Acquisitions have integrated well says Coral Products chairman
Joe Grimmond, the Executive Chairman of Coral Products is to tell the company AGM today that the Wythenshawe based plastics manufacturer is trading in line with market expectations.
He will report that first quarter trading is “strong” and whilst the company has seen some softening during the second quarter, the overall picture remains positive.
“In parallel, Coral continues to carefully manage its cost base across the Group. Cash management is always a priority, and the Company continues to identify opportunities to further enhance its existing strong liquidity position.
“The four companies acquired during the previous financial year have integrated well into the Group,” Grimmond said.
Customised Packaging Limited, the Group’s specialist logistics solutions operations, was merged with Manplas Limited in May 2023.
Grimmond said synergies are expected to be realised during this financial period. The Tatra Rotalac business has also begun expanding into Manplas’s current site.
“Whilst the immediate macroeconomic outlook remains challenging and the sales visibility is not as clear as in previous years, the Group will continue to focus on cost and cash management as well as seek opportunities to strengthen and develop the business.
“Overall, the Company is confident of further progress in the current financial period,” he concluded.