Coral Products warns on sales and profits
By PRW Staff
Posted 8 February 2013
Coral Products, the technical moulder which produces packaging products, has warned that its turnover and profits for the current financial year will be below expectations, driven by falling sales of CDs and DVDs which need its jewel cases.
When it announced its interim figures in December the group had said that while its Interpack packaging business had performed well in the first half this had been countered by a “disappointing” performance from its media packaging operation.
Since that announcement “media sales have fallen further below expectations and, whilst Interpack remains on budget, it is now unlikely that overall sales and profit targets for the group for the current financial year will be met”, the company said.
Merseyside-based Coral said its stated aim was to rebalance sales and production away from its traditional media packaging sales market – namely CDs and DVDs – which has been in decline for some time.
“A number of new food packaging products have been introduced by Interpack in the last quarter, all of which are produced by Coral,” the group said.
“The new products cover a range of ice cream and salad containers, sales of which should benefit from the approaching warmer months.”
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