26th Jan 2024 11:12
(Alliance News) - Coral Products PLC on Friday said it had a challenging trading period in December and January and expects to fall short of market consensus.
Shares in Coral Products lost 25% to 12.44 pence each in London on Friday morning.
The Manchester, England-based plastic products maker said orders are down, and its now expects annual revenue to be around 10% below financial 2023's GBP35.2 million.
Earnings before interest, tax, depreciation and amortisation margins will also be narrowed by the deleveraging effect.
Profit in financial 2024, which ends on April 30, and in the following year, though to a lesser extent, will be below management and market expectations, the company said.
Looking ahead, Coral said it would undertake a comprehensive review of the business, led by its newly appointed chief executive officer, Lance Burn.
"Critically, our customers remain with us and we will use this moment as an opportunity to reset the business with a strong platform for long-term growth," Burn said.
By Sabrina Penty, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.