PLASTIC products group Coral warned today that sales and profits for the year are expected to be below expectations.
In a trading update, the Haydock firm said a further fall in volumes of its media products, such as CD and DVD cases, had affected results, despite a good performance by its food containers manufacturer Interpack.
It said: “In the group’s interim results for the six months ended October 31, the board stated that the group overall had performed in line with expectations with Interpack performing well, countered by disappointing performance in the media packaging business.
“The board’s stated aim is to rebalance sales and production away from its traditional media sales market, which has been in decline for some time.”
It added: “In the period since the publication of the interims, media sales have fallen further below expectations and, while 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.”
It said a number of new food packaging products have been introduced by Interpack in the last quarter, including a range of ice cream and salad containers which, it said, should generate sales with the approaching warmer months.