TIDMRBN
RNS Number : 1205M
Robinson PLC
21 August 2013
Robinson plc
("Robinson" or the "Company)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
HIGHLIGHTS
-- Revenues up 14%
-- Operating profit before exceptional items up 10%
-- Exceptional gain of GBP1.1m on sale of property
-- Profit before tax GBP2.2m (2012: GBP0.6m)
-- Interim dividend increased by 14% to 2.0p (2012: 1.75p)
CHAIRMAN'S STATEMENT
Revenues & Profits
Revenues increased during the first half by 14% compared with
the same period last year. Our customers report continued softness
in demand for their premium branded products but new contracts have
resulted in increased revenues. Plastic resin prices continue to
fluctuate but on average have been at a similar level to last year.
Whilst gross margins have been maintained, net operating costs have
increased by 21% resulting from our previously announced
strengthening of our sales and marketing team.
The notional finance income benefit arising from the pension
fund surplus has halved to GBP0.1m in line with the reduction in
the surplus in the pension fund shown in our balance sheet at the
end of 2012. Other financing income was negligible as bank deposit
rates have remained at low levels.
Sale of Property
Sonoco have exercised their option (pursuant to the sale of the
spiral wound paperboard business in 2011) to buy the freehold
property known as Portland Works in Chesterfield. The sales
proceeds are GBP4.25m and this creates an exceptional gain on
disposal of GBP1.1m in the income statement in the first half of
2013. The proceeds, which were received after the half year end,
are included in "trade and other receivables" in these statements.
The property was subject to a 15 year lease with an option to
purchase, which has now been exercised. As a result, future rental
incomes will be reduced by GBP0.4m per annum with effect from July
2013.
Cash & Finances
The Group's net cash and borrowings position stood at GBP1.1m at
the end of June (2012: GBP0.4m) and this has improved with the
receipt of the balance due from the sale of property referred to
above. A final dividend of 2.25p was paid on 3 June 2013 (2012:
2.0p).
The proceeds from the sale of property will be held as cash
while the Company continues to actively seek investment
opportunities to expand its packaging business in Europe.
Outlook and Dividend
Market conditions for the rest of this year are expected to
remain subdued. The directors are nevertheless optimistic that the
Group will show progress in the profitability of the trading
business for the year. As a result, an increased interim dividend
of 2.0p (2012: 1.75p) has been approved to be paid on 1 October
2013 to shareholders on the register at 30 August 2013.
For more information please contact:
Robinson plc
Guy Robinson, Finance Director Tel: 01246 389283
www.robinsonpackaging.com
WH Ireland
Katy Mitchell Tel: 0161 832 2174
Robinson plc, Chesterfield, S40 2AB, UK. Registered number 39811
(England) AIM code "RBN"
Robinson plc
Group Income Statement
Six months Six months Year
to 30.06.13 to 30.06.12 to 31.12.12
Continuing Operations Notes GBP'000 GBP'000 GBP'000
------------- ------------- -------------
Revenue 10,886 9,517 21,171
Cost of sales (8,671) (7,595) (16,141)
------------- ------------- -------------
Gross profit 2,215 1,922 5,030
Operating costs (1,185) (982) (2,604)
Exceptional items 1,054 (525) (83)
------------- ------------- -------------
Operating profit 2,084 415 2,343
Finance income - interest receivable 2 - 10
Finance income - bank interest payable (1) (4) (9)
Finance income in respect of pension
fund 124 237 474
------------- ------------- -------------
Profit before taxation 2,209 648 2,818
Taxation 2 (310) (275) (723)
------------- ------------- -------------
Profit for the period from continuing
operations 1,899 373 2,095
------------- ------------- -------------
Earnings per ordinary share (EPS) 4
EPS from continuing operations excluding
exceptional items 7.1p 7.4p 13.6p
EPS from continuing operations 11.7p 2.3p 13.1p
Diluted EPS 4
EPS from continuing operations excluding
exceptional items 5.0p 5.5p 13.1p
EPS from continuing operations 11.3p 2.3p 12.6p
Statement of Comprehensive Income GBP'000 GBP'000 GBP'000
------------- ------------- -------------
Profit for the period 1,899 373 2,095
------------- ------------- -------------
Other comprehensive income
Actuarial loss on retirement benefit
obligations - (90) (3,355)
Currency translation (loss)/gain (58) 3 215
------------- ------------- -------------
(58) (87) (3,140)
Taxation relating to actuarial loss - 30 922
------------- ------------- -------------
Other comprehensive expense (58) (57) (2,218)
------------- ------------- -------------
Total comprehensive income/(expense)
for the period 1,841 316 (123)
------------- ------------- -------------
Robinson plc
Group Statement of Financial Position
30.06.13 30.06.12 31.12.12
GBP'000 GBP'000 GBP'000
---------------- --------- ---------------
Non-current assets
Property, plant and equipment 8,913 8,847 8,857
Deferred tax assets 111 173 158
