TIDMCRU
RNS Number : 0312O
Coral Products PLC
05 October 2021
5 October 2021
CORAL PRODUCTS PLC
('Coral' or the 'Company' or the 'Group')
Final results for year ended 30 April 2021
Coral Products PLC, a specialist in the design, manufacture and
supply of injection moulded plastic products based in Wythenshawe,
Manchester, announces its audited final results for the year ended
30 April 2021.
KEY FINANCIALS
2021 2020
Restated
GBP GBP
Group revenue on continuing activities 10,714,000 8,703,000
Underlying operating profit - continuing
activities* 867,000 357,000
Separately disclosed non-cash items (292,000) (641,000)
Gross Margin 35.5% 33.4%
Underlying Profit for the year before taxation
- continuing activities* 756,000 230,000
Loss for the year before taxation - continuing
activities (316,000) (463,000)
Underlying EBITDA* 1,284,000 781,000
EBITDA 496,000 715,000
Basic and diluted earnings per share -
continuing operations (0.29)p (0.46)p
Basic earnings per share - discontinued
operations 0.86p (0.53)p
Diluted earnings per share - discontinued
operations 0.84p (0.53)p
Dividend paid per share 0.00p 0.00p
* Underlying results are reported before separately disclosed
items, as shown in note 2. Such underlying results are not intended
to be a substitute for, or superior to, IFRS measures of
profit.
HEADLINES
-- In February 2021, Coral Products (Mouldings) Ltd and Interpack Ltd were sold for GBP7.8m.
-- Customised Packaging Ltd was acquired for GBP1.2m in March 2021.
-- Much improved performance in our continuing operations during the year.
-- Underlying operating profit increased to GBP0.9m (2020:
GBP0.4m) and underlying EBITDA increased to GBP1.3m (2020: GBP0.8m)
on continuing operations.
-- Gross margin increased to 35.5% (2020: 33.4%).
-- The CBIL loan facility taken out at the start of the pandemic was repaid in full.
-- The mortgage on the Haydock facility was repaid in full.
-- The land and buildings at Haydock have exchanged contracts
with completion agreed after the completion of the contractual roof
works expected during the new financial year. This will bring in a
further GBP3.5m of cash.
-- In November 2020, BT signed up for a further 3-year contract.
-- Strong net assets position of GBP12.7m as at the year-end (2020: GBP12.1m).
-- Cash reserves in the Group total GBP3.8m (2020: GBP0.5m).
This excludes the anticipated GBP3.5m from the Haydock property
sale.
-- Gearing has been eliminated (2020: 66%).
-- The parent company distributable reserves increased to
GBP5.9m (2020: GBP3.4m) as a result from the profit in the year of
GBP2.5m (2020: 1.4m loss).
-- Return to dividend payments. An interim dividend of 0.5p per
share was paid on 28 May 2021 and a further 0.5p per share is
proposed to be paid on 30 November 2021, making a full year
dividend of 1p per share.
Commenting on the results, Joe Grimmond, Chairman, said:
"This current trading period has improved significantly upon the
previous one, despite the ongoing Brexit, United States - China
trading hostilities and Covid-19 pandemic issues. Revenue on
continuing operations was GBP10.7m (2020: GBP8.7m), underlying
operating profit GBP0.9m (2020: GBP0.4m) and gross margin 35.5%
(2020: 33.4%)."
"In February 2021, the Group sold Interpack Limited and Coral
Products (Mouldings) Limited to IPL Limited for a consideration of
GBP7.8m. The Board believes that the Disposal provided the Company
with the opportunity to crystallise an attractive return on
invested capital with respect to the Sale Companies, reduce net
debt and also to provide additional financial flexibility to
further develop and support the recent progress of the Continuing
Group. Following the Disposal, the Continuing Group will consist of
Coral Products PLC, Tatra Rotalac Limited and Global One-Pack
Limited. The Board believes there is potential to further develop
the Continuing Group in terms of sales and profits. The net result
was a profit after tax to the parent company of GBP2.5m and an
increase in distributable reserves to GBP5.9m (2020: GBP3.4m). The
Group used the funds to repay in full the GBP1m coronavirus
business interruption loan (CBIL) and a GBP1.7m mortgage on the
property at Haydock."
