CORAL PRODUCTS PLC
("Coral" or the "Group")
Interim Results
Coral Products plc, a specialist in the design, manufacture and supply of plastic products, announces its results for the six months to 31 October 2023.
"Investing In Future Growth - Current Earnings In-Line"
Financial headlines
| Six months to 31 October 2023 | Six months to 31 October 2022 | % Change |
| | | |
Group sales | £17.2 million | £17.6 million | (2.27)% |
Gross profit | £6.0 million | £4.8 million | 25.0% |
Reported profit before taxation | £836,000 | £894,000 | (6.6)% |
Underlying basic earnings per share * | 1.27p | 1.17p | 12.0% |
Underlying operating profit (excluding finance expenses) * | £1,697,000 | £1,376,000 | 23.3% |
Underlying EBITDA * | £2,326,000 | £1,881,000 | 25.9% |
Interim dividend per share | 0.50p | 0.50p | |
* The financial headlines disclosed as underlying represent the reported metrics excluding separately disclosed items (being share based payment charges, amortisation of intangible assets and other one-off costs in each period), see note 7.
Operational and Financial Highlights
H1 Trading
· Revenues broadly level at £17.2m reflecting the decision to pull back from lower margin business lines balanced against organic growth and full contributions from the Manplas and Ecodeck businesses acquired in September and October 2022.
· Group benefiting from the focus on higher margin products shown in the 25% increase in gross profit.
· Underlying EBITDA on track at £2.3m alongside continued investment in capex programme.
· Cash and cash equivalents were £2.9m as at 31 October 2023 (2022: £3.8m) after paying £1.3m for the earnout payment for Alma in July 2023.
· Overall net asset position remains strong.
Investing in future growth via capex programme
· £0.5m investment, in the period, in key machinery including:
o Installing 5 new 350/650 tonne capacity injection moulding machines complete with robotics.
o Installing a new in-mould labelling line.
o Commissioning 8 new injection moulds.
· New machines already in action and expected to boost sales and earnings over second half.
Sustainability Objectives
· The Group is proud of its focus on sustainability:
o Adoption of bio-based materials.
o Increasing move to re-cyclable materials.
o Increasing use of recycled materials in the manufacturing processes.
o Supply chain tracking and transparency.
Outlook
· While the market remains challenging, Group is well positioned to meet targets for the year.
· New machinery installed in H1, already operational and delivering to plan.
· The new investment is operational together with further investments in a new pipe extruder now being installed at Tatra-Rotalac and a new sheet extruder in the progress of being installed at Manplas will drive our Group forward.
· These investments together with the existing orderbook will continue to drive growth in the near to medium term.
Post balance sheet:
Appointment of new Chief Executive
· Lance Burn appointed to take up the role of CEO of the Group from 2 January 2024.
· Joins from IG Design Group Plc where he has been an Executive Board Director since 2012.
· As part of the management change, Joe Grimmond will move from being Executive to Non-Executive Chairman.
Joe Grimmond, Executive Chairman, commented:
"These results are pleasing as they show our ability to successfully bed down the four acquisitions we made in 2022, which doubled the size of our business, as well as weed out lower margin business lines. As a result of these changes, we remain on track with our year end earnings targets. Our overall objective remains to build a specialist UK plastics business of scale, targeting profitable, high-demand sectors. To this end, we maintained sales whilst substantially improving gross margins. Key to future growth is the investment we have made and continue to make in new machinery positioning us to win new contracts and expand upon existing relationships. Overall markets are challenging currently, nevertheless, we are confident the business remains well placed."
Enquiries: | www.coralproducts.com | Tel: |
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Coral Products plc Joe Grimmond | Executive Chairman | 07703 518 148
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Cavendish Capital Markets Limited Adrian Hadden, Charlie Beeson (Corporate Finance) Charlie Combe (ECM)
| NOMAD and Broker | 020 7397 8900 |
Novella Communications Tim Robertson/Safia Colebrook coral@novella-comms.com | Financial PR | 020 3151 7008 |
Regulatory Information
The information contained within this announcement is deemed to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014 (Market Abuse Regulations) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.
Caution regarding forward looking statements
This announcement contains unaudited information and forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and undue reliance should not be placed on any such statement because they speak only as at the date of this document and are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and Coral's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. Coral undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected because of new information, future events or otherwise, save as required by law and regulations.