Pension asset 4,224 7,292 4,224
13,248 16,312 13,239
---------------- --------- ---------------
Current assets
Inventories 1,958 1,590 1,608
Trade and other receivables 9,802 5,884 6,704
Cash 1,055 902 1,743
12,815 8,376 10,055
---------------- --------- ---------------
Non-current assets held for
sale 2,782 4,998 4,998
Total assets 28,845 29,686 28,292
---------------- --------- ---------------
Current liabilities
Trade and other payables (3,821) (4,140) (4,355)
Corporation tax payable (211) (220) (337)
Borrowings - (335) (307)
(4,032) (4,695) (4,999)
---------------- --------- ---------------
Non-current liabilities
Borrowings - (140) -
Deferred tax liabilities (545) (1,417) (524)
Provisions (187) (189) (187)
(732) (1,746) (711)
---------------- --------- ---------------
Total liabilities (4,764) (6,441) (5,710)
---------------- --------- ---------------
Net assets 24,081 23,245 22,582
---------------- --------- ---------------
Equity
Share capital 80 80 80
Share premium 526 419 419
Capital redemption reserve 216 216 216
Translation reserve 240 84 296
Revaluation reserve 4,371 4,568 4,580
Retained earnings 18,648 17,878 16,991
---------------- --------- ---------------
Equity attributable to shareholders 24,081 23,245 22,582
---------------- --------- ---------------
Robinson plc
Group Statement of Cash Flows
Six months Six months Year
to 30.06.13 to 30.06.12 to 31.12.12
GBP'000 GBP'000 GBP'000
------------- ------------- -------------
Cash flows from operating activities
Profit for the period 1,899 373 2,095
Adjustments for:
Impairment of investment in associates - 550 -
Depreciation of property, plant and
equipment 476 431 892
Profit on disposal of other plant and
equipment (5) - (148)
Decrease in provisions - - (2)
Other finance income in respect of
pension fund (128) (237) (474)
Finance income 1 4 9
Taxation charged 310 275 723
Non-cash items:
Pension current service cost 128 116 188
Cost of share options 24 30 63
------------- ------------- -------------
Operating cash flows before movements
in working capital 2,705 1,542 3,346
Increase in inventories (350) (211) (229)
(Increase)/Decrease in trade and other
receivables (882) 664 341
(Decrease)/Increase in trade and other
payables (587) 200 417
------------- ------------- -------------
Cash generated by operations 886 2,195 3,875
UK corporation tax paid (367) (291) (643)
Interest paid (2) (5) (11)
------------- ------------- -------------
Net cash generated by operating activities 517 1,899 3,221
------------- ------------- -------------
Cash flows from investing activities
Investment in an associate - (100) -
Acquisition of property, plant and
equipment (565) (505) (902)
Disposal of other plant and equipment 28 - 254
------------- ------------- -------------
Net cash used in investing activities (537) (605) (648)
------------- ------------- -------------
Cash flows from financing activities
Loans paid (307) (167) (335)
Dividends paid (361) (288) (558)
------------- ------------- -------------
Net cash used in financing activities (668) (455) (893)
------------- ------------- -------------
Net (decrease)/increase in cash and
cash equivalents (688) 839 1,680
Cash and cash equivalents at 1 January 1,743 63 63
------------- ------------- -------------
Cash and cash equivalents at end of
period 1,055 902 1,743
------------- ------------- -------------
Cash 1,055 902 1,743
------------- ------------- -------------
Cash and cash equivalents at end of
period 1,055 902 1,743
------------- ------------- -------------
Robinson plc
Notes to the Interim Report
1. Basis of preparation
The interim report for the six month period to 30 June 2013 was
approved by the directors on 21 August 2013. 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 2012, which have been prepared in
accordance with applicable IFRSs. The information for the year
ended 31 December 2012 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 2013 has been
calculated on the basis of the estimated effective tax rate on
profits before tax for the year to 31 December 2013.
3. Dividends
Six months Six months Year
to 30.06.13 to 30.06.12 to 31.12.12
Ordinary: GBP'000 GBP'000 GBP'000
------------- ------------- -------------
Final 361 288 296
Interim - - 262
------------- ------------- -------------
361 288 558
------------- ------------- -------------
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 GBP1,899,000 divided by the weighted
average number of shares in issue, net of treasury shares of
16,193,501: for diluted earnings per share 16,853,501.The
calculation of basic and diluted earnings per ordinary share for
continuing operations excluding exceptional items is based on a
profit of GBP845,000 being the profit after taxation of
GBP1,899,000 less the exceptional item of GBP1,054,000.
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. 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.
...ends
This information is provided by RNS
The company news service from the London Stock Exchange
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