"The proposed sale of the land and building at the Haydock site
has now exchanged with completion expected in the first half of the
new financial year, following the completion of the current roof
replacement works."
"In March 2021, the Group acquired 100% of the share capital of
Customised Packaging Limited (CPL) for a net consideration of
GBP1.2m. CPL designs, supplies and manufactures plastic products,
using top-of-the-range sheet extrusion technology and vacuum
forming capabilities to its network of blue-chip customers. This is
a significant milestone for Coral as it expands further the Group's
market coverage and product range."
"Whilst we have confidence in our development strategy and the
prospects of the Group, the very real uncertainties over Brexit and
the coronavirus pandemic are a cause for concern."
"The Group continues with its strategic progress of increasing
focus on value-added and innovative products, particularly in the
telecommunications, rail industry, shutters, extrusion and vacuum
forming areas. Our aim is to build a significant plastic moulding
business with a bias towards using recycled materials."
"Our Group is facing macro-economic challenges that are
unprecedented, but we believe that our balance sheet and margins
mean that we can mitigate the effects. The crisis will pass at some
point. At that time, it will be the work we do to move the business
forward that will determine our future success. So, our priorities
being clear: (1) to do all we can to keep our workplaces as safe as
possible for staff, (2) secure the cash resources of the business
and (3) continue to develop our product ranges throughout the next
financial period."
"We have enjoyed a strong start to our current financial year
and we look forward to a satisfactory outturn for the year given
the prevailing conditions."
For further information, please contact:
Coral Products plc
Joe Grimmond, Chairman Tel: 07703 518
148
Nominated Adviser & Broker
WH Ireland LLP Tel: 020 7220
Adrian Hadden 1751
Capital Markets Consultants Tel: 07515 587
Richard Pearson 184
This announcement contains inside information for the purpose of
Article 7 of the EU Regulation 596/2014.
CHAIRMAN'S STATEMENT
Coronavirus
With the coronavirus pandemic ongoing, our continuing priority
is to do all we can to keep our workplaces as safe as possible for
staff, ensuring that we follow all government guidelines. We have
planned our business to be flexible, in all areas, to meet
fluctuating levels of demand. We have robust financial controls
that will ensure we maintain our working capital requirements
whilst meeting all our agreed parameters with our financial
partners. Our sites have continued manufacturing throughout the
pandemic.
There will be many challenges to our working practices as the
pandemic develops and we have put plans in place to protect our
most vulnerable employees, comply with the differing levels of
Government restrictions and cope with illness throughout the
business. In particular, we have adapted our technology for greater
home working and seeking to segregate critical operational teams so
as to keep all our vital operations and projects on track.
The actions taken by your Board give us confidence that we will
come through this current crisis and will be in a position to take
advantage of any economic upturn.
The CBIL loan of GBP1 million pounds received on 13 May 2020 has
now been fully repaid. We have returned to spending on capital
expenditure to meet current increased demand and have recommenced
dividend payments.
Trading
This current trading period has improved significantly upon the
previous one, despite the ongoing Brexit, United States - China
trading hostilities and Covid-19 pandemic issues. Revenue on
continuing operations was GBP10.7m (2020: GBP8.7m), underlying
operating profit GBP0.9m (2020: GBP0.4m) and gross margin 35.5%
(2020: 33.4%).
In February 2021, the Group sold Interpack Limited and Coral
Products (Mouldings) Limited to IPL Limited for a consideration of
GBP7.8m. The Board believes that the Disposal provided the Company
with the opportunity to crystallise an attractive return on
invested capital with respect to the Sale Companies, reduce net
debt and also to provide additional financial flexibility to
further develop and support the recent progress of the Continuing
Group. Following the Disposal, the Continuing Group will consist of
Coral Products PLC, Tatra Rotalac Limited and Global One-Pack
Limited. The Board believes there is potential to further develop
the Continuing Group in terms of sales and profits. The net result
was a profit after tax to the parent company of GBP2.5m and an
increase in distributable reserves to GBP5.9m (2020: GBP3.4m). The
Group used the funds to repay in full the GBP1m coronavirus
business interruption loan (CBIL) and a GBP1.7m mortgage on the
property at Haydock.
