Finance

Half-year profits almost double as revenue surges at listed plastics maker

Profits almost doubled as revenue jumped by more than half at plastics maker Coral Products during the first half of its financial year.

The Wythenshawe-headquartered group has posted pre-tax profits of £510,000 for the six months to the end of October 2021, up from the £286,000 it reported during the same period in 2020.

The listed group also achieved a revenue of £7.1m, up from £4.5m.

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The figures compare to Coral Products’ results for the 12 months to the end of April this year, which included a revenue of £10.7m and pre-tax losses of £316,000.

Chairman Joe Grimmond said: “I am delighted with the performance of the business in the first half of the financial year.

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“I am pleased to report that the results to date are well ahead of the same period last year, in spite of the prevailing uncertainties of Brexit and the Covid-19 pandemic.

“With our enhanced cash position arising from the sale of the Haydock property which completed on 19 November 2021 for £3.5m, we remain confident of the group’s future prospects.”

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