODUCTS PLC
("Coral" or the "Group")
Trading Update - COVID-19
The Board of Coral Products plc, a specialist in the design, manufacture and supply of plastic products is pleased to provide a trading update.
The Board report that trading for the current financial year ending 30 April 2020 currently remains in line with Management's expectations, despite the very difficult conditions arising from the current coronavirus pandemic.
With the prevailing uncertainty arising from the current pandemic we feel unable to offer, with any confidence, any guidance for the following financial period to 30 April 2021.
We are constantly monitoring and updating our financial position as the crisis unfolds and will provide updates to the market at the appropriate time.
We are encouraged by the recently announced government measures, provided that those charged with their implementation act promptly and as the measures are intended.
As a group we derive circa 70% of our sales from products with uses related to the efforts to overcome the present crisis. Examples of these products being as set out below:
-- Home waste collection and recycling bins; -- Food packaging; -- Home delivery online totes; -- Personal care and hygiene; and -- Other products that support the infrastructure build for broadband and railways.
Provided there is no mandated national shutdown of industry and with the recently announced Government support we are hopeful that will come through the current coronavirus led crisis. In the event of a mandated national emergency shutdown we will obviously need to measure the length of any such shutdown and the level and extent of available support.
The Company continues to carefully manage its working capital position.
Joe Grimmond, Non-executive Chairman stated:
"We are entering completely unknown trading, financial and social conditions, certainly in my 50 years of management. We must as a nation maintain our productive capacity whilst keeping at the forefront the health and well-being of our people."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).
Enquiries
Coral Products plc Tel: 01942 272 Joe Grimmond, Non-executive Chairman 882 Mick Wood, CEO Nominated Adviser Tel: 020 7213 Cairn Financial Advisers LLP 0880 Liam Murray / Tony Rawlinson Broker Tel: 020 7213 Cairn Financial Advisers LLP 0880 David Lawman Capital Markets Consultants Limited Tel: 07515 587 Richard Pearson 184
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
TSTSESFFLESSELD
(END) Dow Jones Newswires
March 24, 2020 07:42 ET (11:42 GMT)
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