Coral Products sees leap in first half profits
By Hamish Champ
Posted 10 December 2012
Coral Products, the Haydock-based injection moulder, has reported first half gross profits up 30% after what it called an “excellent performance” from its Interpack operation.
The group said turnover rose 9% to £9.41m, with gross profits up 30% at £2.34m.
Underlying operating profits more than trebled to £561,000, thanks in part to the Interpack deal, which was sealed in September 2011.
Warren Ferster, Coral’s chief executive, said the Interpack acquisition had enabled the group to increase its utilisation of available manufacturing capacity.
“We now have a range of food containers which are manufactured at our facility and serve the catering sector.
“Whilst we had some initial hurdles to overcome in manufacturing these thin-walled products, these difficulties have been overcome and our production is now performing consistently.
“Interpack, meanwhile continues to provide great service to a wider range of customers and, despite the difficult economic conditions, have increased sales and profits.”
Ferster said that sales of Coral’s media packaging had been “disappointing and well below our expectations”, while recycling crate and caddy sales “maintained their progress” despite issues relating to local authority funding.
Coral was also looking to expand its trade moulding activity, having seen growth in sales in the first half, he added.
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