About Us
Coral Products is a one stop shop for all plastic needs. Coral Products manufactures and distributes plastic injection, extruded and vacuum formed moulded products into a diverse range of sectors including personal care, household, healthcare, automotive, telecoms and rail. The Group has manufacturing and distribution facilities across the North West of the UK.
By developing innovative plastic moulded products, providing excellent customer service and through its hard-working employees, Coral Products continues to refocus on new markets creating growth and value for its shareholders.
Sustainability is a core principle of our business. In all manufacturing processes, any scrap or waste material is reused or recycled. We offer "end-of-life" recycling and where viable we adopt and use bio based and re-cyclable materials and provide supply chain tracking and transparency.
Executive Chairman's Statement
Introduction
This will be my last results statement as Executive Chairman of Coral, as I move from being Executive to Non-Executive Chairman on 2 January 2024 when Lance Burn becomes CEO of the Group.
I am delighted Lance has agreed to take over the leadership of Coral and I feel confident that he has the necessary skills, dynamism and market experience to take the business forward. As these results for the six months to 31 October 2023 show the Company is in good health and we have established a strong base from which to achieve our aim of building a specialist UK plastic business of scale. In the period under review, we maintained sales despite stopping a number of lower margin contracts with the shortfall covered by organic growth and receiving the full benefit of the Manplas and Ecodeck acquisitions made in September and October last year. Focusing on higher margin contracts is key to our future success and it is reflected in the significant improvement in our gross margin.
Looking ahead, we remain cautious about the economy in general, but we are confident that our businesses and the investment we have made will ensure we deliver a good result for the year.
Results and Financial Position
Trading in the first half of the current year shows revenue broadly in line with previous year despite the strategic exit of low margin activities with circa £2.0m revenue. Reported revenue was £17,177,000 (2022: £17,587,000), gross margins were improved to 34.8% (2022: 27.1%) resulting in a gross profit of £5,974,000 (2022: £4,759,000). Underlying EBITDA was £2,326,000 (2022: £1,881,000) and underlying operating profits increased to £1,697,000 (2022: £1,376,000).
The balance sheet net asset position remains strong at £14,448,000 (2022: £14,881,000). This represents a solid asset platform for developing the business.
Operations
Tatra-Rotalac
A leading provider of plastic extrusion and injection moulded products for commercial use, Tatra-Rotalac has met the Board's expectations during the first half of the financial year. The installation of 5 new injection moulding machines complete with robotics alongside a new in-mould labelling line has significantly expanded the capabilities of this business. This new equipment which has now been commissioned is expected to significantly improve our second half performance.
Global One-Pak
A leading supplier of lotion pumps, triggers and mist sprayers, Global One-Pak is currently experiencing logistical cost increases from Chinese suppliers. Performing against a much-reduced sales budget and cost base, Global One Pak has improved gross margin and operating profit. Going into the second half of the financial year, trading is expected to improve further alongside the start of a new contract to produce a new range caps and enclosures in the UK.
Manplas/Customised Packaging
In May 2023 the decision was taken to merge Customised Packaging into Manplas. The two businesses operate in the same market, both provide product protection solutions designing high quality, custom-made, vacuum-formed components to protect a wide range of customer products. The combination of the two businesses has created multiple operational synergies. The integration was completed successfully and the two teams are now combining well to provide a wider offer to their shared client base. Currently the business is installing a new sheet extruder which is expected to be operational during the second half of this financial year.
Film & Foil Solutions
This business, a market leading converter and stockist of flexible packaging film, print lamination film and speciality plastics, paper and aluminium foils has exceeded the Boards expectations during the first half of the financial year in terms of gross margin. Film & Foil had a number of contracts which due to customers increasing their in-house capabilities had become very low margin. The decision was taken to cease servicing these contracts which released some fixed cost and substantially improved gross margin for the business as a whole. Revenues reduced in the period but the future focus is on re-building the revenue line whilst maintaining the current gross margin.
Alma Products
This business, a niche specialist and expert in extrusion, thermoforming and container printing serving the food industry, providing formable plastic sheet for Form-Fill-Seal applications, thermoformed and printed plastic food packaging. This business is very well invested in state-of-the-art sheet extrusion, volume vacuum forming and one of the most advanced computer-controlled printing facilities in the industry. Trading in the period was impacted by the loss of a major contract, however, the pipeline for new business is encouraging and the business enters the second half in a good position.
