Strong year for plastics manufacturer
Plastics manufacturer Coral Products has hailed a strong year with profits expected to be ‘materially’ above market expectations.
The Manchester-headquartered group which specialises in the design, manufacture and supply of plastic products reported revenues are expected to be not less than £14.4m compared to last year’s £10.7m.
In a trading update for the year to 30 April 2022, Coral said pre-tax profits for the year will be above market expectations.
Its liquidity position remains strong with cash and cash equivalents of £7.4m.
The board is also proposing a final dividend for the year of 0.2p, subject to shareholder approval at the AGM due to be held later in the summer, making total dividend for year of 1.1p, an increase of 10% on the previous year.
During the year the group also completed two acquisitions – Film & Foil Solutions Ltd and Alma Products Ltd – with sales from the existing subsidiaries continuing to improve.
Joe Grimmond, Executive Chairman, said: “Whilst it is still early in our current year and despite a great deal of uncertainty surrounding the macroeconomic circumstances, we are confident our current performance; the performance of our new subsidiaries and very strong cash position, even after funding the acquisitions, will see our Group continue to further develop.”