The proposed sale of the land and building at the Haydock site
has now exchanged with completion expected in the first half of the
new financial year, following the completion of the current roof
replacement works.
In March 2021, the Group acquired 100% of the share capital of
Customised Packaging Limited (CPL) for a net consideration of
GBP1.2m. CPL designs, supplies and manufactures plastic products,
using top-of-the-range sheet extrusion technology and vacuum
forming capabilities to its network of blue-chip customers. This is
a significant milestone for Coral as it expands further the Group's
market coverage and product range.
The Group has reported a loss before taxation for the financial
year of GBP0.3m (2020: GBP0.5m) on continuing operations. Across
the Group, finance costs have remained static at GBP0.1m (2020:
GBP0.1m) and depreciation at GBP0.4m (2020: GBP0.4m).
Dividends
The Board remains committed to its long-term progressive
dividend policy, which takes account of the underlying growth,
whilst acknowledging the requirement for continuing investment and
short-term fluctuations in profit.
The Board having considered the improved financial performance
for the year ended 30 April 2021 paid an interim dividend of 0.5p
on 28 May 2021. A final dividend is proposed of 0.5 pence per share
with an ex-dividend date of 11 November 2021 and a record date of
12 November 2021. This final dividend will be paid on 30 November
2021.
Board Changes
Michael (Mick) Wood left with the sale of Coral Products
(Mouldings) Limited and Interpack Limited in March 2021. At the
same time Joe Grimmond became Executive Chairman.
Steve Barber joined as non-executive director in March 2021.
Chairman's Corporate Governance Statement
As Chairman of the Board, my role is to set the strategy for the
company, monitor the ongoing performance of the companies within
the Group to ensure that they are meeting our requirements and also
identify potential acquisition targets.
In addition, my role also encompasses overseeing the functioning
of the Board and its effectiveness and ensuring sound corporate
governance practices are followed.
All the Directors of Coral believe strongly in the importance of
good corporate governance for the creation of shareholder value
over the medium to long-term and to engender trust and support
amongst the Group's wider stakeholders.
I work with key executives throughout the organisation to
instill good corporate governance practices in accordance with the
Code.
In accordance with the changes to AIM Rule 26 the Company is now
applying the revised QCA Corporate Governance Code published
earlier in 2018.
The Board monitors our corporate governance practices and will
always implement improvements which further enhance performance
and/or benefit stakeholders.
Strategy
Our Board continuously reviews business performance alongside
market conditions to make sure that we take the correct strategic
decisions for each of our businesses. The Board recognises fully
that it has been tasked with delivering enhanced shareholder value.
The challenges facing the Board relate to managing the continued
growth of the Group through the uncertainty and timelines
surrounding UK Brexit and the coronavirus pandemic.
People
We are reliant on the expertise, professionalism and commitment
of our people and thank them for their continued contribution to
the business during a challenging year.
Future Developments
Following on from the disposal of Coral Products (Mouldings)
Limited, Interpack Limited, the Group have cash reserves of circa
GBP3.8m as at the year end. After the sale of the Haydock property
during the current financial year, the Group will have cash
reserves of circa GBP6.5m after the payment of dividends.
The Board is continuing to consider the most effective use of
the very strong cash rich asset base. We recognise that in today's
low interest rate climate cash is a poor substitute for profit
earning assets.
Outlook
Whilst we have confidence in our development strategy and the
prospects of the Group, the very real uncertainties over Brexit and
the coronavirus pandemic are a cause for concern.
The Group continues with its strategic progress of increasing
focus on value-added and innovative products, particularly in the
telecommunications, rail industry, shutters, extrusion and vacuum
forming areas. Our aim is to build a significant plastic moulding
business with a bias towards using recycled materials.
