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PRIVACY
Manufacturing

Plastics firm Coral Products brings back dividend and plots acquisitions

CEO says 'corrective commercial measures and organisational reform' have boosted business

Coral Products is investing in its manufacturing sites(Image: Liverpool ECHO)

Plastics group Coral Products is reinstating its dividend after starting a business transformation following a profit warning earlier this year.

In , Coral announced that customer orders had fallen and that profits would be below management and market expectations. It also suspended the interim dividend that it had previously announced.

Now the Wythenshawe firm has issued a new update confirming trading is in line with those updated expectations. It said revenue for the year to April 30 was set to come in at over £31m, down from £35.2m in 2023, while underlying EBITDA “is expected to be not less than £3.2m”, down from last year’s £3.9m.

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The group said it intended to reinstate an interim FY24 dividend of 25p to shareholders in August, and said it would also propose a final dividend.

Coral was founded in 1989 and was originally known as a manufacturer of VHS boxers and CD cases. Over the years it has acquired several businesses, including Ecodeck Recycled Plastics in May 2023 and Manplas in September 2022.

CEO Lance Burn joined the group on January 2 and pledged a “comprehensive review” of its operations.

Today he said: "We quickly recognised and communicated the adverse commercial impact experienced in our industry towards the end of 2023 and as a result, have been able to implement corrective commercial measures and organisational reform.