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Coral Products PLC (CRU)

  Print      Mail a friend       Annual reports

Friday 11 July, 2014

Coral Products PLC

Preliminary Results

RNS Number : 9914L
Coral Products PLC
11 July 2014
 



11 July 2014

 

 

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 preliminary results for the year ended 30 April 2014.

 

*

*

*

* Operating profit, EBITDA and underlying EPS are reported before an exceptional operating charge in 2014 of £1,291,000 as the Directors are of the opinion that these give a more accurate picture of underlying performance

 

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

 

"Last year was a challenging year for our company as the media packaging industry continued its relentless decline in turnover largely due to the increase in electronic media downloading. The successful implementation of our strategy has enabled us to more than offset this decline. The improved trading and financial position of our group allowed us to greatly reduce our reliance on the media sector.

 

"The non-cash charge in respect of our remaining media assets and the acquisition of Tatra completed after the year-end means we can conclude our 3 year strategic plan early.

 

"Your Board is now developing our next 3 year plan starting from a much improved position.

 

"The year ahead looks promising as we start to supply new products for retail distribution and continue to develop in-house food packaging and waste disposal containers. We have an agreement with a large retail distribution company to manufacture new containers to be introduced at purpose built depots. On the strength of this we have added a larger machine to our portfolio to adequately manage the increased tonnage required. We are expecting additional supply agreements as further opportunities arise.

 

"Interpack is performing strongly and the acquisition of Tatra post year end provides us with access to new markets, increased customer opportunities and an expanded product range. This gives us considerable confidence for the future.

 

"We believe the opportunity exists for us to create a significant plastic moulding business and we remain confident in our ability to implement our strategic vision and improve business performance to increase our customer base and market share and drive financial results over the medium term".

 

 

For further information, please contact:

 

Coral Products plc

Joe Grimmond, Non-Executive Chairman

Warren Ferster, Chief Executive & Managing Director

 

 

Tel: 07703 518 148

Tel: 01942 272 882

Nominated Adviser

Cairn Financial Advisers LLP

Avi Robinson / Tony Rawlinson

 

 

Tel: 020 7148 7900

Broker

Hume Capital plc

David Lawman / Guy Peters

 

 

Tel: 020 3693 1470

 

Bankside Consultants

Richard Pearson

Tel: 07515 587 184

 

Last year was a challenging year for our company as the media packaging industry continued its relentless decline in turnover largely due to the increase in electronic media downloading. The successful implementation of our strategy has enabled us to more than offset this decline. The improved trading and financial position of our group allowed us to greatly reduce our reliance on the media sector.

 

The non-cash charge in respect of our remaining media assets and the acquisition of Tatra completed after the year-end means we can conclude our 3 year strategic plan early.

 

Your Board is now developing our next 3 year plan starting from a much improved position.

 

The year ahead looks promising as we start to supply new products for retail distribution and continue to develop in-house food packaging and waste disposal containers. We have an agreement with a large retail distribution company to manufacture new containers to be introduced at purpose built depots. On the strength of this we have added a larger machine to our portfolio to adequately manage the increased tonnage required. We are expecting additional supply agreements as further opportunities arise.

 

 

 

Trade moulding revenues showed a small increase to £2.7 million and a number of products are being moulded for new customers. A recent order has been placed which is expected to produce significant additional revenue over the next 12 months.

 

Recycling product sales remained fairly constant at £1.8 million over the year as a whole. The revenues were affected by local authorities' ability to determine their available spend and policy towards waste management. This area is significant to the Group and we continue to commit resources to developing products and partnerships with local authorities and waste management companies.

 

Results

Group revenue remained constant for the year at £17,222,000 (2013: £17,279,000). Margins declined only slightly as the gains from a more favourable mix of better added value products were offset by increases in raw materials. EBITDA for the group remained strong at £1,395,000 (2013: £1,588,000). Overheads in the group decreased to £3,423,000 (2013: £3,753,000) as a result of the ongoing management of our cost base and a decrease in depreciation charges. This resulted in an underlying operating profit of £664,000 (2013: £496,000). Exceptional costs resulting from the write-off of media assets were £1,291,000 (2013: £nil) and finance costs amounted to £158,000 (2013: £146,000). The loss for the financial year after exceptional items and before taxation was £785,000 compared with a profit for 2013 of £350,000.

 

Underlying earnings per share were 1.21 pence (2013: 1.08 pence) and the loss per share after exceptional items was 1.87 pence (2013: earnings of 1.08 pence).

 

Net debt at 30 April 2014 was £3,968,000 (2013: £3,950,000) giving gearing of 52% (2013: 46%). Interest cover before exceptional costs was 4.2 times (2013: 3.4 times). Net assets per share were 18.2p (2013: 20.6p).

