Coral Products PLC Trading update on Customised Packaging Limited (7577A)

TIDMCRU

RNS Number : 7577A

Coral Products PLC

07 February 2022

Coral Products plc

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

Trading update on Customised Packaging Limited

Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to announce a follow up to the announcement released on 3 March 2021 regarding the acquisition of Customised Packaging Limited ("CPL").

As stated in March, an earn-out consideration shall become payable to the Vendors in the event that CPL's profit before tax for the year ended 31 December 2021 is greater than GBP250,000 ("Earn-Out Consideration"). If triggered, the Earn-Out Consideration shall be equivalent to 30% of profits in excess of GBP250,000 for the period 1 January 2021 to 31 December 2021.

The Company is pleased to announce that following better than expected results at CPL, with reported sales in the year of GBP2.9 million and pre-tax profits of GBP356,000, the Company will be paying an earn-out consideration of GBP31,671 to the Vendors of CPL.

Joe Grimmond, Executive Chairman of Coral commented:

"We're delighted with the performance of CPL to date. CPL has integrated well into the existing Group and we look forward to continuing improvement."

For more information on Coral and Customised Packaging, please visit the following websites:

www.coralproducts.com

www.customisedpackaging.co.uk

ENQUIRIES :

Coral Products plc

Joe Grimmond, Executive Chairman Tel: [phone]

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

Adrian Hadden

Darshan Patel

Megan Liddell

Capital Markets Consultants Limited Tel: [phone]

Richard Pearson

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February 07, 2022 01:59 ET (06:59 GMT)