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Coral Products PLC (CRU)

  Print      Mail a friend       Annual reports

Thursday 25 August, 2016

Coral Products PLC

Final Results

RNS Number : 0790I
Coral Products PLC
25 August 2016
 

25 August 2016                                              

 

CORAL PRODUCTS PLC

('Coral' or the 'Company' or the 'Group')

 

 

FINAL RESULTS

 

 

Coral Products PLC, (the "Company" or the "Group") a specialist in the design, manufacture and supply of injection moulded plastic products based in Haydock, Merseyside, announces its final results for the year ended 30 April 2016.

 

 

KEY FINANCIALS

                                                                                                

 

2016

2015

Change

 

£

£

 

Group revenue

18,714,000

17,425,000

  7.4%

Operating profit

   938,000 

375,000

150.1%

Underlying operating profit *

 1,649,000

1,349,000

22.2%

Profit for the year before taxation

    758,000

191,000

296.9%

Underlying profit before taxation*

 1,469,000

1,165,000

26.1%

Underlying EBITDA

 2,342,000

1,912,000

22.5%

Underlying earnings per share *

     2.2p

2.1p

 

 

 

 

 

Dividend payable per share

      1.0p  

                    0.7p

 

 

* "Underlying" results are reported before separately disclosed items, as shown in note 2, as the Directors are of the opinion that these give a more accurate picture of underlying performance

 

 

HEADLINES

 

·     Group revenue increase of 7.4%.

 

·     Significant underlying operating profit rise to £1.65m (£1.35m in 2015).

 

·     Sales of packaging containers continue to offset fall in media sales.

 

·     Underlying EBITDA increased by 22.5% to £2.3m maintaining an improvement in operating cash flow.

 

·     Successful integration of business and assets from Neiman Packaging Limited in June 2015.

 

·     Revenues from non-media products increased to £17.9m (£14.5m in 2015) representing 95% of total revenues (2015: 83%).

 

·     Purchase of Rotalac assets in January 2016.

 

·     Acquisition of Global One-Pak Limited ("GOP") completed in February 2016.

 

·     Progressive dividend policy maintained with 43% increase in total dividend for the year of 1.0p (2015:  0.7p).

 

·     Commenced strategic reorganisation and restructuring of Group into more focussed units with benefits from economies of scale.

 

 

 

Commenting on the results, Joe Grimmond, Chairman, said:

 

"I am pleased to record a further year of progress for the Group with revenue up by 7.4% to £18.7 million and underlying profit up by 22.2% to £1.6 million.

 

The Group continues with its strategic progress of increasing focus on value-added and innovative products, particularly in the food container, telecommunications and rail industry markets. Our aim continues to be to build a significant plastic moulding business and we remain confident in our ability to make further progress by improving business performance and increasing our market share to drive forward financial results over the medium term.

 

We look forward with confidence to further progress in the coming year."

 

 

 

For further information, please contact:

 

Coral Products plc

Joe Grimmond, Chairman          

Roberto Zandona, Group Chief Executive

 

Tel: 07703 518 148

Tel: 01942 272 882

 

Nominated Adviser

Cairn Financial Advisers LLP

Tony Rawlinson, Liam Murray, Rebecca Anderson

 

 

Tel: 020 7148 7900

Broker

Daniel Stewart & Co plc

David Lawman

 

 

Tel: 020 7776 6550

 

Capital Markets Consultants

Richard Pearson

Tel: 07515 587 184

 

 

 

 

 

 

 

Chairman's Statement

 

Trading

It is pleasing to record a further year of progress for the Group with revenue up by 7% to £18.7m and underlying operating profit up by 22% to £1.6m. I am pleased that we are both delivering increased profits to our shareholders and putting in place the levels of investment and planning needed to secure Coral's long term future as a leading player in our chosen markets.

