Business
Interim Management Statement
Interim Management Statement.
About this update from Coral Products Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 2645C Coral Products PLC 03 March 2011 \n \n\n3 March 2011\nCORAL PRODUCTS PLC\n\nINTERIM MANAGEMENT STATEMENT\n \n\nCoral Products PLC a leading supplier of plastic media packaging and recycling products presents its Interim Management Statement as at 3 March 2011 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.\n\nThe Company published its half yearly report to 31 October 2010 on 1 December 2010. This Interim Management Statement summarises any further relevant information for the period since that Report.\n\n \nHighlights\n \n· Results continue to be in line with forecast.\n· New 5 litre caddy added to range of recycling products\n· Operating margins remain low as a consequence of significant raw material price increases\n\n \nMaterial Events and Transactions\nThere are no material events or transactions to report for the period and performance has continued roughly in line with Directors' expectations.\n\n \nTrading Activity\n \nThe Company continues to face challenging conditions in its markets although results for the year to 30 April 2011 are expected to be in line with management's expectations.\n \n\nThe core media based products continued to deliver high sales up to Christmas although margins suffered due to further increases in the prices of raw materials. Since then demand has been in line with forecast.\n \n\nThe Company has continued to apply for new contracts to supply recycling products to local authorities. In furthering its strategic plan a 5 litre caddy has recently been added to its range of kitchen and kerbside food waste containers ('caddies'). Whilst UK councils are currently facing a difficult time with cost controls, the benefits of reducing food waste disposal in landfill sites is still expected to result in an increase in contractual opportunities.\n \n\nTrade moulding has maintained its solid performance and orders have continued to be strong and in line with our expectations.\n \n\nOperating margins have stayed under pressure as a consequence of the significantly increased raw material prices resulting from supply constraints and rises in oil prices. It remains difficult to pass on th...