New business wins boost Coral’s performance

CORAL Products, the Merseyside-based design, manufacturer and supplier of injection moulded plastic products, has seen investment in machinery pay off, as half year turnover and profits rise.

Half year turnover increased 30% to £10.75m (2015: £8.26m) for the six months to the end of October, with a pre-tax profit of £718,000 (2015: £684,000).

This is despite adverse currency movements, without which pre-tax profits would have been 33% higher the company said, citing a £192,000 adverse currency effect resulting from the weaker sterling in the immediate period following Brexit.

Investment in a 750 tonne moulding machine has resulted in significant scrap reduction, faster cycle times and was instrumental in helping it to win a recent piece of business making bakery trays.

Joe Grimmond, Coral’s chairman, said: “Coral Products continues to make good progress in line with our 2015 strategic plan. We have strengthened our position in injection moulding and extruded products whilst at the same time expanding our range of capabilities enhancing our market offering.

“Results to date in the current financial year have been in line with the board’s expectations and, in spite of prevailing political uncertainties, we remain confident about the group’s future prospects.”

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