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PRIVACY
Manufacturing

Coral PLC shares plunge almost 30% as group reveal 'below expectation' sales and profit

'Prevailing uncertainties' mean future projections aren't much better either

Coral Products PLC is a manufacturer and distributor of plastic products in sectors including food packaging, personal care, telecoms and rail(Image: pexels.com)

Coral Products PLC will today report concerning results to shareholders at its AGM - revealing sales and profits to be "below expectations" - with "prevailing uncertainties" also affecting future forecasts.

Its profit warning sent shares in the plastics firm to drop by over 28% in the space of a few hours on Wednesday morning to 5.01p, but management are adamant it remains profitable.

Joe Grimmond, non-executive chairman of the group, based in Haydock, Merseyside, will today tell the AGM that with four months of the current financial period complete, "sales and profits are below management's expectations".

He will add: "Currency fluctuations coupled with extremely variable trading conditions have led to this underperformance.

"Management has taken action to counter these negative effects and the Group remains profitable with a strong balance sheet."

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Coral is a manufacturer and distributor of plastic products in sectors including food packaging, personal care, telecoms and rail.

Mr Grimmond's statement will continue: "New business is expected to impact during the second half together with the management action taken, leads us to expect to still report a satisfactory outcome for the year as a whole.