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21 Jan 2021 | 08:44

Robinson FY revenues and profits improve in 2020

(Sharecast News) - Plastic and paperboard packaging manufacturer Robinson said on Thursday that full-year revenues and earnings were projected to have grown year-on-year in 2020. Robinson said revenues were expected to be £37.0m for the year, a 6% increase on 2019, while adjusted and reported pre-tax profits for 2020 were said to be ahead of both current market expectations and prior year comparatives.

The AIM-listed group invested £4.6m in new additional and replacement production equipment during the year, a move it branded as consistent with its commitment to maintaining "a competitive manufacturing infrastructure", funded by "strong cash generation from operations" which also resulted in net debt dropping to £6.6m from £6.9m a year earlier.

Robinson added that subject to any negative impact that may arise from the ongoing Covid-19 pandemic, it intends to pay a total dividend of 8.5p per share for the year ended 31 December, a marked increase on the 2.5p paid out in 2019.

Chairman Alan Raleigh said: "Robinson's performance in 2020 has been resilient in the face of significant challenges.

"Despite the uncertain economic environment, we remain committed to ongoing delivery of our target of mid to high single-digit sales growth and a 6-8% return on sales."

As of 0840 GMT, Robinson shares were up 9.03% at 169.0p.
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