TIDMRBN
RNS Number : 9954X
Robinson PLC
26 August 2009
26 August 2009
ROBINSON PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009
Robinson plc ("Robinson" or "the Group"; AIM: RBN), the custom manufacturer of
plastic and paperboard packaging, announces its unaudited interim results for
the six months ended 30 June 2009.
Key features:
- Revenue down 15% as a result of:
* customers destocking
* a weak toiletries and cosmetics sector
* lower polymer prices passed on
- Exchange rates have resulted in higher costs due to the weak Polish zloty
- Loss before tax of GBP966,000 (2008: profit of GBP127,000)
- Interim dividend reduced to 1 penny per share (2008: 1.5p)
- Actions being taken to develop new business and further reduce costs
Commenting on the results, Chairman, Richard Clothier said:
"It is disappointing to report this decrease in revenue due to market
conditions. However, I am confident that actions being taken to develop new
business and reduce costs will benefit the business in the longer term. As
usual, stronger revenues are expected in the second half, which is seasonally
stronger for the packaging market. I hope to be able to report a better outlook
at the end of the year".
About Robinson
Based in Chesterfield, with additional manufacturing facilities in
Kirkby-in-Ashfield and Stanton Hill (Nottinghamshire) in Toronto (Canada) and in
Lodz (Poland), Robinson currently employs around 400 people. It was formerly a
family business, with its origins dating back some 165 years. Today the Group's
main activities are in the manufacture and sale of injection moulded plastic and
rigid paperboard packaging. Robinson operates primarily within the food, drink,
confectionery, cosmetic and toiletry sectors, providing niche or custom
manufacture to major players in the fast moving consumer goods market, such as
Proctor & Gamble, Nestlé, Cadbury, Northern Foods, Masterfoods, Bakkavor,
Unilever, Avon and Chivas. The Group also has a substantial property portfolio
with significant development potential.
For further information, please contact:
+------------------------------------------------+----------------------------+
| Adam Formela, Chief Executive, Robinson plc | 01246 505196 |
+------------------------------------------------+----------------------------+
| Guy Robinson, Finance Director, Robinson plc | www.robinsonpackaging.com |
+------------------------------------------------+----------------------------+
| | |
+------------------------------------------------+----------------------------+
| Nick Tulloch, Arbuthnot Securities Limited | 020 7012 2000 |
| Paul Gillam, Arbuthnot Securities Limited | |
+------------------------------------------------+----------------------------+
| | |
+------------------------------------------------+----------------------------+
CHAIRMAN'S STATEMENT
Six months ended 30 June 2009
Despite an encouraging start to the year, the progress that had been achieved in
2008 has not been sustained in the first half of 2009. As a result of a weak
second quarter, revenue in the first half was 15% lower than during the same
period in 2008 and margins have also decreased resulting in an operating loss of
GBP1.1m (2008: loss of GBP0.2m).
The reduction in revenue seen in the second quarter was the result of
significant destocking by some of our customers, particularly in the toiletries
and cosmetics sectors. Some of these have since increased their offtake,
however, our North American demand remains weak. Polymer price reductions which
were passed on to customers also contributed to the reduction in revenue.
Revenues in the food and drink sector held up better, but there was some
movement by consumers from the premium brands towards 'value' ranges with the
effect on our business of reduced revenues and margins. A reduction in
overheads, achieved through reorganisation in 2008, was masked by the effect of
currency exchange rates arising from the weakness of the Polish zloty which has
strengthened since the end of the period.
Action is being taken to further reduce costs but the main initiative is the
development of new business. On this front several new projects are due to come
on stream for major customers which will add to the seasonal increase that has
historically been seen in the second half. Whilst the Board is hopeful that this
increase will help to offset the first half shortfall, we will not be in a
position to fully assess the full year impact of this until we are well into the
final quarter.
