Coral Products trading in line with market expectations

27th Sep 2023 11:08

(Sharecast News) - Plastic products designer, manufacturer and supplier Coral Products said in a trading update on Wednesday that the start of the current financial year met market expectations.

The AIM-traded firm said that despite a slight dip in momentum during the second quarter, the overall financial outlook remained positive.

Its first-quarter boasted strong results, setting a confident tone for the upcoming months.

The company also reported its continuous efforts in ensuring effective cash management.

Coral said it was dedicated to enhancing its liquidity position and identifying opportunities contributing to its robust financial health.

A notable achievement was the successful integration of the four companies acquired during the last financial year.

Customised Packaging, the group's arm specialising in logistics solutions, recently merged with Manplas in May.

The merger was expected to bring about significant synergies within the financial year.

Furthermore, Tatra Rotalac, another key business within the group, had started its expansion into the current site of Manplas.

"Whilst the immediate macroeconomic outlook remains challenging and the sales visibility is not as clear as in previous years, the group will continue to focus on cost and cash management as well as seek opportunities to strengthen and develop the business," the board said in its statement.

"Overall, the company is confident of further progress in the current financial period."

At 1039 BST, shares in Coral Products were down 8.82% at 15.5p.

Reporting by Josh White for Sharecast.com.