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Coral Products return to profit, shares surge

Coral Products shares were 31.46% higher on Monday after the group revealed its half yearly report for the six months ended 31 October 2020.

The specialist in the design, manufacture and supply of plastic products reported a 2,064% growth in reported pre-tax profits from £25,000 to £541,000 in the six months to the end of October.

Underlying earnings per share surged 257.7% to 0.93p and Underlying EBITDA was up 21% to £1.62m.

Coral Products said in the update that they had returned to profit despite the impact of the pandemic and ongoing Brexit uncertainty.

“Particularly pleasing is the Group’s return to profit when considering the huge negative impact of the Covid-19 pandemic on our customer base has meant that the new business expected from the new and improved food packaging and the 23 litre/55 litre recycling products have not been realised in the current period. It is expected that both will positively impact the business in the final quarter of this financial period,” said the group in a statement.

Joe Grimmond, Coral’s Chairman, said: “In my Chairman’s statement that accompanied the release of the 2020 accounts I expressed concerns over the uncertainties associated with the ongoing Brexit situation and coronavirus pandemic. Despite these concerns I am encouraged with the level of sales and profitability achieved over the period”.

Coral Products shares are trading 27.14% higher at 6,77 (1548GMT).

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