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Disappointing media sales will hit Coral Products' yearly results

In view of the "very disappointing" media sales, especially DVD sales, in the last two months - and a major factor in the poor second half - the board of Merseyside-based injection moulding specialist, Coral Products, announced that the Group's results for the year to 30 April 2013 will be "substantially below the market's revised expectations."

Originally focusing mostly on the manufacture and supply of DVD packaging solutions, Coral has been diversifying its range of products to include recycling solutions such as kerbside boxes/crates and food waste caddies and housewares alongside a wide variety of trade moulding.

The portfolio has recently been enhanced further with the addition of Luton-based Interpack Ltd into the groups activities. Interpack specialises in packaging to the food, chemical, pharmaceutical, animal feed, paint & adhesives markets.

Local authority cuts have had some effect on the Coral's recycling division and the extended cold weather has impacted on the launch of the Group's new ice cream food packaging products.

Nevertheless the board expects to return an overall profit for the year with EBITDA having shown significant growth. Whilst the Group says it will continue to develop markets outside of the media sector, the sale of HMV and Blockbuster has stabilised the DVD market and it is seeing signs of increased activity.

Story filed 29.04.13

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