Coral Products makes waves as results better-than-feared

Coral Products' shares shot up on Monday as the company stated that its results for the year ended 30 April will not fall as far below expectations as it had previously warned in March.

The plastics manufacturer and distributor said that unaudited accounts indicate "a marked improvement over the previous year's results" as sales, operating profit, (underlying and actual) and EBITDA were much improved, while gross margins also improved despite difficult trading conditions.

Meanwhile, the AIM traded company's debt increased slightly as it continued to invest in new products, processes, plant and people, in anticipation of an increase in market demand.

The company plans to release its final results in August, ahead of its AGM in September.

Coral said it will release at least four new products during the current financial year, including roof tiles and improved food packaging, with management remaining confident in its strategy and looking forward to a year of continued improvement.

Coral Products' shares were up 25.38% at 8.15p at 0925 BST.