‘Exceptionally productive’ year for plastics manufacturer
Plastics manufacturer Coral Products has hailed an ‘exceptionally productive’ year as returned to profitability.
Reporting it financial results for the year to 30 April 2022, the Wythenshawe listed company said continued investment over many years in its people and its systems ‘has generated strong and resilient results’ in the past year and it has entered the new financial year with confidence.
Revenues for the period grew to £14.3m, up from last year’s £10.7m with pre-tax profits now at £1.3m, that’s up from a pre-tax loss of £316,000 in the prior year.
EBITDA for the year also grew to £1.9m from £496,000 and the board has reintroduced a dividend of 1.00p per share for the year.
During the year the group sold its former head office in Haydock and moved to Manchester.
Chairman Joe Grimmond said: “2021/22 was an exceptionally productive year for Coral Products plc as we continue to adapt and develop our business to enable us to maximise the opportunities available.
“We enter the 2022/23 financial period with confidence for the outlook for our business and its ability to continue its successful evolution.
“The effects of the pandemic are ongoing and we remain mindful of macroeconomic and geopolitical risks. However, our continued investment over many years in our people and our systems has generated strong and resilient results in the past year and we believe will continue to do so.
“Our continuing priority is to do all we can to keep our workplaces as safe as possible for staff. We have planned our business to be flexible, in all areas, to meet fluctuating levels of demand.
“We have robust financial controls that will ensure we maintain our working capital requirements whilst meeting all our agreed parameters with our financial partners and due to contracts already negotiated all its operations will remain relatively unaffected by the current turmoil in energy prices.”
