Coral Products PLC Trading Update and Proposed Dividend (0448O)

TIDMCRU

RNS Number : 0448O

Coral Products PLC

08 June 2022

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

Coral Products plc

(the "Company", the "Group" or "Coral")

Trading Update and Proposed Dividend

Coral Products Plc a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester is pleased to announce a further trading update in advance of its final results for the year ended 30 April 2022.

HIGHLIGHTS: (unaudited)

   --    Consolidated group sales are expected to be not less than GBP14.4m (2021: GBP10.7m). 

-- As announced on 20 April 2022, reportable pre-tax profits for the year to 30 April 2022 are expected to be materially above market expectations.

-- Very strong liquidity position with cash and cash equivalents as at 30 April 2022 of GBP7.4m (2021: GBP3.8m).

-- The board is proposing a final dividend for the year of 0.2p, subject to shareholder approval at the AGM due to be held later in the summer, making total dividend for year of 1.1p (2021: 1.0p), an increase of 10% on previous year. Further updates on the associated dividend timetable will be made when the date of the AGM is known.

Outlook

Joe Grimmond, Executive Chairman, comments: "Since the year end, the Group has completed the acquisition on the 4th May 2022 of Film & Foil Solutions Ltd ("Film and Foil") and on 30th May 2022 of Alma Products Ltd ("Alma Products") (see announcements of the same dates) and sales from the existing subsidiaries continue to improve. Whilst it is still early in our current year and despite a great deal of uncertainty surrounding the macroeconomic circumstances, we are confident our current performance; the performance of our new subsidiaries and very strong cash position, even after funding the acquisitions, will see our Group continue to further develop."

ENQUIRIES :

Coral Products plc

Joe Grimmond, Executive Chairman Tel: [phone]

WH Ireland, Nominated Adviser and Broker Tel: [phone]

Katy Mitchell

Darshan Patel

Megan Liddell

Capital Markets Consultants Limited Tel: [phone]

Richard Pearson

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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTZDLFBLQLZBBE

(END) Dow Jones Newswires

June 08, 2022 02:00 ET (06:00 GMT)