Coral Products makes 'very strong start' to year
By Josh White
Date: Thursday 29 Sep 2022
(Sharecast News) - Plasticware specialist Coral Products described a "very strong start" to its new financial period on Thursday, with sales and profits before tax "materially ahead" of last year, and in line with market expectations.
The AIM-traded firm, which was holding its annual general meeting, said it had now integrated the operations of Film and Foil Solutions, acquired in May, and Alma Products, acquired in June.
Chairman Joe Grimmond said both of the acquisitions had, as forecast, a "small negative impact" on the group's profit before tax for the period, but added that the company's profitability remained "robust", with both companies acquired with expectations of improved performance as Coral influenced their direction.
"This was reflected in the price paid for the acquisitions," Grimmond said.
On 19th September, the group announced the completion of the acquisition of Manplas Holdings, which Grimmond said would be integrated into the firm's specialist logistics solutions operations centred around Customised Packaging, allowing the Tatra business, located adjacent to Manplas, to expand into the vacated unit.
Manplas had sales of £2.7m in the year ended 30 June 2021.
"Whilst the short-term macroeconomic outlook remains challenging, the group will continue to seek opportunities to strengthen and develop our business.
"With our strong balance sheet, we are confident of further progress in the current financial period."
Coral Products declared an interim dividend of 0.5p per share, with an ex-dividend date of 10 November and record date of 11 November.
The interim dividend would be paid on 16 December.
At 0854 BST, shares in Coral Products were up 0.71% at 14.1p.
Reporting by Josh White at Sharecast.com.
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