 

Following the Five Year Plan that was adopted in 2015 the Group made a number of acquisitions this year aimed at substantially increasing Group revenue and profitability from our specialist plastic products manufacturing and distribution activities. In June 2015, we took our first step along this plan when we acquired certain plant and machinery from Neiman Packaging Limited ('Neiman'). This acquisition introduces two new manufacturing processes, injection blow moulding and extrusion blow moulding, enhancing our range of manufacturing capability. This was followed in January 2016 with the purchase of the fixed assets, stock and business of Rotalac Plastics Limited ('Rotalac') from its administrators. Rotalac provides thermoplastic extrusion and moulding solutions across a number of industries worldwide, including aerospace, medical and automotive and is a leader in shutter system design and manufacture. This addition further enabled the broadening of the Group's product range. Finally, in February 2016 the Group acquired Global One-Pak Holdings Limited ('GOP') which designs, manufactures and supplies lotion pumps and trigger sprayers to a broad range of customers worldwide, including a number of global brands, across a wide range of markets, including household and garden, automotive, personal care and pet grooming. This business expanded further the market coverage and product range with the supply of a number of high added value components. These businesses have all been successfully integrated into the Group and enable us to promote a more diverse range of products and manufacturing methods the benefits of which are already being seen.

 

Two of our subsidiaries at Interpack Limited ('Interpack') and Tatra Plastics Manufacturing Limited ('Tatra') had further years of improvement with continued improvements to profit and contribution. Interpack's turnover stayed roughly constant but its margins were improved from weaker overseas currencies whilst it also benefitted from reduced overheads following the closure of its Dunstable site with all operations moved to Haydock. Food container sales continue to improve as the markets grow for foodstuffs to be contained within hygienic, tamper-proof packaging and this looks set to continue further. Tatra continued to report both significant increases in both turnover and profit as demand from key suppliers of infrastructure and communications increased. The Company relocated from Halifax to Wythenshawe in July 2016 and, combined with the existing Rotalac business already in situ there, is confidently expected to maintain this progression and further increase its contribution to Group performance. Tatra has been renamed Tatra Rotalac Limited post year end, with the acquired Rotalac trade hived into the now combined entity in Wythenshawe.

 

At our freehold manufacturing site at Haydock within the subsidiary Coral Products (Mouldings) Limited ('Mouldings') we have made substantial investment in infrastructure, plant capacity and management control. The improvement on operational efficiency, whilst slower than anticipated, is nevertheless marked. We continue to improve this facility and believe this will benefit our renewed sales drive at Haydock.

 

Sales of on-line totes and recycling crates contributed £2.4m from £1.2m in 2015 which helped to offset the further fall in media sales to £0.9m in 2016 from £2.9m in 2015. We are delighted to announce the receipt of a letter of intent from our customer for a further supply of up to 300,000 totes for a new on-line fulfilment centre with delivery late 2016 through 2018. Trade moulding sales were below expectations with revenue falling to £1.2m from £2.9m in 2015. There remained challenging market conditions as local authorities continued not to commit resources in the present atmosphere of austerity. Waste management will continue to be a significant area of future spending and we are determined to offer products and partnerships that will assist in its management.

 

The significant fall in the relative value of sterling against the dollar and the euro since the beginning of the year, together with the prevailing uncertainty, could have a negative effect on our business. We are taking steps across the Group to mitigate these.

 

Performance of the Group is monitored principally through adjusted profit measures which exclude £0.7m of underlying items. Such items include the costs for the reorganisation involved in merging the two businesses of Tatra and Rotalac during 2016, together with the expenses in rationalising and improving the site at Haydock. In addition, acquisition costs and amortisation of intangibles arising on acquisition, written-off under accounting practices, are also treated as underlying, as are share based payment charges, compensation for loss of office of senior management, and losses on sale of tangible assets.

 

The Group has reduced net debt by £0.7m in the year and gearing has decreased to 23.9%. Given the continued pressure on raw material prices and credit availability we continued to focus on minimising our inventory and reducing our debtor days. Overall the Group was able to report a net cash inflow of £1.3m.

 

Results

Group revenue improved for the year to £18.7m (2015: £17.4m). Gross margin showed a significant increase to 33.1% (2015: 29.6%) resulting from the continued addition of better added value products along with decreases in the cost of raw materials. Underlying earnings before interest, tax, depreciation and amortisation for the Group remained strong at £2.3m (2015: £1.9m). Administrative expenses in the Group increased to £4.4m (2015: £4.1m) in line with the increase in Group activity. This resulted in an underlying operating profit of £1.6m (2015: £1.3m).