Ecodeck and Ecotatou Spain
Ecodeck is a natural strategic fit for the group. The versatile plastic grids Ecodeck sells, offer natural synergy with some of Coral's existing products, including manufacturing synergies. There is also potential to leverage Ecodeck's ecommerce platform for other group eco-friendly products. During the first six months, Ecodeck performed well and is well placed to complete a successful year.
The acquisition of Ecotatou SL earlier this year, gives the Group a foothold in Spain for the sale and distribution of Ecodeck grids.
Capital Expenditure
The recently commissioned injection moulding facility is expected to improve our second half performance. Further currently being commissioned extruders at Manplas/CPL and Tatra Rotalac should come on stream during the final quarter of our current financial year.
Total capital expenditure in the first 6 months totals £544,000 (2022: £854,000) all related to new product opportunities.
Dividends
The board have declared an interim dividend of 0.50 pence per share (2022: 0.50p). The ex-dividend date and the record date for the interim dividend are 1 February 2024 and 2 February 2024 respectively. The interim dividend will be paid on 29 February 2024. This continues to reflect our confidence in the positive performance and profitable results of the Group.
Outlook
We are mindful of the macroeconomic and geopolitical risks yet remain confident about the current prospects for our business and its ability to continue its successful evolution. Our continued investment over many years in our people and our systems has generated strong and resilient results in the first half of this year and we believe will continue to do so.
Our continuing priority is to do all we can to keep our workplaces as safe as possible for staff. We have planned our business to be flexible, in all areas, to meet fluctuating levels of demand. We have robust financial controls that will ensure we maintain our working capital requirements whilst meeting all our agreed parameters with our financial partners and due to contracts already negotiated all operations will remain relatively unaffected by the current turmoil in energy prices.
The Group continues with its strategic progress of increasing focus on value-added and innovative products. Our aim is to build a significant specialist plastics business with a bias towards using recycled materials.
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.
Joe Grimmond
Executive Chairman
11 December 2023
CONSOLIDATED INCOME STATEMENT
| |
Six months to 31 October 2023 (unaudited)
£000 |
Six months to 31 October 2022 (unaudited)
£000 | Year to 30 April 2023 (audited)
£000 |
| | | | |
| | | | |
Revenue | Note 3 | 17,177 | 17,587 | 35,216 |
Cost of sales | | (11,203) | (12,828) | (24,740) |
Gross profit | | 5,974 | 4,759 | 10,476 |
Operating costs | | | | |
Distribution expenses | | (744) | (443) | (1,301) |
Administrative expenses before separately disclosed items | | (3,533) | (2,940) | (6,462) |
Underlying operating profit |
| 1,697 | 1,376 | 2,713 |
Separately disclosed items: | | | | |
Share based payment credit/(charge) | | (18) | (11) | (36) |
Amortisation of intangible assets | | (268) | (163) | (513) |
Reorganisation costs | | (95) | (49) | (123) |
Acquisition costs | | - | - | (331) |
| | (381) | (223) | (1,003) |
Operating profit/(loss) | | 1,316 | 1,153 | 1,710 |
Finance expense | | (480) | (259) | (458) |
Profit/(loss) before taxation | | 836 | 894 | 1,252 |
Taxation | Note 4 | (84) | (89) | 6 |
Total comprehensive income/(loss) | | 752 | 805 | 1,258 |
| | | | |
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Earnings per ordinary share | Note 5 | | | |
| | | | |
Basic and diluted (pence) | | 0.84 | 0.92 | 1.44 |
Underlying basic (pence) | | 1.27 | 1.17 | 2.60 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
| 31 October 2023 (unaudited)
£000 | 31 October 2022 (unaudited)
£000 | 30 April 2023 (audited)
£000 |
| | | | |
Non-current assets | | | | |
Goodwill | | 4,402 | 7,506 | 4,385 |
Other intangible assets | | 2,689 | 752 | 2,956 |
Property, plant and equipment | | 7,162 | 7,144 | 7,209 |
Right of use assets | | 2,476 | 1,960 | 2,870 |
Total non-current assets | | 16,729 | 17,362 | 17,420 |
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Current assets | | | | |
Inventories | | 4,702 | 5,570 | 4,320 |
Trade and other receivables | | 7,220 | 8,662 | 7,193 |
Cash and cash equivalents | | 2,927 | 3,820 | 4,774 |
Assets held for sale | | 740 | - | 200 |
Total current assets | | 15,589 | 18,052 | 16,487 |
| | | | |
Current liabilities | | | | |
