Final Results

Robinson PLC
23 March 2007



FOR IMMEDIATE RELEASE                                             23 March 2007

                                  Robinson plc
            PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006


Robinson plc ('Robinson' or 'the Group'; stock code: RBN), the custom
manufacturer of paperboard and plastic packaging based in Chesterfield, has
announced its audited results for the year ended 31 December 2006.

Highlights:

  • 2006 has been a year of significant structural reorganisation of the
    business

  • The loss before tax was £1.2m (2005: profit £1.3m)

  • The acquisition of the Stanton Hill business from VR Plastics in 2006
    increased total sales to £28.8m (2005: £26.6m). However, sales in the
    paperboard business declined from the previous year

  • Exceptional operating costs of £1.4m were incurred due to the
    acquisition of Stanton Hill, the establishment of the Polish manufacturing
    facility and redundancy and reorganisation costs

  • Net borrowings increased by £4.2m to £6.6m during the year, mainly as a
     result of the acquisition of Stanton Hill

  • Agreements, subject inter alia to planning consents, to sell surplus
     properties are expected to permit a reduction in borrowings in 2007

  • The Board will be recommending a final dividend for the year of 1.75p per
    share (2005 final: 1.75p)

Commenting on the results, Chairman, Richard Clothier, stated:

'Robinson has responded quickly to adverse market trends and substantial changes
in policy by some major customers. The prompt reorganisation undertaken in 2006
by Jon Marx will allow his successor Adam Formela to concentrate on driving the
business forward.'

About Robinson

Based in Chesterfield with additional manufacturing facilities in
Kirkby-in-Ashfield and Stanton Hill, Nottinghamshire, in Toronto, Canada, and in
Lodz, Poland, Robinson currently employs over 400 people. It was formerly a
family business, with its origins dating back some 165 years. Today the
Company's main activities are in the manufacture and sale of rigid paper
packaging and injection moulded plastic packaging. Robinson operates primarily
within the food, drink, confectionery, cosmetic and toiletry sectors, providing
niche or custom manufacture to major players in the fast moving consumer goods
market, such as Northern Foods, Premier International Foods, Unilever,
Masterfoods, RHM, Cadbury, Kraft, United Biscuits, Nestle, and Pernod Ricard.
The Company also has a substantial property portfolio with significant
development potential. Adam Formela was appointed Chief Executive in February
2007.

For further information, please contact:

Robinson plc                                                       01246 220022
Adam Formela, Chief Executive                                   www.r1son.co.uk
Guy Robinson, Finance Director                       
                                                                
Bankside Consultants
Sue Scott/Daniela Hale                                            020 7367 8888


                              CHAIRMAN'S STATEMENT
Sales

Total sales were £2.2m higher than in the previous year. The growth was
attributable to the acquisition of the plastics business at Stanton Hill in May
2006 (which contributed sales of £4.2m in 2006) which offset a decline in sales
within the paperboard business. The sales from our newly established Polish
plastic manufacturing business amounted to £0.9m and sales growth at our Kirkby
plant was sufficient to replace the business transferred to Poland.

Paperboard revenues declined due to contract losses in the Drinks, Toiletries
and Food sectors in the UK whilst the North American business suffered from the
loss of the packaging contract for tooth whitening strips. Most notable was the
loss in the UK of the Goldenfry gravy granules tube contract worth £3m per
annum, that we announced in November 2006.

Trading Results

There were very significant increases in input costs, with plastic polymer
prices rising by 15% and energy costs by 50%, and the lag in passing these
through to our customers resulted in the gross margin falling from 16% to 9%.
Our commitment to recover margins has contributed to some loss of business.

Overheads were at a similar level to the previous year, although steps were
taken at the end of the year to reduce future costs in line with the anticipated
loss of business. The operating loss before exceptional items was £0.9m (2005:
profit £0.5m).