 

Separately disclosed underlying items totalled £0.7m (2015: £1.0m) of which £0.4m resulted from the reorganisation costs of Haydock and Wythenshawe to improve the facilities and rationalise the businesses. Finance costs amounted to £0.2m (2015: £0.2m). The underlying profit for the financial year before taxation was £1.5m (2015: £1.2m). Earnings per share were 1.12 pence (2015: 0.35 pence), underlying earnings per share were 2.20 pence (2015: 2.12 pence).

 

Net debt at 30 April 2016 was £3.3m (2015: £4m) giving reduced gearing of 23.9% (2015: 43.7 %). Interest cover before underlying costs was 9.2 times (2015: 7.3 times). Net assets per share were 16.6p (2015: 15.8p).

 

Dividends

The board remains committed to its long-term progressive dividend policy, which takes account of the underlying growth in earnings, whilst acknowledging the requirement for continuing investment and short-term fluctuations in profit.

 

Having considered the results for the year, the outlook for the new financial year and the ongoing requirements of the business, the board has recommended the total dividend be increased to 1.0 pence per share. The final payment of 0.7 pence per share will have an ex-dividend date of 8 September 2016 and record date of 9 September 2016. This final dividend will be paid on 14 October 2016.

 

Board Changes

In June 2016 Roberto (Rob) Zandona was appointed as Group Chief Executive and at the same time Joe Grimmond became Non-executive Chairman having previously acted as executive Chairman. Rob has over 35 years of experience in the manufacturing and project moulding sectors.

 

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 in accordance with the strategy that we outlined in March 2015. The challenges facing the board relate to managing the continued growth of the Group whilst preserving the strengths of the business.

 

People

We are reliant on the expertise, professionalism and commitment of our people and their contribution to the business during a challenging year.

 

Outlook

The Group continues with its strategic progress of increasing focus on value-added and innovative products, particularly in the food container, telecommunications and rail industry markets. Our aim continues to be to build a significant plastic moulding business and we remain confident in our ability to make further progress by improving business performance and increasing our market share to drive forward financial results over the medium term.

 

We look forward with confidence to further progress in the coming year.

 

Joe Grimmond
Chairman
25 August 2016

 

 

 

 

Group Income Statement

for the year ended 30 April 2016

 

 

 

 

 

 

2016

£'000

 

2015

£'000

Continuing operations

 

 

 

 

 

Revenue

 

 

 

18,714

17,425

Cost of sales

 

 

 

(12,512)

(12,268)

Gross profit

 

 

 

6,202

5,157

Operating costs

 

 

 

 

 

Distribution expenses

 

 

 

(863)

(716)

Administrative expenses before separately disclosed items

 

 

 

(3,690)

(3,092)

Separately disclosed items

 

 

 

(711)

(974)

Administrative expenses

 

 

 

(4,401)

(4,066)

Operating profit

 

 

 

938

375

Finance costs

 

 

 

(180)

(184)

Profit for the financial year before taxation

 

 

 

758

191

Taxation

 

 

 

(15)

-

Profit for the financial year attributable to the equity holders

 

743

191

Earnings per share

 

 

 

 

 

Basic  (2015: basic and dilutive) earnings per ordinary share

 

 

 

1.12p

0.35p

Dilutive earnings per ordinary share

 

 

 

1.12p

0.35p

 

 

 

 

 

 

Group Statement of Comprehensive Income

for the year ended 30 April 2016

 

 

 

 

 

 

2016

£'000

 

2015

£'000

 

 

 

 

 

 

Profit for the financial year

 

 

 

743

191

Total comprehensive income for the year attributable to equity holders

743

191

 

 

 

Balance Sheets

as at 30 April 2016

 

 

 

 

 

 

As at

30 April

2016

£'000

As at

30 April

2015

£'000

ASSETS

 

 

 

Non-current assets

 

 

 

Goodwill

 

5,495

4,768

Other intangible assets

 

2,390

246

Property, plant and equipment

 

6,517

5,556

Investments in subsidiaries

 

-

-

Total non-current assets

 

14,402

10,570

 

 

 

 

Current assets

 

 

 

Inventories

 

1,843

1,404

Trade and other receivables

 

5,279

3,854

Cash and cash equivalents

 

910

67

Total current assets

 

8,032

5,325

 

 

 

 

LIABILITIES

 

 

 

Current liabilities

 

 

 

Borrowings

 

2,062

2,349

Trade and other payables

 

