Share Name Share Symbol Market Type Share ISIN Share Description
Robinson Plc LSE:RBN London Ordinary Share GB00B00K4418 ORD 0.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 77.50 75.00 80.00 77.50 77.50 77.50 6,600 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Industrials 32.8 0.7 4.2 18.5 13

Robinson PLC Interim Results

21/08/2019 7:00am

UK Regulatory (RNS & others)


Robinson (LSE:RBN)
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6 Months : From Jul 2019 to Jan 2020

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RNS Number : 6960J

Robinson PLC

21 August 2019

21 August 2019

Robinson plc

INTERIM RESULTS FOR THE SIX MONTHSED 30 JUNE 2019

CHAIRMAN'S STATEMENT

Trading Results

Revenues in the first half of 2019 are 9% higher than the same period last year, with an underlying volume increase of 8%. As we indicated in May, volumes in Q2 were lower, most notably as customers unwound Brexit contingency inventory that had been created in Q1.

Gross margin in the period slightly improved to 20% (2018: 19%), mainly as a result of pricing movements whilst operating costs were 9% higher, largely due to recruitment and training.

Operating profits before amortisation have improved by 48% to GBP0.8m versus the same period last year and profit before tax increased to GBP0.3m (2018: GBP0.1m).

Net debt

Net borrowings at the end of the period were GBP9.1m (December 2018: GBP8.8m) after investment of GBP1.0m in plant and equipment and increased inventory of GBP0.5m to provide Brexit contingency cover. A final dividend, with respect to 2018, of 3p per share was paid to shareholders on 3 June 2019 (2018: 3p).

Outlook and Dividend

Having undertaken a thorough review of customer demand, despite the ongoing Brexit uncertainty, we continue to target circa 10% annual revenue growth and target for future years progress towards a pre-exceptional return on sales in the range of 6-8%.

The Board is pleased to announce an interim dividend of 2.5p (2018: 2.5p) to be paid on 1 October 2019 to shareholders on the register at 30 August 2019 (record date). The ordinary shares ex-dividend date is 29 August 2019.

Alan Raleigh

Chairman

20 August 2019

For further information, please contact:

 
Robinson plc                         www.robinsonpackaging.com 
Guy Robinson, Finance Director      Tel: 01246 389283 
 
finnCap Limited 
Ed Frisby / Giles Rolls, corporate  Tel: 020 7220 0500 
 finance 
 Tim Redfern / Tim Harper, ECM 
 

Note for Editors:

Headquartered in Chesterfield, with manufacturing facilities in Kirkby-in-Ashfield, Stanton Hill (Nottinghamshire), Warsaw and Lodz (Poland), Robinson currently employs around 325 people. It was formerly a family business, with its origins dating back 180 years. Today the Group's main activity is the manufacture and sale of injection and blow moulded plastic packaging. Robinson operates primarily within the food, household, drink, confectionery, cosmetic and toiletry sectors, providing niche or custom manufacture to major players in the fast moving consumer goods market, such as McBride, Proctor & Gamble, Reckitt Benckiser, SC Johnson, and Unilever. The Group also has a substantial property portfolio with development potential.

   Robinson plc, Chesterfield, S40 2AB, UK. Registered number 39811 (England)        AIM code "RBN" 
 
 Income statement and statement of comprehensive income 
 
 
                                                             Six months     Six months     Year to 
 Income statement                                GBP'000    to 30.06.19    to 30.06.18    31.12.18 
 
 Revenue                                                         17,085         15,622      32,802 
 Cost of sales                                                 (13,721)       (12,719)    (26,918) 
--------------------------------------------------------  -------------  -------------  ---------- 
 Gross profit                                                     3,364          2,903       5,884 
 Operating costs                                                (2,576)        (2,371)     (4,370) 
--------------------------------------------------------  -------------  -------------  ---------- 
 Operating profit before exceptional 
  items and amortisation of intangible 
  asset                                                             788            532       1,514 
 Exceptional items                                                    -              -         110 
 Amortisation of intangible assets                                (375)          (392)       (783) 
--------------------------------------------------------  -------------  -------------  ---------- 
 Operating profit after exceptional 
  items                                                             413            140         841 
 Finance income - interest receivable                                 -              1           - 
 Finance costs - bank interest payable                            (104)           (55)       (156) 
 Finance income in respect of pension                                 -              -           - 
  fund 
---------------------------------------------  ---------  -------------  -------------  ---------- 
 Profit before taxation                                             309             86         685 
 Taxation                                                          (86)          (139)          10 
--------------------------------------------------------  -------------  -------------  ---------- 
 Profit/(loss) for the period                                       223           (53)         695 
--------------------------------------------------------  -------------  -------------  ---------- 
 