The Board is mindful of the reduced cash flows and has therefore reluctantly
decided to reduce the interim dividend to 1 penny per share (2008: 1.5p). The
final dividend will depend on the extent of the recovery in our markets. In the
prevailing uncertain economic climate, the Board considers it essential to
conserve cash.
Considerable efforts are being made to develop new business and I hope we will
be in a position to report a better outlook at the year end.
+----------------------------+----------------------------+----------------------------+
| Richard Clothier | | 26 August 2009 |
+----------------------------+----------------------------+----------------------------+
| Chairman | | Robinson plc |
+----------------------------+----------------------------+----------------------------+
Robinson plc
Group Income Statement
+--------------------------------------------+-------+--+-----------+-----+--+--------+--+--+----------+
| | | | Unaudited | | Unaudited | | Audited |
| | | | six | | six | | year |
| | | | months | | months to | | to |
| | | | to | | 30.06.08 | | 31.12.08 |
| | | | 30.06.09 | | | | |
| | | | | | | | |
+--------------------------------------------+-------+--+-----------+--------+-----------+--+----------+
| |Notes | | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Revenue | | | 9,651 | | 11,303 | | 25,838 |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Cost of sales | | | (8,496) | | (9,809) | | (21,762) |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Gross profit | | | 1,155 | | 1,494 | | 4,076 |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Operating costs | | | (2,227) | | (1,691) | | (3,511) |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Operating (loss)/profit before exceptional | | | (1,072) | | (197) | | 565 |
| items | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Exceptional items | 2 | | (38) | | | -| | 15 |
+--------------------------------------------+-------+--+-----------------+--+--------+--+--+----------+
| Operating (loss)/profit after exceptional | | | (1,110) | | (197) | | 580 |
| items | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Finance costs | | | (41) | | (144) | | (280) |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Finance income in respect of pension fund | | | 185 | | 468 | | 1,047 |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| (Loss)/profit before taxation | | | (966) | | 127 | | 1,347 |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Taxation | 3 | | (84) | | (107) | | (438) |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| (Loss)/profit after taxation | | | (1,050) | | 20 | | 909 |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| (Loss)/earnings per ordinary share (basic | 4 | | ( 6.6p ) | | 0.1p | | 5.7p |
| and diluted) | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Group statement of recognised income and | | | | | | | |
| expense | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| (Loss)/profit for the period | | | (1,050) | | 20 | | 909 |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Actuarial (loss) on retirement benefit | | | (59) | | (344) | | (1,239) |
| obligations | | | | | | | |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Taxation relating to actuarial loss | | | (17) | | (103) | | 347 |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Currency translation (loss)/gain | | | (622) | | 361 | | 437 |
+--------------------------------------------+-------+--+-----------------+--+-----------+--+----------+
| Total recognised (expense)/income for the | | | (1,748) | | (66) | | 454 |
| period | | | | | | | |
+--------------------------------------------+-------+--+-----------+-----+--+--------+--+--+----------+
Robinson plc
Group Balance Sheet
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | Unaudited | | Unaudited | | Audited |
| | | | six months | | six | | year |
| | | | to | | months to | | to |
| | | | 30.06.09 | | 30.06.08 | | 31.12.08 |
| | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | GBP'000 | | GBP'000 | | GBP'000 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Non-current assets | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Property, plant and | | | 12,991 | | 14,341 | | 14,110 |
| equipment | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Deferred taxation | | | 197 | | 365 | | 197 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Pension asset | | | 6,808 | | 7,281 | | 6,808 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | 19,996 | | 21,987 | | 21,115 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Current assets | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Inventories | | | 1,951 | | 2,108 | | 1,740 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Trade and other | | | 4,763 | | 5,779 | | 7,013 |
| receivables | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Cash and cash | | | 172 | | 391 | | 475 |
| equivalents | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | 6,886 | | 8,278 | | 9,228 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Non-current assets | | | 2,954 | | 2,954 | | 2,954 |
| held for sale | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Total assets | | | 29,836 | | 33,219 | | 33,297 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Current liabilities | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Trade and other | | | (4,915) | | (5,826) | | (7,023) |
| payables | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Bank overdrafts | | | (3,440) | | (4,788) | | (2,575) |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Bank loan | | | (375) | | - | | (307) |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | (8,730) | | (10,614) | | (9,905) |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Non-current | | | | | | | |
| liabilities | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Bank loan | | | (965) | | - | | (1,312) |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Deferred tax | | | (1,419) | | (1,793) | | (1,403) |
| liabilities | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Provisions for | | | (199) | | (203) | | (199) |
