TIDMRBN
RNS Number : 4077W
Robinson PLC
19 August 2015
Robinson plc
("Robinson", the "Company" or the "Group")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2015
DIRECTORATE CHANGE
CHANGE OF ADVISER
HIGHLIGHTS
-- The excellent performance of the Madrox acquisition during
its first year as part of Robinson has increased the expected
earn-out payable to the vendors by GBP0.9m - this has been included
in these accounts as an exceptional cost
-- Operating profit before exceptional costs and amortisation of
intangible asset up by GBP0.7m (140%) to GBP1.2m (2014:
GBP0.5m)
-- Interim dividend increased by 11% to 2.5p (2014: 2.25p)
-- Appointment of Alan Raleigh as non-executive director effective 19 August 2015
-- finnCap Ltd appointed as Nominated Adviser and Broker effective 19 August 2015
CHAIRMAN'S STATEMENT
Four significant factors have affected the revenues and profits
of the business during the first half of 2015. Firstly the major
contribution to Group operating profits from Madrox which was
acquired in June 2014. This has been partly offset by the loss last
year of a large contract in our Polish business in Lodz which
continues to affect year on year comparisons and has reduced
revenues in the half by GBP0.8m. The sterling value of our Polish
results has also been adversely affected by the 9% weakening of the
Zloty relative to the Pound since last year. Finally, the 25% fall
in resin prices in the first two months of this year has reduced
revenues by GBP0.3m, as these were passed on to customers. Since
then resin prices have risen to finish the first half 10% higher
than at the beginning of the period.
Cash flow has been strong in the first half of the year allowing
net borrowings to be reduced by GBP1.8m to GBP2.3m. The estimate of
the final Madrox earn-out cost (which is payable in April 2016,
based on the financial results of that business in 2015) has been
revised from GBP2.5m to GBP3.4m, with the full increase being
treated as an exceptional cost in the first half of 2015. The
earn-out will be paid from existing cash and bank facilities
available to the Group.
A final dividend of 2.75p was paid to shareholders on 8 June
2015 (2014: 2.5p).
The Board is pleased to announce the appointment, with immediate
effect, of a new non-executive director. Alan Raleigh has
considerable experience in the international FMCG market, having
worked for Unilever plc for over 30 years and currently holding the
position of Group Supply Chain Senior Vice President, Personal
Care. Alan's experience in highly relevant sectors will
substantially strengthen the Board.
Outlook and Dividend
During the second half of 2015 new business gains are expected
to lift revenues and lead to a significant recovery in Lodz,
especially in 2016. The Board has therefore approved an increased
interim dividend of 2.5p (2014: 2.25p) to be paid on 1 October 2015
to shareholders on the register at 28 August 2015. The ordinary
shares ex-dividend date is 27 August 2015.
For more information please contact:
Robinson plc
Guy Robinson, Finance Director Tel: 01246 389283
www.robinsonpackaging.com
FinnCap
Ed Frisby / Giles Rolls - corporate Tel: 020 7220 0500
finance
Stephen Norcross / Alice Lane
- corporate broking
The following information regarding Alan McLean Raleigh's (aged
56) appointment is required to be disclosed under Schedule Two (g)
of the AIM Rules for Companies:
Other directorships and partnerships held
Current: none
Within the last five years: none
Mr Raleigh owns no Ordinary Shares in the capital of Robinson
plc.
In accordance with Rule 17 of the AIM Rules for Companies, the
Company announces the following changes to directors' disclosures
under sub-paragraphs (iii) to (viii) of Schedule Two (g) of the AIM
Rules for Companies: Sales Activation Solutions Group Limited, of
which Richard Clothier was a director, was placed into a creditors
voluntary liquidation, and was dissolved on 9 July 2014, with
unsecured creditors receiving a dividend of 43.31p in the pound;
and, Scotplast Limited, of which Adam Formela was a director, was
placed into administration and subsequent compulsory liquidation,
with commencement of winding up taking place on 10 September
2014.
Robinson plc
Group Income Statement
Six months Six months Year to
to 30.06.15 to 30.06.14 31.12.14
GBP'000 GBP'000 GBP'000
------------- ------------- ----------
Revenue 13,637 10,888 28,071
Cost of sales -10,651 -8,812 -21,669
------------- ------------- ----------
Gross profit 2,986 2,076 6,402
Operating costs -1,751 -1,581 -3,490
Amortisation of intangible asset -392 0 -392
Exceptional costs -948 -364 -364
------------- ------------- ----------
Operating (loss)/profit -105 131 2,156
Finance income - interest receivable 5 14 27
Finance costs - bank interest
payable -63 -1 -106
Finance income in respect of
pension fund 82 165 342
------------- ------------- ----------
(Loss)/profit before taxation -81 309 2,419
Taxation -240 -76 -418
(Loss)/profit for the period -321 233 2,001
------------- ------------- ----------
Earnings per ordinary share p p p
(EPS)
EPS from continuing operations
excluding exceptional items 3.8 3.6 12.2
EPS from continuing operations -2.0 1.4 14.4
Diluted EPS
EPS from continuing operations
excluding exceptional items 3.8 3.5 11.7
EPS from continuing operations -2.0 1.4 13.9
Statement of comprehensive income GBP'000 GBP'000 GBP'000
------------- ------------- ----------
(Loss)/profit for the period -321 233 2,001
------------- ------------- ----------
Items that will not be reclassified
subsequently to profit or loss:
Re-measurement of net defined
benefit liability 0 0 -402
Deferred tax relating to items
not reclassified 0 -12 122
------------- ------------- ----------
0 -12 -280
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translation
of foreign operations -358 -74 -544
------------- ------------- ----------
Other comprehensive expense
for the period -358 -86 -824
------------- ------------- ----------
Total comprehensive income for
the period -679 147 1,177
------------- ------------- ----------
Robinson plc
Group Statement of Financial Position
30.06.15 30.06.14 31.12.14
GBP'000 GBP'000 GBP'000
--------- --------- ---------
Non-current assets
Goodwill 1,339 0 1,413
Other Intangible Assets 7,047 5,681 7,438
Property, plant and equipment 14,151 15,946 14,761
Deferred tax assets 132 127 132
Pension asset 3,825 4,053 3,825
26,494 25,807 27,569
--------- --------- ---------
Current assets
Inventories 2,568 2,716 2,635
Trade and other receivables 7,240 7,732 8,919
Cash 1,672 0 710
11,480 10,448 12,264
--------- --------- ---------
Non-current assets held
for sale 0 1,250 0
Total assets 37,974 37,505 39,833
--------- --------- ---------
Current liabilities
Trade and other payables -4,195 -4,372 -4,919
Corporation tax payable -21 -181 -44
Borrowings -2,485 -3,482 -2,856
Other payables -3,468 0 0
-10,169 -8,035 -7,819
--------- --------- ---------
Non-current liabilities
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