Shares suspended at plastics manufacturer Coral Products
Plastics manufacturer Coral Products has suspended trading in its shares as it is unable to audit its annual accounts for the year ended 30 April 2026.
In a short statement to the stock market this morning the AIM listed company confirmed the latest crisis that has gripped the Wythenshawe-based business which saw its CEO Ian Hillman and group finance director, Paul Rice, resign from the board in September.
“The company will not be in a position to publish its annual audited accounts by 31 October 2026, as required by AIM Rule 19.”
It went on to say: “The Company is working with its auditor to complete the audit and currently expects to publish its annual audited accounts by 30 November 2026. A further announcement will be made at that time, following which it is anticipated that trading in the Company’s ordinary shares will be restored.”
Hillman and Rice remain in the business, while David Low, currently non-executive chairman, has been appointed as interim executive chairman with day-to-day responsibility for the operations of the group.
Hillman had led the business since October 25, 2024, following the resignation of the former CEO, Lance Burn.
The group issued a trading update on April 20 earlier this year saying the impact of the Middle East war had hit final quarter revenues.
It said this will result in a portion of anticipated second half revenues now being recognised in the 2027 financial results, rather than the 2026 figures.
It added that, while the sales shortfall is timing-related, second half expected profitability will be reduced, reflecting the margin contribution of those deferred revenues.
The board emphasised that these sales are deferred and not lost, with customer commitments remaining in place at contracted rates and order visibility supporting future delivery.
The board said it remained mindful of the broader macroeconomic environment and will continue to manage the business with appropriate caution.
In April the company said sales in the first quarter of the 2027 financial year were in line with budget, but profitability has been significantly below budget and the same period last year.
