25th Sep 2019 10:53
(Alliance News) - Coral Products PLC on Wednesday warned it has started its new financial year weaker than expected due to "extremely variable" trading conditions.
The stock was down 22% in morning trade in London at 5.45 pence each.
Ahead of its annual general meeting, the manufacturer of plastic injection, extruded, and blow moulded products reported sales and profit below expectations in the four months to the end of August.
"Currency fluctuations coupled with extremely variable trading conditions have led to this underperformance," explained Non-Executive Chair Joe Grimmond.
However, Coral Products said it has taken action to counter these negative effects and the company remains profitable with a strong balance sheet.
Grimmond added: "New business is expected to impact during the second half together with the management action taken, leads us to expect to still report a satisfactory outcome for the year as a whole. The prevailing uncertainties prevent me from being more upbeat."
By Evelina Grecenko; [email protected]
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