Our Group is facing macro-economic challenges that are
unprecedented, but we believe that our balance sheet and margins
mean that we can mitigate the effects. The crisis will pass at some
point. At that time, it will be the work we do to move the business
forward that will determine our future success. So, our priorities
being clear: (1) to do all we can to keep our workplaces as safe as
possible for staff, (2) secure the cash resources of the business
and (3) continue to develop our product ranges throughout the next
financial period.
We have enjoyed a strong start to our current financial year and
we look forward to a satisfactory outturn for the year given the
prevailing conditions.
Joe Grimmond
Chairman
4 October 2021
Group Income Statement
for the year ended 30 April 2021
2021 2020
Restated
GBP'000 GBP'000
----------------------------------------------------------------- --------- --------- ----------
Revenue 10,714 8,703
Cost of sales (6,913) (5,794)
--------- ----------
Gross profit 3,801 2,909
Operating costs
Distribution expenses (761) (554)
----------------------------------------------------------------- --------- --------- ----------
Administrative expenses before impairment and
other separately disclosed items (2,173) (1,998)
Other separately disclosed items (1,072) (343)
Goodwill impairment - (350)
----------
Administrative expenses (3,245) (2,691)
---------
Operating loss (205) (336)
Finance costs (111) (127)
--------- ----------
Loss for the financial year before
taxation (316) (463)
Taxation 76 82
--------- ----------
Loss for the financial year attributable to the
equity holders of the parent on continuing activities (240) (381)
Profit/(loss) on discontinued activities (see
note 3) 715 (440)
--------- ----------
Profit/(loss) for the financial year attributable
to the equity holders of the parent 475 (821)
--------- ----------
Basic and diluted earnings loss per ordinary share
- continuing operations (0.29)p (0.46)p
Basic earnings per ordinary share - discontinued
operations 0.86p (0.53)p
Diluted earnings per ordinary share - discontinued
operations 0.84p (0.53)p
Group Statement of Comprehensive Income
for the year ended 30 April 2021
2021 2020
GBP'000 GBP'000
------------------------------------------------------------- ---------- ----------
Profit/(loss) for the financial
year 475 (821)
---------- ----------
Total other comprehensive income - -
---------- ----------
Total comprehensive (loss)/income for the year attributable
to equity holders of the parent 475 (821)
---------- ----------
Balance Sheet
as at 30 April 2021
Group Parent Company
As at 30 As at 30 As at 30 As at 30
April April April April
2021 2020 2021 2020
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- ------------------------- --------- ------------------------------ ---------
ASSETS
Non-current assets
Goodwill 1,945 5,145 - -
Other intangible assets 1.243 1,124 - -
Property, plant and equipment 630 2,790 - 2,520
Right of use assets 1,496 4,365 - -
Investments in subsidiaries - - 7,422 10,951
------------------------- --------- ------------------------------ ---------
Total non-current assets 5,314 13,424 7,422 13,471
------------------------- --------- ------------------------------ ---------
Current assets
Inventories 1,828 3,368 - -
Trade and other receivables 4,453 4,931 1,608 39
Cash and cash equivalents 3,843 453 2,829 12
Total current assets 10,124 8,752 4,437 51
------------------------- --------- ------------------------------ ---------
Assets held for sale 2,500 2,520 2,500 -
LIABILITIES
Current liabilities
Term loan - - - 1,765
Other borrowings 1,353 2,978 - -
Lease liabilities 459 1,191 - -
Trade and other payables 2,039 3,749 638 677
------------------------- --------- ------------------------------ ---------
Total current liabilities 3,851 7,918 638 2,442
------------------------- --------- ------------------------------ ---------
Liabilities on assets held - 1,765 - -
for sale
------------------------- --------- ------------------------------ ---------
Net current assets/(liabilities) 8,773 1,589 6,297 (2,391)
------------------------- --------- ------------------------------ ---------
Non-current liabilities
Lease liabilities 1,035 2,509 - -
Deferred tax 315 398 - -
------------------------- --------- ------------------------------ ---------
Total non-current liabilities 1,350 2,907 - -
------------------------- --------- ------------------------------ ---------
NET ASSETS 12,737 12,106 13,721 11,080
------------------------- --------- ------------------------------ ---------
SHAREHOLDERS' EQUITY
Share capital 859 826 859 826
Share premium 5,621 5,288 5,621 5,288
Treasury shares (218) - (218) -
Other reserves 1,567 1,567 1,567 1,567
Retained earnings 4,908 4,425 5,892 3,399
------------------------- --------- ------------------------------ ---------
TOTAL SHAREHOLDERS' EQUITY 12,737 12,106 13,721 11,080
------------------------- --------- ------------------------------ ---------
An income statement is not provided for the parent Company as
permitted by section 408 of the Companies Act 2006. The profit
dealt with in the financial statements of Coral Products Plc was
GBP2,485,000 (2020: GBP1,388,000 loss).
