Coral Products set to beat full-year revenue, earnings expectations
By Josh White
Date: Wednesday 24 May 2023
(Sharecast News) - Plastics manufacturer Coral Products announced a positive end to the financial year in an update on Wednesday, with revenue set to top £35m - a significant increase from the prior year's £14.4m.
The AIM-traded firm said the figures were slightly above market expectations after its strong performance in the 12 months ended 30 April.
It said it anticipated adjusted EBITDA to be at least £3.5m, surpassing the £1.8m recorded in 2022, and ahead of market expectations as well.
Coral Products said it maintained a robustly healthy balance sheet, with cash and cash equivalents totalling around £5m as at 30 April.
Looking ahead, the board said it was planning to pay a final dividend, with the exact amount to be determined on completion of the audited financial results.
"In spite of the challenging trading conditions in the second half of the year, we have had a successful year, completing a further four acquisitions, which has led to the group more than doubling the revenue base together with a near-doubling of group EBITDA," said executive chairman Joe Grimmond.
"This marks a significant step towards our objective of building a specialist UK plastics business of scale, targeting profitable, high-demand sectors."
At 1145 BST, shares in Coral Products were down 4.48% at 16p.
Reporting by Josh White for Sharecast.com.
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