Tuesday, April 23, 2024

Chesterfield packaging manufacturer sees mixed year

Robinson plc, the custom manufacturer of plastic and paperboard packaging, ended 2023 “with a much stronger business,” its Chairman has said in audited results for the year to 31 December 2023.

While operating profit before exceptional items and amortisation of intangible assets increased to £2.2m, from £2m in 2022, revenue was down 2% to £49.7m, from £50.5m in 2022. Meanwhile, the company posted a loss before tax of £0.7m, in comparison to a £2.3m profit in the year prior.

Alan Raleigh, Chairman, said: “Robinson ended 2023 with a much stronger business. We improved adjusted operating profits, achieved surplus property sales, and secured the return of the pension escrow account funds to reduce gearing and strengthen our balance sheet.

“We have largely renewed our manufacturing asset base, won important new business with leading FMCG customers and are now seeing sales volumes recover.

“We have taken the necessary actions to make Robinson more resilient, more competitive, and more responsive. As market conditions begin to improve, we are well placed to generate sustainable long-term value for our shareholders. 

“Following improved momentum in the second half of 2023, and reflecting the effect of new customer projects and the full year impact of cost savings, the Company expects revenue, and operating profit (before amortisation of intangible assets and any exceptional items), for the 2024 financial year to be ahead of 2023. We remain committed in the medium-term to delivering above-market profitable growth and our target of 6-8% adjusted operating margin.”

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