Statement of Changes in Shareholders' Equity
for the year ended 30 April 2021
Called Share
Up Premium Treasury Other Retained Total
Share Reserve Shares Reserves Earnings Equity
Capital GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
----------------------------- --------- --------- ----------- ----------- ----------- ----------
Group
At 1 May 2019 826 5,288 - 1,567 5,232 12,913
Loss for the year - - - - (821) (821)
Other comprehensive income - - - - - -
--------- --------- ----------- ----------- ----------- ----------
Total comprehensive loss - - - - (821) (821)
--------- --------- ----------- ----------- ----------- ----------
Contributions by and
distributions to owners
Equity settled share-based
payments - - - - 14 14
Dividend paid - - - - - -
--------- --------- ----------- ----------- ----------- ----------
At 1 May 2020 826 5,288 - 1,567 4,425 12,106
Profit for the year - - - - 475 475
Other comprehensive loss - - - - - -
Total comprehensive loss - - - - 475 475
--------- --------- ----------- ----------- ----------- ----------
Contributions by and
distributions to owners
Equity settled share-based
payments - - - - 8 8
Issue of new shares 33 333 - - - 366
Purchase of treasury shares - - (218) - - (218)
Dividend paid - - - - - -
At 30 April 2021 859 5,621 (218) 1,567 4,908 12,737
--------- --------- ----------- ----------- ----------- ----------
Cash Flow Statement
for the year ended 30 April 2021
Group
2021 2020
GBP'000 GBP'000
----------------------------------------------- --------- ---------
Cash flows from operating activities
(Loss)/profit for the year 475 (821)
Adjustments for:
Depreciation of property, plant and equipment 487 1,032
Depreciation of right of use assets under
IFRS16 666 681
Goodwill impairment - 350
Amortisation of intangible assets 284 277
Share based payment charge 8 14
Profit on disposal of subsidiary (1,133) -
Impairment of investment - -
Interest payable 329 439
Taxation charge/(credit) (48) -
--------- ---------
Operating cash flows before movements
in working capital 1,068 1,972
(Increase)/decrease in inventories (382) 137
Decrease/(increase) in trade and other
receivables 433 563
Increase/(decrease) in trade and other
payables 422 (87)
--------- ---------
Cash generated by operations 1,541 2,585
UK corporation tax received 299 -
--------- ---------
Net cash generated from/(used in) operating
activities 1,840 2,585
--------- ---------
Cash flows from investing activities
Net cash on disposal of subsidiary 7,771 -
Acquisition of subsidiary (937) -
Acquisition of property, plant and equipment (454) (322)
Net cash generated from/(used in) investing
activities 6,380 (322)
--------- ---------
Cash flows from financing activities
New bank borrowings raised 1,000 500
New lease liabilities - 58
Interest paid on bank borrowings (70) (66)
Interest paid on invoice discounting (49) (69)
Interest paid on lease liabilities (210) (304)
Repayments of bank borrowings (2,765) (188)
Repayments of obligations under lease
liabilities (893) (1,180)
Purchase of treasury shares (218) -
Drawdowns on invoice discounting facility 23,288 27,064
Repayments of invoice discounting facility (24,913) (27,598)
Net cash used in financing activities (4,830) (1,783)
--------- ---------
Net increase in cash and cash equivalents 3,390 480
Cash and cash equivalents at 1 May 453 (27)
--------- ---------
Cash and cash equivalents at 30 April 3,843 453
--------- ---------
Notes
for the year ended 30 April 2021
1. Basis of preparation
