26th Mar 2019 09:57
LONDON (Alliance News) - Coral Products PLC said Tuesday its performance in the latter part of its second half suffered from "a number of key factors".
Shares in the plastics manufacturer were down 45% Tuesday morning at 6.75 pence each.
Coral said it saw a "strong recovery" in the first half and made an "encouraging" start to the second half but a downturn in business from the automotive industry and "significant" delays in deliveries from a "major on-line retailer" hurt the company's performance.
In the six months to October 31, Coral reported a pretax profit of GBP582,000. The company said this was followed by a loss in the four months to February 28.
As a result, Coral expects its full year results - for the twelve months ending April - will be "materially below" both management and market expectations.
For the twelve months to April 2018, Coral reported a pretax loss of GBP497,000 on revenue of GBP23.4 million.
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