AGM Statement
May 04 2006 - 7:30AM
UK Regulatory
RNS Number:4345C
Robinson PLC
04 May 2006
FOR IMMEDIATE RELEASE 4 May 2006
Robinson plc
AGM Statement
Robinson plc ("Robinson" or "the Company"; stock code: RBN), the custom
manufacturer of paperboard and plastic packaging based in Chesterfield, will
hold its Annual General Meeting today at 11:30am.
Richard Clothier, the Chairman, will make the following statement at the
meeting:
"The tough market conditions in our industry in recent months have been widely
reported and Robinson is not immune. The combined rise in raw material costs,
especially resin, and energy costs is proving difficult to pass on. Margins are
under pressure and, in North America, this is exacerbated by the strength of the
Canadian dollar.
"A slow start in sales this year in Paperboard in the UK has led to a small
number of redundancies. Where we have achieved sales gains, they have been
offset by business moving offshore, a trend particularly evident within our
toiletries and cosmetics business.
"However, the establishment of our new factory in Poland is progressing as
planned. The property acquired last August has been fitted out to the standards
required by leading food brands and is already supplying several of our
customers who have moved production facilities to Central Europe. In the
start-up phase this inevitably has a negative effect on earnings, but we expect
the unit to start contributing in the second half of 2006.
"Given this environment, it is unlikely that the Company will match last year's
underlying profits, but we anticipate that the sale of some of our surplus
property will generate substantial additional income. We are in advanced stages
of negotiation over the sale of two properties; contracts will be subject to the
buyer securing the necessary planning consents, but we do expect to realise a
significant surplus to book value on completion."
For further information, please contact:
Robinson PLC
Guy Robinson, Finance Director Tel: 01246 220022
www.r1son.co.uk
Bankside Consultants
Sue Scott/Michael Padley Tel: 020 7367 8888
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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