The financial information set out above does not constitute the
Group's statutory accounts for the years ended 30 April 2021 or
2020 within the meaning of Section 434 of the Companies Act 2006,
but is derived from those accounts. Statutory accounts for 2020
have been delivered to the Registrar of Companies and those for
2021 will be delivered following the company's Annual General
Meeting. The auditors' report on the statutory accounts for the
year ended 30 April 2021 was qualified purely upon the
qualification with respect to inventory from 30 April 2020, it did
not draw attention to any other matters by way of emphasis, and did
not contain statements under s498 (2) or s498 (3) of the Companies
Act 2006. The auditor's report on the statutory accounts for the
year ended 30 April 2020 was qualified with respect to inventory
having a carrying value of GBP3,368,000 as the audit evidence
available was limited because, given the global Covid-19 pandemic,
no inventory count was undertaken and the auditor did not observe
the physical inventory as at 30 April 2020. In respect solely of
the limitation relating to inventory, the auditor did not obtain
all the information and explanations considered necessary for the
purpose of the audit and were unable to determine whether adequate
accounting records had been kept by the parent company.
This financial information has been prepared in accordance with
International Financial Reporting Standards ("IFRSs") and
International Financial Reporting Interpretations Committee (IFRIC)
interpretations as adopted by the European Union and with those
parts of the Companies Act 2006 applicable to companies reporting
under IFRS.
2. Underlying operating profit and separately disclosed
items
Underlying profit - the Company believes that underlying profit
and underlying earnings provide additional useful information for
shareholders. The term underlying earnings is not a defined term
under IFRS and may not therefore be comparable with similarly
titled profit measurements reported by other companies.
2021 2020
On continuing operations GBP'000 GBP'000
---------------------------------------------------- --------- ---------
Operating loss (205) (336)
Separately disclosed items within administrative
expenses
---------------------------------------------------- --------- ---------
Share based payment charge 8 14
Amortisation of intangible assets (customer
relationships and brands) 284 277
Reorganisation costs 780 52
Goodwill impairment - 350
---------------------------------------------------- --------- ---------
Total separately disclosed items 1,072 693
--------- ---------
Underlying operating profit 867 357
Depreciation 417 424
--------- ---------
Underlying EBITDA 1,284 781
Separately disclosed items (excluding amortisation
and impairment) (788) (66)
--------- ---------
EBITDA 496 715
--------- ---------
Loss before tax (316) (463)
Separately disclosed items 1,072 693
--------- ---------
Underlying profit/(loss) before tax 756 230
--------- ---------
3. Disposals
On 3 March 2021 the Group sold 100% of the voting equity
instruments of Coral Products (Mouldings) Ltd and Interpack Ltd for
a consideration of GBP7.8 million. The principal reason for this
disposal was to provide the company with the opportunity to
crystallise an attractive return on invested capital with respect
to the sale companies, reduce net debt and to provide additional
financial flexibility to further develop and support the recent
progress of the continuing Group.
