Coral Products PLC Trading Update (2618V)
27 January 2017 - 6:00PM
UK Regulatory
TIDMCRU
RNS Number : 2618V
Coral Products PLC
27 January 2017
Coral Products plc
("Coral" or the "Company")
Trading update
Coral announces that following a poor trading performance at its
Coral Products Mouldings Limited ("Mouldings") subsidiary during
November and December 2016 group profitability for the year ending
30 April 2017 is likely to be materially below management's and
market expectations.
Immediate steps have been taken to improve performance at
Mouldings and losses are expected to be reduced from January 2017
onwards although a loss is forecast for the financial year to 30
April 2017.
The Board also announces that for personal reasons, Mr Roberto
Zandona, Chief Executive Officer, has resigned both as Chief
Executive and as a director of the Company.
Furthermore, Stephen Fletcher, Finance Director of the Company,
has retired as Finance Director and is stepping down from the Board
also for personal reasons. The Board thanks Mr Fletcher for his 14
years of service to the Company. Pending completion of due
diligence procedures required under the AIM Rules, the Board
intends to appoint Sharon Gramauskas, currently Group Financial
Controller, as Finance Director in due course. Pending such
appointment, Ms Gramauskas has assumed Mr Fletcher's duties.
Joe Grimmond, currently Non-executive Chairman, has agreed to
act as Executive Chairman until further notice.
All other Coral companies have continued to trade
profitably.
During December 2016 the Company's freehold property at Haydock
was revalued resulting in a significant surplus of over GBP500,000
which will be reflected in the Group's balance sheet as at 30 April
2017.
Overall Coral remains profitable, cash generative and with a
strong asset base.
The Board remains confident about the Group's medium and longer
term prospects.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Enquiries
Coral Products plc Tel: 07703 518 148
Joe Grimmond (Executive
Chairman)
Nominated Adviser
Cairn Financial Advisers Tel: 020 7213 0880
LLP
Tony Rawlinson, Liam
Murray
Broker
Daniel Stewart & Company Tel: 020 7776 6550
plc
David Lawman
PR
Capital Markets Consultants Tel: 07515 587 184
Limited
Richard Pearson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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