Coral Products plc, a specialist in the design, manufacture and supply of plastic products based in Wythenshawe, Manchester, has reported that the unaudited group management accounts indicate that revenue for the year to 30 April 2023 is expected to be over £35m (2022: £14.4m) which is slightly ahead of market expectations. Adjusted EBITDA for the Group is expected to be not less than £3.5m (2022: £1.8m) which is ahead of market expectations.
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The Group maintains that it has a robustly healthy balance sheet with cash and cash equivalents of circa £5 million as at 30 April 2023.
The company claims It is its intention to pay a final dividend, the level of which will be decided on completion of the audited results for the year.
Executive Chairman, Joe Grimmond, said: “In spite of the challenging trading conditions in the second half of the year, we have had a successful year, completing a further 4 acquisitions, which has led to the Group more than doubling the revenue base together with a near doubling of Group EBITDA. This marks a significant step towards our objective of building a specialist UK plastics business of scale, targeting profitable, high-demand sectors”.