Details of the fair value of identifiable assets and liabilities
disposed of are as follows:
Net assets sold GBP'000s
-------------------------------------------- ---------
Fair value of consideration received 7,776
Net assets disposed of:
Property, plant and equipment (2,309)
Right of use assets (2,993)
Goodwill at disposal date (3,550)
Inventories (2,056)
Cash (5)
Trade and other receivables (1,672)
Trade and other payables 2,513
Invoice discounting facility 1,380
Lease liability 2,049
Total net assets (6,643)
---------
Gain on disposal of discontinued operation 1,133
Related tax expense -
---------
Gain on disposal of discontinued operation 1,133
---------
Results of discontinued operations 2021 2020
GBP'000s GBP'000s
--------------------------------------------------- --------- ---------
Revenue 9,261 13,618
Cost of sales (5,656) (8,535)
--------- ---------
Gross profit 3,605 5,083
Operating costs
Distribution expenses (540) (742)
--------------------------------------------------- --------- ---------
Administrative expenses before other separately
disclosed items (3,202) (4,297)
Other separately disclosed items (35) (90)
--------------------------------------------------- --------- ---------
Administration expenses (3,237) (4,387)
--------- ---------
Operating loss (172) (46)
Finance costs (218) (312)
--------- ---------
Loss for the financial year before taxation (390) (358)
Taxation (28) (82)
Gain on disposal of discontinued operations 1,133 -
--------- ---------
Profit/(loss) for the financial year attributable
to the equity holders of the parent 715 (440)
--------- ---------
4. Earnings per share
Basic and underlying earnings per share
Number of Shares 2021 2020
----------------------------------------------- ----------- -----------
Weighted average number of shares 83,143,645 82,614,865
Effect of weighted average number of treasury (111,192) -
shares
Weighted average number of shares for the
purposes of basic earnings per share 83,032,453 82,614,865
Effect of share options 2,138,460 -
Weighted average number of shares for the
purposes of diluted earnings per share 85,170,913 82,614,865
----------- -----------
2021 2020
Weighted Earnings Weighted (Loss)/
average per (Loss)/ average earnings
Earnings number share earnings number per share
Continuing Operations GBP'000 of shares (pence) GBP'000 of shares (pence)
---------------------------- ----------- ----------- --------- ----------- ----------- -----------
Loss for the year (240) 83,032,453 (0.29) (381) 82,614,865 (0.46)
Separately disclosed items
(note 6) 1,072 - - 693 - -
----------- ----------- --------- ----------- ----------- -----------
Underlying profit/(loss)
for the period 832 83,032,453 1.00 312 82,614,865 0.38
----------- ----------- --------- ----------- ----------- -----------
5. Dividends
An interim dividend for the year ended 30 April 2021 of 0.5p per
share was paid on 28 May 2021. This dividend amounted to
GBP429,712.
A final dividend payment for the year ended 30 April 2021 of
0.5p per share is recommended.
6. Group reconciliation of net cash flow to movement in net
debt
2021 2020
GBP'000 GBP'000
-------------------------------------------- --------- ---------
Net increase/(decrease) in cash and
cash equivalents 3,390 480
Decrease/(increase) on invoice discounting
facility 1,625 534
Decrease/(increase) in bank loans
and other loans 1,765 (312)
Decrease/(increase) in lease liabilities 2,206 (475)
--------- ---------
Movement in net debt for the period 8,986 227
Net debt at beginning of period (7,990) (8,217)
--------- ---------
Net debt at end of period 996 (7,990)
--------- ---------
7. Post Balance Sheet Event
The invoice discounting facility with Barclays was renegotiated
in September 2021 and renewed for a further twelve months. This has
resulted in lower interest fees.
8. Publication of Annual Report
A copy of the 2021 Report & Accounts will be sent to all
shareholders on 4 October 2021. Further copies will be available to
the public at the company's registered address at Southmoor Road,
Wythenshawe, Manchester, M23 9DS and on the Company's website at
www.coralproducts.com.
9. Forward looking statements
This announcement contains unaudited information and
forward-looking statements that are based on current expectations
or beliefs, as well as assumptions about future events. These
forward-looking statements can be identified by the fact that they
do not relate only to historical or current facts and undue
reliance should not be placed on any such statement because they
speak only as at the date of this document and are subject to known
and unknown risks and uncertainties and can be affected by other
factors that could cause actual results, and Corals plans and
objectives, to differ materially from those expressed or implied in
the forward-looking statements. Coral undertakes no obligation to
revise or update any forward-looking statement contained within
this announcement, regardless of whether those statements are
affected as a result of new information, future events or
otherwise, save as required by law and regulations.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (MAR). The Directors of the
Group take responsibility for this announcement.
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FR MABATMTJMMAB
(END) Dow Jones Newswires
October 05, 2021 02:00 ET (06:00 GMT)
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