Coral Products swings to annual profit as hails new executive team
Coral Products PLC on Friday said that it took ‘decisive action’ after a ‘disappointing’ first half, as it posted a swing to an annual profit.
The Manchester, England-based maker of bespoke plastic products said it swung to a pretax profit of £216,000 in the financial year ended April 30, from a loss of £1.2 million a year prior.
Revenue fell 3.7% to £29.8 million from £31.0 million.
Notably, it reported a gain from other separately disclosed items of £1.3 million, compared to a loss of £2.0 million a year ago.
Chair Joe Grimmond said after a ‘disappointing’ first half, the company ‘took decisive action by appointing a largely new executive team with a clear focus on strengthening our operational fundamentals. I am pleased to report that these actions and changes have led to significant improvements in the group’s operational and financial performance, as clearly demonstrated in these results.’
He added that financial year 2026 started strongly despite prevailing economic challenges. ‘The robust performance achieved in the first five months gives us confidence in our ability to deliver continued improvement going forward,’ he said.
Coral Products shares jumped 14% to 9.42 pence each on Friday morning in London.
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