Robinson PLC Half Yearly Report (Replacement) (2153M)
August 21 2013 - 9:57AM
UK Regulatory
TIDMRBN
RNS Number : 2153M
Robinson PLC
21 August 2013
The following replaces the 'Half Yearly Report' announcement
released on 21 August 2013 at 7:00 under RNS No 1205M.
As previously released, the EPS from continuing operations
excluding exceptional items for the six months to the 30 June 2013
was erroneously stated as 7.1p instead of 5.2p and the EPS from
continuing operations excluding exceptional items for the six
months to 30 June 2012 was erroneously stated as 7.4p instead of
5.6p. This has now been corrected.
All other details remain unchanged.
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 5.2p 5.6p 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)
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