Board Changes and Further Trading Update
Coral Products plc announced significant board changes with the immediate departure of Chief Executive Officer Ian Hillman and Group Finance Director Paul Rice from the Board, though Rice will remain as Chief Financial Officer and Hillman as an employee. David Low, previously Non-Executive Chairman, has been appointed Interim Executive Chairman to oversee daily operations. The company also provided a trading update, stating that while first quarter sales for the 2027 financial year met budget, profitability was substantially below both budget and the prior year's performance due to challenging market conditions.
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Coral Products plc, the specialist in the design, manufacture and supply of plastic products, announces that the Board has reached agreement with Ian Hillman, Chief Executive Officer, and Paul Rice, Group Finance Director, that they will both step down from the Board with immediate effect. Paul Rice will remain as Chief Financial Officer and Ian Hillman remains as an employee.
David Low, currently Non-Executive Chairman, has been appointed as Interim Executive Chairman with immediate effect and will assume day-to-day responsibility for the operations of the Group.
Further to the Trading Update announced on 20 April 2026, market conditions remain challenging. Sales in the first quarter of the 2027 financial year were in line with budget, but profitability has been significantly below budget and the same period last year.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.