 Earnings per ordinary share (EPS)                                    p              p           p 
 Basic earnings per share                                           1.3          (0.3)         4.2 
 Diluted earnings per share                                         1.3          (0.3)         4.2 
 
                                                             Six months     Six months     Year to 
 Statement of comprehensive income               GBP'000    to 30.06.19    to 30.06.18    31.12.18 
 
 Profit/(loss) after tax for the 
  period                                                            223           (53)         695 
--------------------------------------------------------  -------------  -------------  ---------- 
 Items that will not be reclassified 
  subsequently to the Income Statement: 
 Re-measurement of net defined benefit 
  liability                                                          98             96         193 
 Deferred tax relating to items not 
  reclassified                                                     (19)            (6)           - 
--------------------------------------------------------  -------------  -------------  ---------- 
                                                                     79             90         193 
 Items that may be reclassified subsequently 
  to the Income Statement: 
 Exchange differences on retranslation                              428              -           - 
  of foreign currency goodwill and 
  intangibles 
 Exchange differences on translation 
  of foreign operations                                             117          (517)       (138) 
--------------------------------------------------------  -------------  -------------  ---------- 
                                                                    545          (517)       (138) 
 -------------------------------------------------------  -------------  -------------  ---------- 
 Other comprehensive income/(expense) 
  for the period                                                    624          (427)          55 
--------------------------------------------------------  -------------  -------------  ---------- 
 Total comprehensive income/(expense) 
  for the period                                                    847          (480)         750 
--------------------------------------------------------  -------------  -------------  ---------- 
 
 
 Statement of financial position 
 
 Statement of financial position         GBP'000   30.06.19   30.06.18   31.12.18 
 
 Non-current assets 
 Goodwill                                             1,215      1,115      1,115 
 Other intangible assets                              4,261      4,698      4,306 
 Property, plant and equipment                       19,222     17,598     19,039 
 Deferred tax asset                                     895        184        868 
                                                     25,593     23,595     25,328 
 -----------------------------------------------  ---------  ---------  --------- 
 Current assets 
 Inventories                                          3,485      3,019      2,972 
 Trade and other receivables                          9,720      9,280     10,699 
 Cash                                                 1,490        676      1,358 
                                                     14,695     12,975     15,029 
 -----------------------------------------------  ---------  ---------  --------- 
 Total assets                                        40,288     36,570     40,357 
------------------------------------------------  ---------  ---------  --------- 
 Current liabilities 
 Trade and other payables                           (5,090)    (6,349)    (5,897) 
 Corporation tax payable                              (122)      (246)       (99) 
 Bank overdrafts                                    (5,551)    (7,059)    (6,178) 
 Obligations under finance lease 
  contracts                                           (431)       (64)      (276) 
                                                   (11,194)   (13,718)   (12,450) 
 -----------------------------------------------  ---------  ---------  --------- 
 Non-current liabilities 
 Bank and other loans                               (2,700)          -    (2,700) 
 Obligations under finance lease 
  contracts                                         (1,917)       (74)    (1,049) 
 Deferred tax liabilities                           (1,008)      (494)    (1,056) 
 Provisions                                           (174)      (181)      (174) 
                                                    (5,799)      (749)    (4,979) 
 -----------------------------------------------  ---------  ---------  --------- 
 Total liabilities                                 (16,993)   (14,467)   (17,429) 
------------------------------------------------  ---------  ---------  --------- 
 Net assets                                          23,295     22,103     22,928 
------------------------------------------------  ---------  ---------  --------- 
 
 Equity 
 Share capital                                           83         83         83 
 Share premium                                          732        732        732 
 Capital redemption reserve                             216        216        216 
 Translation reserve                                  1,371        447        826 
 Revaluation reserve                                  4,122      4,315      4,126 
 Retained earnings                                   16,771     16,310     16,945 
 Equity attributable to shareholders                 23,295     22,103     22,928 
------------------------------------------------  ---------  ---------  --------- 
 
 
 Statement of cash flows 
 
 
                                                            Six months     Six months     Year to 
 Statement of cash flows                        GBP'000    to 30.06.19    to 30.06.18    31.12.18 
 
