Plastic products manufacturer warns  sales and profits are below expectations

A Merseyside firm has warned there is no end in sight for its current trading problems.

Haydock based plastic products designer and manufacturer Coral Products issued a profit warning in March.

And this morning it revealed that sales and profits continue to be below market expectations.

The statement came as the company prepared for its AGM later today.

Joe Grimmond, non-executive chairman, said: “With four months of the current financial period completed, sales and profits are below management’s expectations.

“Currency fluctuations coupled with extremely variable trading conditions have led to this underperformance. Management has taken action to counter these negative effects and the Group remains profitable with a strong balance sheet.

“New business is expected to impact during the second half together with the management action taken, leads us to expect to still report a satisfactory outcome for the year as a whole.

“The prevailing uncertainties prevent me from being more upbeat.”
Coral Products, a specialist in the design, manufacture and supply of plastic products says that it has been hit by a downturn in the car industry and delays in a major delivery.

Earlier this year the firm opened a recycling plant in Haydock.

With a capacity of a tonne an hour, it will process Polypropylene, HD and PVC plastic materials.

The output will be used to make new products through the company’s injection moulders and extrusion profile machinery.