Order boost confirmed for Haydock plastics company Coral
Haydock plastics company Coral Products today announced an order boost for its mouldings factory.
It revealed that, further to its announcement of June 14, regarding possible contracts, it has now received further orders in relation to the supply contract for tote bags for its customer’s UK fulfilment centres.
It said the extension has had a positive effect on sales and performance at its Haydock mouldings plant, and the further orders are expected to continue this trend into the third quarter of Coral’s current financial period.
Chief executive Mick Wood said: “The further sales orders are positive news for the Haydock site, it is an excellent result from all the hard work on-site to support the continued growth of the customer.”
Earlier this month, in a trading update, the group announced that it had made an operating profit in each of the four months to April 30, 2018, and, as a result, the board expected that the group would meet its revised market expectations for the 12 months to April 30, 2018, which were announced on January 12, 2018.
This improved operating performance over the past four months has continued into the current financial year with both sales and margins ahead of the same period last year, it confirmed.
The statement said: “The board look to the future with increased confidence as a result of a strong order book and expected further improvement in operating performance in coming months.”
Coral also announced that it had ordered a plastic recycling unit to be installed at its Haydock facility.
Delivery and installation is expected this December, with the plant being operational in January 2019.
The recycling plant is expected to contribute to revenues in the financial year to April 30, 2019.
It will increase the group’s ability to offer a 360-degree service to many of its customers, in turn reducing land fill and single use of plastics, resulting in a reduction in both internal waste and raw material costs.
Coral initially specialised in producing plastic CD, video and DVD cases, but the industry changed as consumers turned to downloading entertainment content, and the company switched to producing recycling bins for the food and garden industries.
In April last year it announced that it had been nominated to receive a new order for a sun roof moulding, having a value of around £500,000. to be produced within the firm’s recently established automotive division at Haydock.
