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| 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 | 0.00% | 100.00 | 95.00 | 105.00 | 100.00 | 100.00 | 100.00 | 3,662 | 07:42:30 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Plastics,resins,elastomers | 50.53M | 2.34M | 0.1399 | 7.15 | 16.75M |
From Apr 2019 to Apr 2024
TIDMRBN
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.
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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
IR DMGZRVGMGLZM
(END) Dow Jones Newswires
August 21, 2019 02:00 ET (06:00 GMT)
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