Business
Trading Update and Directorate Change
Trading Update and Directorate Change.
About this update from Coral Products Plc
[{"type":"text","content":"\n\n29 November 2023\nCoral Products Plc\n(\"CRU\" or the \"Company\")\nTrading Update and Change of Director\n \nCoral Products PLC, a Group of specialist businesses in the design, manufacture and supply of innovative plastic product solutions based in Wythenshawe, Manchester is pleased to report that earnings for the six months to 31 October 2023 are expected to be in line with market expectations, reflecting clear progress towards building a specialist UK plastic business of scale.\n \nDividend\n \nThe Company's final dividend of 0.6p per ordinary share, for the year ended 30 April 2023, will be paid on 30 November 2023.\n \nDirector Change\n \nThe Company also announces that Joseph Grimmond has informed the Board of his intention to step down as Executive Chairman and become Non-Executive Chairman with effect from 1 January 2024.\n \nAt the same time, the Company is pleased to announce the appointment of Lance Burn as Group Chief Executive Officer and a Director of the Company with effect from 2 January 2024. \n \nLance has for the past 14 years worked within IG Design Group Plc and has been an Executive Board Director of the company since 2012. Between 2009 and 2019, Lance was CEO of UK and Asia and from 2020 CEO of the IG Design Group International businesses. Most recently living in North America, Lance has acted as Interim Group COO leading the \"critical and accelerated\" business and organisational transformation of the loss-making \"Americas\" division, delivering a FY23 YoY $14.6m adjusted operating profit improvement.\n \nPreviously, Lance has successfully run multi-site manufacturing businesses across diverse verticals and has extensive international experience comprising EMEA, India and Asia, specifically China.\n \n \nJoseph Grimmond, Executive Chairman of Coral Products, said:\n \n\"The Company continues to progress well, and we intend to publish our interims for the six months to 31 October 2023 in early December demonstrating earnings in line with market expectations\".\n \n\"In addition, I am delighted that Lance is joining Coral Products at this exciting time for the Company. He is well known to the Board and brings with him highly relevant commercial and quoted company experience that will benefit the Group and its future as it continues to de...