| liabilities | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | (2,583) | | (1,996) | | (2,914) |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Total liabilities | | | (11,313) | | (12,610) | | (12,819) |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Net assets | | | 18,523 | | 20,609 | | 20,478 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Capital and reserves | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Ordinary shares | | | 80 | | 80 | | 80 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Share premium | | | 419 | | 419 | | 419 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Other reserves | | | 5,084 | | 5,988 | | 5,706 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Profit and loss | | | 12,940 | | 14,122 | | 14,273 |
| account | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| Shareholders' funds | | | 18,523 | | 20,609 | | 20,478 |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
| | | | | | | | |
+------------------------+-----+-----+------------+--------+-----------+----+-------------+
Robinson plc
Group cash flow statement
+--------------------------------------------+----+--+-----------+--+---------+--+--+--+-------+--+
| | | | Unaudited | | Unaudited | | Audited |
| | | | six | | six | | year |
| | | | months to | | months to | | to |
| | | | 30.06.09 | | 30.06.08 | | 31.12.08 |
| | | | | | | | |
+--------------------------------------------+----+--+-----------+--+------------+-----+----------+
| | | | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Cash flows from operating activities | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| (Loss)/profit after taxation | | | (1,050) | | 20 | | 909 |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Adjustments for: | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Depreciation charges and write-down of | | | 745 | | 868 | | 1,649 |
| fixed assets | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Profit on disposal of land and buildings | | | (44) | | - | | (15) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Profit/(loss) on disposal of other plant | | | 6 | | (2) | | (18) |
| and equipment | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Decrease in provisions | | | - | | - | | (4) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Other finance income in respect of | | | (185) | | (468) | | (1,047) |
| Pension Fund | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Finance costs | | | 41 | | 144 | | 280 |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Taxation charged | | | 84 | | 107 | | 438 |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Non-cash items: | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Increase in net pension asset charged to | | 126 | | 124 | | 281 |
| operating profit | | | | | | |
+-------------------------------------------------+--+-----------+--+---------+-----+----------+
| Cost of share options | | | 15 | | 24 | | 3 |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Operating cash flows before movements in | | (262) | | 817 | | 2,476 |
| working capital | | | | | | |
+-------------------------------------------------+--+-----------+--+---------+-----+----------+
| Increase in inventories | | | (211) | | (428) | | (60) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Increase/(decrease) in trade and other | | | 2,374 | | (657) | | (2,150) |
| receivables | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| (Decrease)/increase in trade and other | | | (2,101) | | (88) | | 968 |
| payables | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Cash generated by operations | | | (200) | | (356) | | 1,234 |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| UK corporation tax received/(paid) | | | (15) | | 3 | | (69) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Interest paid | | | (101) | | (144) | | (238) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Net cash (used in)/generated from | | | (316) | | (497) | | 927 |
| operating activities | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Cash flows from investing activities | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Sale of surplus properties | | | 64 | | - | | 15 |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Acquisition of property, plant & | | | (386) | | (345) | | (964) |
| equipment | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Disposal of other tangible plant & | | | (6) | | 8 | | 75 |
| equipment | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Net cash used in investing activities | | | (328) | | (337) | | (874) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Cash flows from financing activities | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Loans received | | | - | | - | | 1,675 |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Loans paid | | | (279) | | - | | (56) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Dividends paid | | | (245) | | (244) | | (453) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Net cash (used in)/generated from | | | (524) | | (244) | | 1,166 |
| financing activities | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Net decrease/(increase) in cash and bank | | | (1,168) | | (1,078) | | 1,219 |
| overdrafts | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Cash and bank overdrafts at 1 January | | | (2,100) | | (3,319) | | (3,319) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Cash and bank overdrafts at end of period | | | (3,268) | | (4,397) | | (2,100) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Cash | | | 172 | | 391 | | 475 |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Overdraft | | | (3,440) | | (4,788) | | (2,575) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| Cash and bank overdrafts at end of period | | | (3,268) | | (4,397) | | (2,100) |
+--------------------------------------------+----+--+-----------+--+---------+-----+----------+
| | | | | | | | |
+--------------------------------------------+----+--+-----------+--+---------+--+--+--+-------+--+
Robinson plc
Notes to the Interim Report
1. Basis of preparation
The interim report for a six month period was approved by the directors on 25
August 2009. The interim financial information is not audited.
