Coral Products share price surges on return to profit

The Coral Products share price (AIM: CRU) closed 31 percent higher on Tuesday at 7p after posting a return to profit for the half-year.

AIM-listed CRU posted a profit of £541,000 for the half-year to October 31 2020 – a 2,064% increase on the £25,000 recorded at the same point last year before taxation.

Key to this performance for the plastics specialist was a reduction in its cost base. This was achieved through numerous methods including automation and changes to labour shift patterns.

It welcomed the performance during a particular tricky period time with COVID-19 – noting that it expects positive momentum to translate into the fourth quarter of the year for its food packaging and recycling products.

Commenting on the performance was Joe Grimmond, Coral’s Chairman:

“In my Chairman’s statement that accompanied the release of the 2020 accounts I expressed concerns over the uncertainties associated with the ongoing Brexit situation and coronavirus pandemic. Despite these concerns I am encouraged with the level of sales and profitability achieved over the period”.

The share price of CRU is currently some way off its highs of 20p recorded 5 years ago.

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