Source - SMW
Plastic products maker Coral Products PLC said its annual results would be materially below market expectations due to costs identified during a review of its production facility in Haydock.

The review resulted in slow-moving and obsolete stock worth £225k being written off, the company said.

In addition, costs of £200k were incurred converting fixed assets acquired from ICM in March in order to meet automotive industry customer requirements.

Significant capital expenditure incurred during H1 resulted in an increased depreciation charge of £244k, while associated financing costs were £58k.  

As a result of these costs, which total £727k, the company said it expected to incur an interim pre-tax loss of around £7k, compared to a profit in 2016 of £718,000.

The outlook for the second half of the financial year ending on 30 April 2018 was expected to result in a small profit after non-recurring items, it added.


At 2:56pm: (LON:CRU) Coral Products PLC share price was -2.25p at 9.75p



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