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Coral Products PLC - Manchester, England-based specialist in the design, manufacture and supply of plastic products - Reports sales of £17.6 million for the six months ended October 31, from just £7.1 million the year before. Pretax profit is £894,000, up 86% from £510,000. Underlying operating profit is up 81% to £1.4 million from £759,000. Maintains an interim dividend of 0.50 pence per share.
Looking ahead, says it remains confident of its future prospects. It says it is well-placed going into the second half of the financial year, with energy costs fixed and variable costs managed.
Chair Joe Grimmond says: ‘These excellent results reflect our ongoing investment in future growth. Our objective is to build a specialist UK plastics business of scale, targeting profitable, high-demand sectors. We aim to drive growth both organically and via acquisitions, whilst maintaining our commitment to sustainable objectives.’
Current stock price: 18.55, up 6.0% on Monday in London
12-month change: up 18%
By Xindi Wei, Alliance News reporter
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