TIDMCRU

RNS Number : 4043A

Coral Products PLC

24 May 2023

24 May 2023

Coral Products plc

(the "Group" or "Coral")

Trading Update

Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, is pleased to report that the unaudited group management accounts indicate that revenue for the year to 30 April 2023 is expected to be over GBP35m (2022: GBP14.4m) which is slightly ahead of market expectations. Adjusted EBITDA for the Group is expected to be not less than GBP3.5m (2022: GBP1.8m) which is ahead of market expectations.

The Group maintains a robustly healthy balance sheet with cash and cash equivalents of circa GBP5 million as at 30 April 2023.

It is our intention to pay a final dividend, the level of which will be decided on completion of the audited results for the year.

Executive Chairman, Joe Grimmond, said: " In spite of the challenging trading conditions in the second half of the year, we have had a successful year, completing a further 4 acquisitions, which has led to the Group more than doubling the revenue base together with a near doubling of Group EBITDA . This marks a significant step towards our objective of building a specialist UK plastics business of scale, targeting profitable, high-demand sectors".

www.coralproducts.com

ENQUIRIES :

Coral Products plc

Joe Grimmond, Executive Chairman Tel: 07703 518148

Nominated Adviser & Broker

Cenkos Securities plc

Adrian Hadden

Charlie Combe Tel: 020 7397 8900

Financial PR

Novella

Tim Robertson Tel: 0 20 3151 7008

Claire de Groot

Safia Colebrook

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END

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May 24, 2023 02:00 ET (06:00 GMT)

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