Bank overdrafts and borrowings | | (5,710) | (6,338) | (6,063) |
Trade and other payables | | (4,872) | (9,875) | (7,218) |
Lease liabilities | | (632) | (709) | (970) |
Total current liabilities | | (11,214) | (16,922) | (14,251) |
| | | | |
Net current assets |
| 4,375 | 1,130 | 2,236 |
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Non-current liabilities | | | | |
Borrowings | | (3,865) | (1,139) | (3,263) |
Lease liabilities | | (1,751) | (1,757) | (1,505) |
Deferred taxation | | (1,040) | (715) | (1,040) |
Total non-current liabilities | | (6,656) | (3,611) | (5,808) |
Total net assets |
| 14,448 | 14,881 | 13,848 |
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Shareholders' Equity | | | | |
Share capital | | 903 | 903 | 903 |
Share premium | | - | 6,272 | - |
Investment in Own shares | | (170) | - | - |
Other reserves | | - | 2,050 | - |
Retained earnings | | 13,715 | 5,656 | 12,945 |
Total equity |
| 14,448 | 14,881 | 13,848 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
| Share capital | Share premium | Treasury shares | Other reserves | Retained earnings | Total equity |
| £000
| £000 | £000 | £000 | £000 | £000 |
At 1 May 2023 | 903 | - | - | - | 12,945 | 13,848 |
Total comprehensive income | - | - | - | - | 752 | 752 |
Credit for share based payment | - | - | - | - | 18 | 18 |
Purchase of treasury shares | - | - | (170) | - | - | (170) |
At 31 October 2023 | 903 | - | (170) | - | 13,715 | 14,448 |
For the six months to 31 October 2022 (unaudited)
| Share capital | Share premium | Treasury shares | Other reserves | Retained earnings | Total equity | |||
| £000
| £000 | £000 | £000 | £000 | £000 | |||
At 1 May 2022 | 859 | 5,621 | (1,008) | 1,061 | 5,174 | 11,707 | |||
Total comprehensive income | - | - | - | - | 805 | 805 | |||
Charge for share based payment | - | - | - | - | 11 | 11 | |||
Issue of treasury shares | - | - | 1,008 | 136 | - | 1,144 | |||
Revaluation reserve | - | - | - | 853 | - | 853 | |||
Share issue | 44 | 650 | - | - | - | 694 | |||
Dividend paid | - | - | - | - | (344) | (344) | |||
At 31 October 2022 | 903 | 6,272 | - | 2,050 | 5,656 | 14,881 | |||
For the year ended 30 April 2023 (audited)
| Share capital | Share premium | Treasury shares | Other reserves | Retained earnings | Total equity |
| £000
| £000 | £000 | £000 | £000 | £000 |
At 1 May 2022 | 859 | 5,621 | (1,008) | 1,061 | 5,174 | 11,707 |
Total comprehensive profit | - | - | - | - | 1,258 | 1,258 |
Credit for share based payment | - | - | - | - | 36 | 36 |
Share issue | 44 | 650 | - | - | - | 694 |
Cancellation of share premium acc | - | (6,271) | (111) | (1,061) | 7,443 | - |
Issue of treasury shares | - | - | 1,119 | - | - | 1,119 |
Dividend paid | - | - | - | - | (966) | (966) |
At 30 April 2023 | 903 | - | - | - | 12,945 | 13,848 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| Six months to 31 October 2023 (unaudited) £000 | Six months to 31 October 2022 (unaudited) £000 | Year to 30 April 2023 (audited) £000 |
Cash flow from operating activities | | | |
Profit for the period after tax | 752 | 805 | 1,258 |
Adjustments for: | | | |
Depreciation of property, plant and equipment | 296 | 268 | 464 |
Depreciation of right of use assets under IFRS16 | 333 | 236 | 705 |
Amortisation of intangible assets | 268 | 163 | 513 |
Share based payment (credit)/charge | 18 | 11 | 36 |
Profit on disposal of building | 10 | - | - |
Loss on disposal of fixed asset | 17 | 37 | - |
Interest payable | 480 | 259 | 458 |
Taxation charge/(credit) | 84 | 89 | (6) |
(Increase)/decrease in inventories | (382) | (182) | 1,219 |
Decrease/(increase) in trade and other receivables | 473 | 1,025 | 999 |
(Decrease)/increase in trade and other payables | (2,097) | (5,916) | (6,769) |
Net cash generated from operating activities | 252 | (3,205) | (1,123) |
Cash flow from investing activities | | | |
Acquisition of subsidiaries, net of cash in bank | (16) | (3,852) | (4,313) |
Proceeds from disposal of property, plant and equipment | 225 | - | - |
Acquisition of subsidiaries, payment of earn-out | (1,275) | - | - |
Acquisition of property, plant and equipment | (544) | (854) | (2,080) |
Net cash (used in)/generated from investing activities | (1,610) | (4,706) | (6,393) |
Cash flow from financing activities | | | |
Interest paid on bank borrowings and invoice discounting | (370) | (259) | (363) |
Interest paid on lease liabilities | (111) | - | (95) |
Dividends paid | - | (334) | (966) |
Repayments of obligations under lease liabilities | (505) | (136) | (867) |
Repayments of bank borrowings | (153) | - | (814) |
Purchase of treasury shares | (170) | - | - |
New bank loans raised | 1,442 | - | 3,496 |
