Coral Products back in profit

CORAL Products has moved back into profit after diversifying away from items such as DVD and CD cases.

The AIM-listed Haydock company said overall revenues had been flat in the year to April 30 at £17.3m, but profits improved by introducing different, higher margin, ranges such as food containers and recycling bins.

The company recorded a pre-tax profit of £350,000, compared to a loss of £369,000 last time. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 30% to £1.5m.

Chairman Joe Grimmond said: “I am pleased to report that in the face of challenging market conditions the group has made a return to an overall profit for the past financial year with EBITDA having shown significant growth.

“This was the middle year of our three-year strategic plan of improvement and progress has continued to be made as the Group reduces its exposure to media packaging by developing other markets.
 
He added: “Whilst the group experienced poor trading conditions, particularly in the second half of the year, the investments that have been made are starting to yield benefits and are expected to result in a further year of solid growth.”