(Alliance News) - Coral Products PLC on Tuesday said its expecting to report weaker full year performance in its upcoming audited results.

The Manchester, England-based company operates a group of specialist businesses involved in the design, UK manufacture and omni-channel supply of a wide range of bespoke plastic products.

For the year ended April 30, the company expects to report revenue over GBP31 million reflecting a possible 12% decline from GBP35.2 million the year prior.

Underlying earnings before interest, taxes, depreciation, and amortisation is forecasted to be no less than GBP3.2 million, potentially down 18% from GBP3.9 million.

After deciding to suspend it earlier this year, management intends on reinstating an interim dividend of 0.25 pence per share, down from the last interim dividend of 0.50p.

In addition, a final dividend will be paid, although the level of which is yet to be decided. A final dividend of 0.60p was paid last year.

Chief Executive Officer Lance Burn said: "We quickly recognised and communicated the adverse commercial impact experienced in our industry towards the end of 2023 and as a result, have been able to implement corrective commercial measures and organisational reform. We are pleased to say that we are beginning to see improvements in most of our markets, whilst being mindful of the continuing economic and geopolitical uncertainty."

Burn further said the company made progress with simplifying the business and improving efficiency through the introduction of a new two-division structure and exiting low margin revenue streams.

Coral Products shares were up 9.2% to 13.10 pence each in London on Tuesday afternoon.

By Elijah Dale, Alliance News reporter

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