Coral Products ends year in line, orders plastic recycling unit

Plastic products designer, manufacturer and supplier Coral Products updated the market on its trading on Wednesday, reporting that it made an operating profit in each of the four months to 30 April.

The AIM-traded firm said that as a result, its board expected that the group would meet its revised market expectations for the 12 months ended 30 April, as it announced on 12 January.

It said that improved operating performance over the past four months had continued into the current financial year, with both sales and margins ahead of the same period last year.

“The board looks to the future with increased confidence as a result of a strong order book and expected further improvement in operating performance in coming months,” the directors said in their statement.

Coral Products also announced that it ordered a plastic recycling unit to be installed at its Haydock facility, with delivery and installation expected to occur in December, and the plant being operational in January.

The plastic recycling plant was expected to contribute to revenues in the financial year to 30 April 2019.

Coral said the plastic recycling plant would increase its ability to offer a “360-degree service” to many of its customers, in turn reducing landfill and single use of plastics resulting in a reduction in both internal waste and raw material costs.