Healthy growth for plastic mouldings specialist

CORAL Products, the Merseyside-based design, manufacturer and supplier of injection moulded plastic products, is reporting healthy growth in profits and turnover.

Its year end results to April 30, who group revenue rose 7.4% to £18.7m (2015: £17.4m) and underlying pre-tax profit soared 26% to £1.46m from £1.16m the previous year.

The listed Haydock company said sales of packaging continued to offset a fall in media sales.

Underlying EBITDA increased by 22.5% to £2.3m maintaining an improvement in operating cash flow.

Meanwhile, the company reported the successful integration of the business and assets from Neiman Packaging, acquired in June 2015.

The company also purchased the assets of Rotalac assets in January 2016 and completed the acquisition of Global One-Pak Limited in February 2016.

Chairman Joe Grimmond said: “The group continues with its strategic progress of increasing focus on value-added and innovative products, particularly in the food container, telecommunications and rail industry markets.

“Our aim continues to be to build a significant plastic moulding business and we remain confident in our ability to make further progress by improving business performance and increasing our market share to drive forward financial results over the medium term.

“We look forward with confidence to further progress in the coming year.”