Coral Products warns shareholders on currency and trading performance
Coral Products updated the market on its current trading on Wednesday, reporting that four months into the current financial period, sales and profits were below management's expectations.
The AIM-traded firm, which was holding its annual general meeting, said currency fluctuations and “extremely variable” trading conditions had led to its underperformance.
It said it had taken action to counter those negative effects, and claimed the group remained profitable with a “strong” balance sheet.
“New business is expected to impact during the second half together with the management action taken, leads us to expect to still report a satisfactory outcome for the year as a whole,” said non-executive chairman Joe Grimmond.
“The prevailing uncertainties prevent me from being more upbeat.”