Robinson reports fiscal 2011 revenues of £21.4M, a 10% increase from 2010; final results, which will be released on March 23, expected to show improved profits due to sale of paperboard business
January 19, 2012
– Robinson plc ("Robinson" or "the Group"; stock code: RBN), the custom manufacturer of plastic and paperboard packaging, today issues the following trading statement, prior to the announcement of its final results for the year ended 31 December 2011, which are scheduled to be released on 23 March 2012.
Revenues were £21.4m for the year, which represents a 10% improvement on the previous year and was in line with management's expectations. Second half revenues were 12% higher than in the previous year. Approximately half of the increased revenues were attributable to higher plastic resin costs which were successfully passed on to customers. Underlying volumes were 5% higher than in 2010.
The revenues of the spiral winding business of Robinson Paperboard packaging, which has been sold, as announced on 4 July 2011, and the North American paperboard business, which was closed in December 2010, are excluded from the above numbers.
The Polish operation experienced a slowdown in the relocation of food and toiletries businesses to Central Europe as a result of the current economic uncertainties. However, with the help of significant new business recently gained this division is expected to resume growth in 2012.
The Board anticipates the final results for 2011 will show improved profitability from continuing operations together with further exceptional gains from the sale and closure of the paperboard businesses.
Despite market conditions remaining subdued, particularly for the higher end market of branded goods that the Group predominantly supplies, the directors expect that the addition of recently won contracts will support continued growth in 2012.