New lease liabilities | 29 | - | - |
Movements on invoice discounting facility | (651) | 4,871 | 4,310 |
Net cash used in financing activities | (489) | 4,142 | 4,701 |
Net (decrease)/increase in cash and cash equivalents | (1,847) | (3,769) | (2,815) |
Cash and cash equivalents at the start of the period | 4,774 | 7,589 | 7,589 |
Cash and cash equivalents at the end of the period | 2,927 | 3,820 | 4,774 |
NOTES TO THE FINANCIAL STATEMENTS |
1. Basis of preparation
The financial information set out in this Interim Report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. These interim financial statements are for the six months ended 31 October 2023. They do not include all the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 April 2023. The Interim Report has not been reviewed by our auditor in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board. IAS 34 'Interim financial reporting' is not applicable to these half year condensed consolidated financial statements and has therefore not been applied.
2. Significant accounting policies
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 30 April 2023.
3. Revenue
All production is based in the United Kingdom. The geographical analysis of revenue is shown below:
| Six months to 31 October 2023 (unaudited) £000 | Six months to 31 October 2022 (unaudited) £000 | Year to 30 April 2023 (audited) £000 |
| | | |
United Kingdom | 16,977 | 17,166 | 34,633 |
Rest of Europe | 157 | 368 | 91 |
Rest of the World | 43 | 53 | 492 |
| 17,177 | 17,587 | 35,216 |
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Turnover by business activity |
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Sale and manufacture of plastic products | 17,177 | 17,587 | 35,216 |
A breakdown of Group revenues by product group is shown below:
| Six months to 31 October 2023 (unaudited) £000 | Six months to 31 October 2022 (unaudited) £000 | Year to 30 April 2023 (audited) £000 |
| | | |
Rigids | 10,558 | 8,008 | 18,284 |
Flexibles | 6,619 | 9,579 | 16,932 |
| 17,177 | 17,587 | 35,216 |
4. Taxation
The taxation charge for the six months to 31 October 2023 is based on the effective taxation rate, which is estimated will apply to earnings for the year ending 30 April 2024. The rate used is below the applicable UK corporation tax rate of 25% due to the utilisation of tax losses in the period.
5. Earnings per share
Basic and underlying earnings per ordinary share are calculated using the weighted average number of ordinary shares in issue during the financial period of 89,556,580 (31 October 2022: 87,554,854 and 30 April 2023: 87,123,068).
| Six months to 31 October 2023 (unaudited)
| Six months to 31 October 2022 (unaudited)
| Year to 30 April 2023 (audited)
| |||
| £000 | p | £000 | p | £000 | p |
Basic and diluted earnings per ordinary share | | | | | | |
Profit/(loss) for the period after tax | 752 | 0.84 | 805 | 0.92 | 1,258 | 1.44 |
Underlying earnings per ordinary share | | | | | | |
Underlying profit/(loss) for the period after tax | 1,133 | 1.27 | 1,028 | 1.17 | 2,261 | 2.60 |
6. Movement in Net Debt
Net debt incorporates the Group's borrowings and bank overdrafts less cash and cash equivalents. A reconciliation of the movement in the net debt is shown below:
| Six months to 31 October 2023 (unaudited)
£000 | Six months to 31 October 2022 (unaudited)
£000 | Year to 30 April 2023 (audited)
£000 | |
| | | | |
Net (decrease)/increase in cash and cash equivalents | (1,847) | (3,769) | (2,815) | |
Net increase in invoice discounting facilities | 651 | (4,835) | (4,310) | |
(Increase)/decrease in bank and other loans | (899) | (1,253) | (3,627) | |
(Increase)/decrease in lease liabilities | 91 | (1,143) | (1,152) | |
Movement in net debt in the financial period | (2,004) | (11,000) | (11,904) | |
Net funds/(debt) at beginning of period | (7,027) | 4,877 | 4,877 | |
Net funds/(debt) at end of period | (9,031) | (6,123) | (7,027) | |
7. Underlying profit and separately disclosed items
Underlying profit before tax, underlying earnings per share, underlying operating profit, underlying earnings before interest, tax, depreciation and amortisation are defined as being before share based payment charges, amortisation of intangibles recognised on acquisition, acquisition costs, reorganisation costs, compensation for loss of office, impairment of goodwill and impairment loss on trade receivables. Collectively these are referred to as separately disclosed items. In the opinion of the directors the disclosure of these transactions should be reported separately for a better understanding of the underlying trading performance of the Group.