4,054

2,659

Total current liabilities

 

6,116

5,008

 

 

 

 

Net current assets

 

1,916

317

Non-current liabilities

 

 

 

Borrowings

 

2,122

1,704

Deferred tax

 

508

62

Total non-current liabilities

 

2,630

1,766

NET ASSETS

 

13,688

9,121

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

Share capital

 

826

579

Share premium

 

5,288

1,862

Other reserves

 

1,061

443

Retained earnings

 

6,513

6,237

TOTAL SHAREHOLDERS' EQUITY

 

13,688

9,121

 

 

Statement of Changes in Shareholders' Equity

for the year ended 30 April 2016

 

 

 

 

Called Up

Share

Capital

£'000

Share

Premium

Reserve

£'000

 

Other reserves

£'000

 

Retained

Earnings

£'000

 

Total

Equity

£'000

 

 

 

 

 

 

 

 

Group

 

 

 

 

 

 

 

At 1 May 2014

 

419

409

-

6,439

7,267

Profit for the year

 

 

-

-

-

191

191

Total comprehensive income

 

 

-

-

-

191

191

Transactions with owners

 

 

 

 

 

 

 

Issue of share capital

 

 

160

1,453

443

-

2,056

Credit to equity for equity settled share based payments

 

 

 

-

 

-

 

-

 

12

 

12

Dividend paid

 

 

-

-

-

(405)

(405)

At 1 May 2015

 

 

579

1,862

443

6,237

9,121

Profit for the year

 

 

-

-

-

743

743

Total comprehensive income

 

 

-

-

-

743

743

Transactions with owners

 

 

 

 

 

 

 

Issue of share capital

 

 

247

3,426

618

-

4,291

Credit to equity for equity settled share based payments

 

 

-

 

-

 

-

 

28

 

28

Dividend paid

 

 

-

-

-

(495)

(495)

At 30 April 2016

 

 

826

5,288

1,061

6,513

13,688

 

 

 

   

 

 

Cash Flow Statements

for the year ended 30 April 2016

 

 

 

 

Group

 

 

 

2016

£'000

2015

£'000

Cash flows from operating activities

 

 

 

 

Profit/(loss) for the year

 

 

743

191

Adjustments for:

 

 

 

 

Depreciation of property, plant and equipment

 

678

533

Loss/(profit) on disposal of tangible assets

 

 

50

(33)

Amortisation of intangible assets

 

 

133

136

Share based payment charge

 

 

28

12

Interest payable

 

 

180

184

Taxation charge

 

 

15

-

Operating cash flows before movements in working capital

 

 

 

1,827

 

1,023

(Increase)/decrease in inventories

 

 

(174)

801

(Increase)/decrease in trade and other receivables

 

 

(455)

1,108

Increase/(decrease) in trade and other payables

 

 

658

(1,361)

Cash generated by operations

 

 

1,856

1,571

UK corporation tax paid

 

 

(40)

-

Net cash generated from operating activities

 

1,816

1,571

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

Acquisition of subsidiary, net of cash acquired

 

 

 

(2,402)

 

(1,998)

Acquisition of property, plant and equipment

 

 

(1,668)

(440)

Proceeds from disposal of fixed assets

 

 

-

42

Acquisition of intangible assets

 

 

-

(7)

Net cash used in investing activities

 

 

(4,070)

(2,403)

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

Proceeds of issue of share capital

 

 

3,641

1,605

New bank loans raised

 

 

1,150

500

New director's loan raised

 

 

-

200

Dividends paid 

 

 

(495)

(405)

New asset finance raised

 

 

463

237

Interest paid on borrowings

 

 

(180)

(184)

Repayments of bank borrowings

 

 

(666)

(297)

Repayment of director's loan

 

 

(200)

(146)

Repayments of obligations under finance lease

 

(205)

(226)

Net cash used in financing activities

 

 

3,508

1,284

Net increase in cash and cash equivalents

 

 

1,254

452

Cash and cash equivalents at 1 May 2015

 

 

(1,747)

(2,199)

Cash and cash equivalents at 30 April 2016

 

 

(493)

(1,747)

Cash

 

 

910

67

Invoice discounting facility

 

 

(1,403)

(1,814)

Cash and cash equivalents at 30 April 2016

 

 

(493)

(1,747)

 

 

 

 

Notes to the Financial Statements

for the year ended 30 April 2016

 

1.   Basis of preparation

 

The financial information set out above does not constitute the Group's statutory accounts for the years ended 30 April 2016 or 2015 within the meaning of Section 434 of the Companies Act 2006, but is derived from those accounts. Statutory accounts for 2015 have been delivered to the Registrar of Companies and those for 2016 will be delivered following the company's Annual General Meeting. The auditors' report on the statutory accounts for the year ended 30 April 2015 was unqualified and does not contain statements under s498 (2) or (3) Companies Act 2006.

