Coral Products to miss sales and earnings goals

CORAL Products, the media and food container manufacturer has warned investors that its sales and profits will miss targets.

The AIM-listed Haydock company said poor performance in its CD and DVD-case division had continued and declined further still since its last trading update.

The group which through the acquisition of Bedfordshire-based food packaging group Interpack has tried to reduce its dependency on the declining media packaging sector said: “In the period since the publication of the interims, media sales have fallen further below expectations and, whilst Interpack remains on budget, it is now unlikely that overall sales and profit targets for the group for the current financial year will be met.

“A number of new food packaging products have been introduced by Interpack in the last quarter, all of which are produced by Coral.

“The new products cover a range of ice cream and salad containers, sales of which should benefit from the approaching warmer months.”