 

 

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 maintained at 0.5 pence per share. The ex-dividend date will be Wednesday 23 July 2014 and the record date Friday 25 July 2014. This final dividend will be paid on 17 October 2014.

 

Strategy

We aim to enhance our position, through organic investment and selective acquisitions, as a leading plastic moulding group. We have successfully followed a 3 year strategic plan to replace production of media packaging with new products with longer and progressive futures. We continue to look at new markets and develop products and relationships that will enable us to benefit from the opportunities that will continue to arise from long-term growth in plastics moulding.

 

Acquisition and placing

In line with our strategy, we completed the acquisition of Tatra Plastics Manufacturing Limited earlier this month and successfully raised £1.7 million with new and existing investors via a placing of new equity.

 

Tatra is one of the UK's longest established specialists in PVC and plastic injection moulding and extrusion. Based near Halifax, West Yorkshire, Tatra is an approved supplier to, and holds current contracts with, major corporations in the telecommunications and rail industries and has, for the last 5 years, been developing and manufacturing products for the fibre optic market. The acquisition will provide Coral with an entry into, inter alia, the rail and telecoms markets and expand Coral's range of products. In the year ended 31 December 2013, Tatra's audited sales and profit before tax were approximately £3.2 million and £0.2 million respectively. The net asset value of Tatra as at 31 December 2013 was £0.9 million.

 

People

W

 

Outlook

Interpack is performing strongly and the acquisition of Tatra post year end provides us with access to new markets, increased customer opportunities and an expanded product range. This gives us considerable confidence for the future.

 

We believe the opportunity exists for us to create a significant plastic moulding business and we remain confident in our ability to implement our strategic vision and improve business performance to increase our customer base and market share and drive financial results over the medium term.

 

11 July 2014

 

Revenue 

Gross profit

Underlying operating profit

*

(Loss)/profit from operations

(Loss)/profit for the financial year before taxation

(Loss)/profit for the year attributable to equity holders

Earnings/(loss) per share

Note 2

* Exceptional items are impairment losses on media asset values. The losses comprise a write-down of £1,187,000 in fixed assets and £104,000 in stock.

 

 

(Loss)/profit for the financial year

Total comprehensive income for the year

attributable to the company's shareholders

Non-current assets



Current assets

Total assets


Current liabilities

(2,199)

Non-current liabilities

Total liabilities


Net assets


Equity

Equity attributable to shareholders

 

 

Group

At 1 May 2012

 

Net profit for the year

 

Cancellation of share premium and capital redemption reserve

 

Share issue

 

Dividend paid


At 30 April 2013 (audited)


Net profit for the year

 

Dividend paid

At 30 April 2014 (unaudited)

 

Cash flows from operating activities


(Loss)/profit for the year

 Adjustments for:

Depreciation of property, plant and equipment

Profit on disposal of fixed assets

               (31)

Amortisation of intangible assets

Impairment provision

            1,187

Taxation recovered

Interest expense

Operating cash flows before movements in working capital

(Increase)/decrease in inventories

(Increase) in trade and other receivables

Increase/(decrease) in trade and other payables

Cash generated by operations

UK corporation tax paid

Net cash generated from operating activities

Cash flows from investing activities

Acquisition of property, plant and equipment

Proceeds from sales of plant

Acquisition of intangible assets

Net cash used in investing activities

Cash flows from financing activities

Proceeds of share issue

Proceeds of term loan

Proceeds of director's loan

Dividends paid to equity holders

Proceeds of new asset finance

Repayment of director's loan

Interest paid

 (158) 

(146) 

Term loan repayments

Finance lease principal payments

Net cash generated from financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at 1 May

Cash and cash equivalents at 30 April

Cash

Overdraft

Cash and cash equivalents at 30 April

 

 

The financial information set out above does not constitute the Group's statutory accounts for the years ended 30 April 2014 or 2013 within the meaning of Section 434 of the Companies Act 2006, but is derived from those accounts. Statutory accounts for 2013 have been delivered to the Registrar of Companies and those for 2014 will be delivered following the company's Annual General Meeting. The auditors' report on the statutory accounts for the year ended 30 April 2013 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.

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 41,935,609 (2013: 39,613,965).

 

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,

 

                      104

                          -

4

 (3,950)

(3,968)

 

A copy of the 2014 Report & Accounts, together with a notice of the Annual General Meeting to be held at Haydock Thistle Hotel, Penny Lane, Haydock, Merseyside WA11 9SG on 27 August 2014 at 12:00 p.m., will be sent to all shareholders on or around 5 August 2014. 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
 
END
 
 
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