The interim financial statements have been prepared in accordance with
applicable accounting standards and under the historical cost convention except
that they have been modified to include the valuation of certain financial
assets and liabilities. The interim financial statements do not constitute
statutory financial statements in accordance with section 435 of the Companies
Act 2006. The full year figures are derived from the statutory accounts on which
the auditors gave an unmodified report. The Group's statutory financial
statements prepared under International Financial Reporting Standards (IFRS)
have been filed with the Registrar of Companies.
2. Exceptional items
+----------------------------------------------------+----------+--+--+---------+--+--+----------+
| | Unaudited | | Unaudited | | Audited |
| | six months | | six months | | year to |
| | to 30.06.09 | | to | | 31.12.08 |
| | | | 30.06.08 | | |
+----------------------------------------------------+-------------+--+------------+--+----------+
| | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | | |
+----------------------------------------------------+----------+-----+---------+-----+----------+
| | | | | | |
+----------------------------------------------------+----------+-----+---------+-----+----------+
| Profit on disposal of land and buildings | 44 | | - | | 15 |
+----------------------------------------------------+----------+-----+---------+-----+----------+
| Redundancy | (82) | | - | | - |
+----------------------------------------------------+----------+-----+---------+-----+----------+
| | (38) | | - | | 15 |
+----------------------------------------------------+----------+--+--+---------+--+--+----------+
3. Taxation
The taxation charge for the six months to 30 June 2009 has been calculated on
the basis of the estimated effective tax rate on profits before tax for the year
to 31 December 2009.
4. Dividends
+------------------------------------------------+-----------+--+-----------+--+--+----------+
| | Unaudited | | Unaudited | | Audited |
| | six | | six | | year to |
| | months to | | months to | | 31.12.08 |
| | 30.06.09 | | 30.06.08 | | |
+------------------------------------------------+-----------+--+-----------+-----+----------+
| Ordinary: | GBP'000 | | GBP'000 | | GBP'000 |
| | | | | | |
+------------------------------------------------+-----------+--+--------------+--+----------+
| Final | 245 | | 244 | | 244 |
+------------------------------------------------+-----------+--+--------------+--+----------+
| Interim | - | | - | | 209 |
+------------------------------------------------+-----------+--+--------------+--+----------+
| | 245 | | 244 | | 453 |
+------------------------------------------------+-----------+--+-----------+--+--+----------+
5. Earnings per share
The calculation of earnings per ordinary share is based on the loss on ordinary
activities after taxation (GBP1,050,000) divided by the weighted average number
of shares in issue (15,943,501).
6. Interim Report
Copies of the interim report are available from Robinson plc's registered
office: Portland, Goyt Side Road, Chesterfield, S40 2PH, UK or from its website
at www.robinsonpackaging.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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