Manufacturing firm confident, despite challenges of second lockdown
Plastics manufacturer, Coral Products, revealed an increase in sales during its second quarter of trading.
In a market update this morning, the Haydock-based firm, which makes food recycling containers and tote bags, said its performance continues to exceed management expectations.
Further to the announcement made on October 27, the company confirms that the unaudited trading results for the three-month period to October 31, 2020, the second quarter of fiscal year 2020, remained in line with the positive trend reported in the first quarter.
Unaudited sales have increased during the three-month period to £6.8m, compared with £5.4m in the first quarter, a 26% increase.
Margins are expected to be in line with quarter one.
Performance across the group continues to exceed management’s expectations.
The company said it believes that it is well positioned to face the continued challenges which will inevitably be experienced as a result of the second UK national lockdown.
Earlier this week Coral Products announced a contract renewal which it said could be worth around £9m over the course of its three-year lifetime.