The board of Coral Products Plc is pleased to provide a further trading update following completion of its financial year ended 30 April 2019.
Our trading update of 26 March 2019 stated that we expected the results for the year to be materially below market expectations. With the benefit of March and April’s actual results together with urgent management action we are pleased to report that the variance from market expectation, while still material, will not be as significant as previously expected.
The outcome for the year to 30 April 2019 as per our as yet unaudited management accounts indicates a marked improvement over the previous year’s results. Sales, Operating Profit, (underlying and actual) and EBITDA were much improved. Gross margins also improved despite difficult trading conditions. Overall debt slightly increased as we continued to invest in new products, processes, plant and people, to ensure we have the resources to meet what we believe will be increased market demand.
The board expects to release its final results in August 2019 in advance of the AGM in September 2019.
New Product Introduction (NPI)
We are especially pleased that during the year we developed a number of new products all of which will be introduced into production and sales during the current financial year. This NPI spans the Group and includes:
- Interpack Ltd – New and improved food packaging;
- Coral Mouldings – Flame retardant plastic moulded roof tiles, 23lt caddy (recycled materials);
- Tatra-Rotalac – Extruded highway sound barriers; and
- Global One-Pak – New jar range made out of recycled material.
We are also delighted to announce our first significant overseas order for totes to meet the requirement of our customer for a fulfilment centre located in France.
The board remains confident in its strategy and looks forward to a year of continued improvement.