Member Article

Haydock’s Coral Products report 119.5% increase in pre-tax profit

Merseyside’s Coral Products plc, a designer, manufacturer and supplier of injection moulded plastic products, has made a pre-tax profit of £450k for the 6 months ending 31st October 2014.

This is an increase of 119.5% compared to the same period last year.

The company say this positive result is due to successfully diversifying their product range, moving away from media sales.

The Group report that the acquisition in July 2014 of Tatra Plastics Manufacturing Limited, has helped gain the positive results that are shown today.

The board has said that their outlook for the year remains positive and unchanged.

Coral’s Chairman, Joe Grimmond said: “I am pleased to report that the Group has continued to make good progress during the first half of this financial year with trading in line with expectations.

“Profit before tax increased to £450,000 for the first six months representing earnings per share of 0.86p. This represents a significant improvement and we anticipate this trend to continue in our second half.

“We have continued to diversify away from media markets to the extent that they now represent less than 20% of the consolidated sales.

“In July we purchased the business of Tatra Plastics Manufacturing Limited which has been successfully integrated into the Group.

“This business has enabled us to broaden our range of services whilst, at the same time, obtain benefits from integration within our existing facilities.

“Demand has remained on track with our targets and we have recently approved further expenditure on tooling and robotics to increase our production capacity of food containers.

“We reported earlier in the year that we had an agreement to supply a range of totes to a leading national on-line retailer which would have a positive impact on the second half.

“We are presently close to final approvals of these products which will lead to initial trial orders ahead of expected full production by next spring.

“With a good order book and a strong pipeline of opportunities, the Board’s expectation for the current year remains unchanged.”

This was posted in Bdaily's Members' News section by Sophia Taha .