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Coral Products PLC on Wednesday posted a swing to a profit for its financial year, which it touted as ‘exceptionally productive’.
In the financial year to April 30, it swung to pretax profit of £1.3 million compared to a loss of £316,000 a year prior.
Shares in the Manchester-based plastic manufacturer were 7.4% higher at 14.50 pence each in London on Wednesday mid-morning.
Revenue grew 34% to £14.4 million from £10.7 million.
Meanwhile, administrative expenses narrowed by 4.8% to £3.1 million from £3.2 million. Cash reserves doubled to £7.6 million from £3.8 million.
It declared a final dividend of 0.2 pence, taking its total payout for the year to 1.1p, rising from 1.0p the year prior.
The company said it looks to the future with optimism as it ‘continues with its strategic progress of increasing focus on value-added and innovative products.’
‘Our aim is to build a significant specialist plastic business with a bias towards using recycled materials,’ Chair Joe Grimmond added.
While noting macroeconomic and geopolitical challenges, Grimmond continued: ‘We have enjoyed a strong start to our current financial year and we look forward to a satisfactory outturn for the year given the prevailing conditions.’
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