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Coral Products

  • BY: Andrew Hore |
  • POSTED: 01/05/2012 |

Declining sales of media products mean that injection moulded plastic packaging supplier Coral Products will report results that are below expectations for the year to April 2012.

This masks the better than expected contribution from plastic food packaging supplier Interpack, which will be included for eight months in the period. Interpack’s 2011 profit was £830,000 and the earnout consideration was £1.1m.

Even with a £1.1m shortfall on media sales, Coral’s revenues will be £13.2m. EBITDA was £602,000, after £450,000 of acquisition costs.

The media packaging market is competitive and prices are falling, particularly in March and April.  Coral has diversified into domestic waste disposal as well as food packaging.

Coral has invested £1.8m on new facilities to manufacture food packaging.

Annualised cost savings of £300,000 will benefit 2012-13.

At 11.12p a share, down 2.12p, Coral is valued at £4.24m. Director Joe Grimmond has acquired 20,000 shares at 10.5p each, which takes his stake to 13.1%.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2012_31.pdf

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