| Six months to 31 October 2023 (unaudited)
£000 | Six months to 31 October 2022 (unaudited)
£000 | Year to 30 April 2023 (audited)
£000 | |
| | | | |
Operating profit/(loss) | 1,316 | 1,153 | 1,710 | |
Separately disclosed items within administration expenses | | | ||
Share based payment (credit)/charge | 18 | 11 | 36 | |
Amortisation of intangible assets | 268 | 163 | 513 | |
Reorganisation costs | 95 | 49 | 123 | |
Acquisition costs | - | - | 331 | |
Total separately disclosed items | 381 | 223 | 1,003 | |
Underlying operating profit | 1,697 | 1,376 | 2,713 | |
Depreciation | 629 | 505 | 1,169 | |
Underlying EBITDA | 2,326 | 1,881 | 3,882 | |
8. Business Combinations
In June 2023 the Group acquired 100% share capital of Ecotatou SL in Spain for ?18,000 satisfied in cash. This acquisition gives the Group a foothold in Spain for the sale and distribution of Ecodeck grids.
9. Company Information
Company contacts
Directors Joe Grimmond Executive Chairman
Sharon Tinsley Group Finance Director
Phil Allen Group Operations Director
Paul Freud Corporate Development Director
Ian Hillman Director
Steve Barber Non-Executive Director
David Low Non-Executive Director
Secretary Sharon Tinsley
Registered Office Southmoor Road, Wythenshawe, Manchester, M23 9DS, UK
Registered Number 02429784
Website www.coralproducts.com
Nominated Advisor & Broker |
Cavendish Capital Markets Limited One Bartholomew Close London EC1A 7BL
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Auditors | Crowe UK LLP 3rd Floor, The Lexicon Mount Street Manchester M2 5NT
| Bankers | Virgin Money 48-50 Market Street Manchester M1 1PW
|
Registrars | Share Registrars Limited 3 The Millennium Centre Crosby Way Farnham, Surrey GU9 7XX
| Solicitors | Legal Clarity Lawyers LLP 55 Newhall Street Birmingham B3 3RB |
Trading subsidiaries
Company | Business activity | Registered office |
Tatra Rotalac Limited | Manufacture of plastic mouldings and extrusions | Southmoor Road, Wythenshawe, Manchester, M23 9DS |
Global One-Pak Limited | Design, packaging and distribution of lotion pumps, trigger sprays and aerosol caps | Hyde Park House, Cartwright Street, Newton, Hyde, Cheshire, SK14 4EH |
Customised Packaging Limited | Manufacture of thermoformed mouldings and extrusions | Unit 2-4 Denton Business Park, Windmill Lane, Manchester, M34 3SP |
Film & Foil Solutions Limited | Converter of flexible packaging, print lamination film and speciality plastic, paper and aluminium foils | North Florida Road, Haydock Industrial Estate, St Helens, WA11 9UB |
Alma Products Limited | Extrusion, thermoforming and container printing | Unit 18B, Daresbury Court, Evenwood Close, Runcorn, Cheshire, WA7 1LZ |
Manplas Limited | Vacuum-formed components and sheet plastic parts | Coldfield Drive, Wythenshawe, Manchester, M23 9GG |
Ecodeck Limited | Eco-friendly driveway grids, plastic shed bases and grass grid reinforcement | 123 Saltergate, Chesterfield, Derbyshire, S40 1NH |
Ecotatou SL | Distribution of Eco-friendly driveway grids | Carretera Tortosa-1@Aldea km 2 43500 Tortosa (Tarragona) |
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