 

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.

 

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.

 

 

2.  Underlying operating profit and separately disclosed items

 

 

 

 

                   2016

 

            2015

 

 

                   £'000

 

            £'000

Underlying operating profit

 

                  1,649

 

             1,349

Separately disclosed items in administrative expenses:

 

                 

 

              

Share based payment charge

 

                      (28)

 

                (12)

Intangible amortisation

 

                    (118)

 

                (106)

Costs of acquisition                     

                                 

                      (67)

 

                (106)

Retirement costs of former directors

 

                      (30)

 

                (414)

Reorganisation costs

 

                   (418)

 

                    -

Loss on disposal of tangible fixed assets                                                

 

                     (50)

 

                    -

Impairment loss recognised on trade receivables

 

                       -

 

                (336)

Operating profit

 

                    938

 

               375

 

 

3. Earnings per share

 

Basic and underlying earnings per share

 

The basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders for the financial period by the weighted average number of shares in issue during the financial period of 66,238,090 (2015: 54,894,513).

 

Underlying earnings per share is also shown calculated by reference to earnings before exceptional items. The directors consider that this gives a useful indication of underlying performance.

 

 

Unaudited

2016

Audited

2015

 

£'000

EPS (p)

£'000

EPS (p)

 

 

 

 

 

Profit for the financial period

743

              1.12

              191

             0.35

Separately disclosed items

               711

              1.08

              974

            1.77

Underlying profit for the period

            1,454

              2.20

            1,165

             2.12

 

 

 

Diluted earnings per share

 

The diluted earnings per share is based on the weighted average number of ordinary shares in issue ranking for dividend during the year, adjusted for the effect of all dilutive potential ordinary shares. The number of shares used to calculate the earnings per share were 66,548,090 (2015: 54,894,513). This resulted in diluted earnings per share of 1.12p (2015: 0.35p).

 

 

4.  Dividends

 

A final dividend for the year ended 30 April 2015 of 0.5p per share was paid on 30 October 2015 to shareholders on the register on 7 August 2015. This dividend amounted to £289,308.

 

In respect of the current year an interim dividend of 0.3p per share was paid on 1 March 2016 to shareholders on the register on 21 January 2016. This dividend amounted to £196,844.

 

A final dividend of 0.7p per share is to be paid on 14 October 2016 to shareholders on the register on 9 September 2016. The ex-dividend date will be 8 September 2016. The dividend is subject to approval by the shareholders of the company at the Annual General Meeting. This dividend equates to £578,304 and has not been included as a liability at 30 April 2016.

 

 

5.  Group reconciliation of net cash flow to movement in net debt

 

 

 

                   2016

 

          2015

 

 

                   £'000

 

           £'000

Increase in cash and cash equivalents

 

                    1,254

 

               452

Increase in bank loans and other loans

 

                     (284)

 

                (257)

Increase in asset finance

 

                    (258)

 

              213

Movement in net debt in the period

 

                      712

 

               (18)

Net debt at start of the period

 

                 (3,986)

 

             (3,968)

Net debt at end of the period

 

                 (3,274)

 

             (3,986)

 

 

 

6.  Publication of Annual Report and Notice of Annual General Meeting

 

A copy of the 2016 Report & Accounts, together with a notice of the Annual General Meeting to be held at Tatra Rotalac Limited, Southmoor Road, Roundthorn Industrial Estate, Wythenshawe, Manchester M23 9DU on 28 September 2016 at 12:00 p.m., will be sent to all shareholders on 5 September 2016. Further copies will be available to the public at the company's registered address at North Florida Road, Haydock Industrial Estate, Haydock, Merseyside WA11 9TP and on the Company's website at www.coralproducts.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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