Coral Products Shares Rise As Improved Performance Brightens Outlook

LONDON (Alliance News) - Shares rose in Coral Products PLC on Monday as it said it anticipates ...

Alliance News 20 May, 2019 | 12:15PM
Email Form

LONDON (Alliance News) - Shares rose in Coral Products PLC on Monday as it said it anticipates its annual position to be not as significantly below expectations as previously warned.

Shares in the plastics firm were 13% higher at 7.35 pence on Monday.

Back in late March, Coral had said it expected its performance for the 12 months to the end of April to be "materially below" both management and market expectations.

However, the company's unaudited management accounts have suggested an improvement over the year before, with improved earnings before interest, taxes, deprecation and amortisation, operating profit and sales.

For the year ended April 2018, Coral reported Ebitda of GBP2.0 million, an operating loss of GBP186,000. On an underlying basis, Coral had an operating profit of GBP879,000.

Gross margins also have improved despite difficult trading conditions, although Coral's overall debt has increased due to higher investment, in order for the company to meet increased market demand.

During the year, Coral has developed several new products, including highway sound barriers, jars made from recycled materials and new food packaging, which are set to be introduced into production within the current financial year.

"The board remains confident in its strategy and looks forward to a year of continued improvement," the company said.

Coral Products will publish its annual results in August.

By Dayo Laniyan;

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Coral Products PLC 4.90 GBX -4.85 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies