Robinson
plc
23 January
2025
YEAR END TRADING STATEMENT
Robinson plc ("Robinson", the
"Company" or the "Group" stock code: RBN), the custom manufacturer
of plastic and paperboard packaging based in Chesterfield, is
pleased to issue the following trading statement, prior to the
announcement of its final results for the year ended 31 December
2024, which are scheduled to be released on 20 March 2025.
Revenue for 2024 is anticipated to
be £56.5m, which is 14% ahead of the prior year. After adjusting
for price changes and foreign exchange, sales volumes are also 14%
higher than in 2023. The Company is pleased to report that 2024
operating profit before exceptional items and amortisation of
intangible assets is expected to be significantly ahead of 2023,
and moderately ahead of current market expectations.
All of our business units have
delivered improved returns in 2024 with the exception of the
Denmark operation, where we experienced start-up issues earlier in
the year associated with processing post-consumer recycled resin,
demand variability and a longer learning curve than anticipated on
the large project implemented there. Interventions during the
second half of 2024 are already delivering improvements and are
expected to return that operation to profitability in
2025.
Net debt at 31 December 2024 is
expected to be £5.9m (31/12/2023: £6.3m) following substantial
capital expenditure in the year.
CEO position
John Melia joined the business as
CEO in December 2024. John brings extensive experience of business
development, operational performance improvement, a deep
understanding of the circular economy and significant manufacturing
expertise to the Group.
Property
We are continuing to pursue the sale
of surplus properties in Chesterfield. Subject to the necessary
planning approvals, we would expect a further sale of surplus
property to be achieved in the next six months.
Defined benefit pension
scheme
As of 9 September 2024, the Robinson
& Sons' Limited Pension Fund (the "Scheme") completed the
buy-out of all the Group's UK defined benefit pension scheme
liabilities with Legal and General Assurance Society Limited
("L&G").
As required by IAS 19, the Company
expects to record an exceptional cost in its 2024 accounts of £3.7m
related to the buy-out and closure of the Scheme. This cost was
covered entirely by the surplus in the Scheme and has no impact on
the Company's balance sheet or cashflow.
2025 Outlook
Following the strong progress in
2024 and reflecting the effect of known new
customer projects, the Company expects
revenue, and operating profit (before amortisation of intangible
assets and any exceptional items), for the 2025 financial year to
be ahead of 2024.
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Robinson plc
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www.robinsonpackaging.com
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John Melia, CEO
Mike Cusick, Finance
Director
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Tel: 01246 389280
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Cavendish Capital Markets
Limited
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Ed Frisby / Seamus Fricker, Corporate
Finance
Tim Redfern, Corporate
Broking
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Tel: 020 7220
0500
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About Robinson:
Being a purpose-led business,
Robinson specialises in custom packaging with technical and
value-added solutions for food and consumer product hygiene,
safety, protection, and convenience; going above and beyond to
create a sustainable future for our people and our planet. Its main
activity is in injection and blow moulded plastic packaging and
rigid paperboard luxury packaging, operating within the food and
beverage, homecare, personal care and beauty, and luxury gift
sectors. Robinson provides products and services to major players
in the fast-moving consumer goods market including Procter &
Gamble, Reckitt Benckiser, SC Johnson and Unilever.
Headquartered in Chesterfield, UK,
Robinson has plants in the UK, Poland and Denmark. Robinson was
formerly a family business with its origins dating back to 1839,
currently employing nearly 400 people. The Group also has a
substantial property portfolio with development
potential.
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU No. 596/2014)
which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