 Cash flows from operating activities 
  Profit/(loss) for the period                                     223           (53)         695 
  Adjustments for: 
  Depreciation of property, plant and 
   equipment                                                       915            850       1,795 
  Impairment of property, plant and 
   equipment                                                         -              -         189 
  (Profit) / loss on disposal of other 
   plant and equipment                                            (16)              -         209 
  Amortisation of intangible assets                                375            392         783 
  Decrease in provisions                                             -              -         (7) 
  Finance income                                                     -            (1)           - 
  Finance costs                                                    104             55         156 
  Taxation charged                                                  86            139        (10) 
  Other non-cash items: 
   Pension current service cost and 
    expenses                                                        98             98         193 
   Charge for share options                                          5              5          12 
 Operating cash flows before movements 
  in working capital                                             1,790          1,485       4,015 
  Increase in inventories                                        (513)          (238)       (151) 
  Decrease/(increase) in trade and 
   other receivables                                               979            436       (853) 
  (Decrease)/increase in trade and 
   other payables                                                (818)          1,158         329 
 Cash generated by operations                                    1,438          2,841       3,340 
  Corporation tax paid                                            (95)          (228)       (294) 
  Interest paid                                                  (104)           (55)       (150) 
 Net cash generated by operating activities                      1,239          2,558       2,896 
-------------------------------------------------------  -------------  -------------  ---------- 
 
 Cash flows from investing activities 
  Interest received                                                  -              1           - 
  Acquisition of plant and equipment                           (1,041)        (2,055)     (4,355) 
  Proceeds on disposal of property, 
   plant and equipment                                              21              -          15 
                                                                        -------------  ---------- 
 Net cash used in investing activities                         (1,020)        (2,054)     (4,340) 
-------------------------------------------------------  -------------  -------------  ---------- 
 
 Cash flows from financing activities 
  Loans repaid                                                       -          (211)       (221) 
  Loans drawndown                                                    -              -       2,700 
  Finance leases drawndown                                       1,279              -       1,300 
  Finance lease payments                                         (256)           (20)       (106) 
  Dividends paid                                                 (485)          (485)       (890) 
                                                         -------------  -------------  ---------- 
 Net cash used in financing activities                             538          (716)       2,783 
-------------------------------------------------------  -------------  -------------  ---------- 
 
 Net increase/(decrease) in cash and 
  cash equivalents                                                 756          (212)       1,339 
  Cash and cash equivalents at 1 January                       (4,820)        (6,158)     (6,158) 
  Effect of foreign exchange rate changes                            3           (13)         (1) 
 
 Cash and cash equivalents at end of 
  period                                                       (4,061)        (6,383)     (4,820) 
-------------------------------------------------------  -------------  -------------  ---------- 
 
 Cash                                                            1,490            676       1,358 
 Overdraft                                                     (5,551)        (7,059)     (6,178) 
                                                         -------------  -------------  ---------- 
 Cash and cash equivalents at end of 
  period                                                       (4,061)        (6,383)     (4,820) 
-------------------------------------------------------  -------------  -------------  ---------- 
 

Notes to the Interim Report

   1.   Basis of preparation 

The interim report for the six month period to 30 June 2019 was approved by the directors on 20 August 2019. The interim financial information is not audited.

The interim financial statements have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs). These should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2018, which have been prepared in accordance with applicable IFRSs. The information for the year ended 31 December 2018 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under sections 498 (2) or (3) respectively of the Companies Act 2006.

   2.   Taxation 

The taxation charge for the six months to 30 June 2019 has been calculated based on the estimated effective tax rate on profits before tax for the year to 31 December 2019.

   3.   Dividends 
 
                                                             Six months     Six months     Year to 
                                                GBP'000     to 30.06.19    to 30.06.18    31.12.18 
 Ordinary dividend    2017 final of 3.0p per 
  paid:                share                                          -            485         485 
  2018 interim of 2.5p 
   per share                                                          -              -         405 
                      2018 final of 3.0p per                                         -           - 
                       share                                        485 
                                                                    485            485         890 
  ------------------------------------------------------  -------------  -------------  ---------- 
 
   4.   Earnings per share 

The calculation of basic and diluted earnings per ordinary share for continuing operations shown on the income statement is based on the profit after taxation of GBP223,000 divided by the weighted average number of shares in issue, net of treasury shares, of 16,613,389 (basic) and 16,754,935 (diluted).

   5.   Going concern 

The directors have considered the cash flow forecasts for the Group and the availability of facilities. As at the date of this report, the directors have a reasonable expectation that the Group has adequate resources to continue in business for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting.

   6.   Standards effective from 1 January 2019 

Robinson plc has adopted IFRS 16 and this introduction has not resulted in a material impact on the statement of financial position or on profit or loss or on retained earnings in the current period.

   7.   Interim report 

Copies of the interim report are available from Robinson plc's registered office: Field House, Wheatbridge, Chesterfield, S40 2AB, UK or from its website at www.robinsonpackaging.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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August 21, 2019 02:00 ET (06:00 GMT)

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