Plastics firm Coral Products brings back dividend and plots acquisitions

Plastics group Coral Products is reinstating its dividend after starting a business transformation following a profit warning earlier this year.

In a trading update in January, Coral announced that customer orders had fallen and that profits would be below management and market expectations. It also suspended the interim dividend that it had previously announced.

Now the Wythenshawe firm has issued a new update confirming trading is in line with those updated expectations. It said revenue for the year to April 30 was set to come in at over £31m, down from £35.2m in 2023, while underlying EBITDA “is expected to be not less than £3.2m”, down from last year’s £3.9m.

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The group said it intended to reinstate an interim FY24 dividend of 25p to shareholders in August, and said it would also propose a final dividend.

Coral was founded in 1989 and was originally known as a manufacturer of VHS boxers and CD cases.