UK business Coral Products has announced an improved profit of £1.8 million thanks in part to sales of recycling containers.
The injection moulding company has traditionally made CD and DVD cases, but it has also diversified into the recycling and waste management market through manufacturing containers.
It also bought reseller and distributor of plastic containers company Interpack in September for £3 million and this has also boosted its sales.
Its profits were £1.8 million based on £8.66 million of sales in the six months to 31 October 2011. This compared to profits of £1.22 million on sales of £6.71 million for the same period in 2010.
Coral chairman Joe Grimmond said: “The acquisition of Interpack in September initiated our strategy to acquire complementary businesses while also enabling greater utilisation of the existing manufacturing capacity.
“In the last three months, we have received confirmed orders from a further five local authorities for the supply of recycling containers.”
In the results document, Coral Products said that its recycling sales have improved by 50 per cent to above £1 million. Its range of caddies now includes a 5 litre kitchen caddy in addition to the 7 litre kitchen and 23 litre collection caddies.