Exceptional operating costs of £1.4m incurred in 2006 included:

   • Redundancy costs of £0.5m and £0.3m of accelerated depreciation of fixed
     assets, mainly as a response to the loss of Goldenfry's business in
     Paperboard
   • The costs of setting up the Polish manufacturing facility, which were
     largely incurred in the first half of the year, amounting to £0.3m
   • £0.1m associated with the acquisition of Stanton Hill, including
     goodwill written off
   • £0.1m of tooling costs relating to a project that has not lived up to
     expectations

The operating loss after exceptional items was £2.3m (2005: profit £0.5m).

There was a profit on disposal of land and buildings which related in the main
to the sale of two residential properties amounting to £0.3m.


Interest payable was £0.3m (2005: £0.04m), reflecting the investment in Stanton
Hill and fixed assets (including Poland) in the period, coupled with the trading
loss. Other financial income in respect of the Pension Fund (FRS17) produced a
credit of £1.1m compared with £0.9m in 2005: the increase was due to higher
returns on assets and lower scheme liabilities.

The loss before taxation was £1.2m (2005: profit £1.3m).

Cash & Finances

Net bank borrowings increased by £4.2m to end the year at £6.6m. The acquisition
of the Stanton Hill plastics business totalled £3.1m, which included £1.4m in
respect of freehold land and buildings. Other capital expenditure was in line
with the annual depreciation figure and included investments in the new plastics
plant in Poland (£0.9m).

Dividends

The Board is recommending a final dividend of 1.75p per share (2005 final:
1.75p) to be paid on 8 June 2007 to shareholders on the register at the close of
business on 11 May 2007.

Pensions

Our pension fund remains in a healthy position. The latest actuarial valuation
at 5 April 2005 indicated a surplus of 8%. The FRS17 valuation indicates the
fund has assets with a market value of £56m and liabilities of £45m, giving a
surplus of £11m in the fund at the end of 2006. The market value of assets rose
by 7% in the year whilst liabilities remained static. At the end of the year,
the Group had paid over contributions amounting to £999,000 into an escrow
account which will either be paid to the pension fund or returned to the Group
depending on the outcome of the actuarial valuation of the fund due in April
2008.

Property

We are entering into agreements, completion of which is subject to obtaining the
necessary planning consents and certain other matters, to sell both the Walton
Works (7.6 acres) and the Wheatbridge (1.5 acres) sites. If the planning
applications are successful and proceed according to our expected timetable then
we should complete both contracts during 2007. The proceeds will be used to pay
down our borrowings.

Outlook

The loss of the Goldenfry paperboard business, which accounted for over 10% of
the Group turnover, is a significant loss. However, the action already taken to
reduce operating costs will do much to mitigate this. We continue to seek to
develop the business both through organic growth and acquisition. Adam Formela,
who was appointed Chief Executive in February, will bring a new perspective to
the management team and we expect to restore profitability in the coming year.



Richard Clothier                                                  23 March 2007
Chairman
Robinson plc


GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2006

                                                    Notes      2006       2005
                                                              £'000      £'000

Turnover                                                     28,800     26,648
Cost of sales                                               (26,084)   (22,512)
                                                             ------     ------
Gross Profit                                                  2,716      4,136
                                                             ------     ------
Net operating costs, excluding exceptional items             (3,633)    (3,608)
Exceptional items                                            (1,356)        (9)
                                                             ------     ------
Net operating costs                                          (4,989)    (3,617)
                                                             ------     ------
Operating (loss)/profit                                      (2,273)       519
Profit on disposal of land and buildings                        252          -
                                                             ------     ------
(Loss)/profit on ordinary activities before                  (2,021)       519
interest
Interest                                                       (335)       (40)
Other finance income in respect of pension fund               1,120        870
                                                             ------      -----
(Loss)/profit on ordinary activities before                  (1,236)     1,349
taxation
Taxation                                               2        222       (320)
                                                              -----      -----
(Loss)/profit on ordinary activities after taxation          (1,014)     1,029
                                                              =====      =====
(Loss)/profit per 0.5p share
Basic and diluted (p)                                  4       (6.4)       6.5

All amounts relate to continuing operations

The accounting policies and notes form an integral part of the financial
statements


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

FOR THE YEAR ENDED 31 DECEMBER 2006

                                                                 2006     2005
                                                                £'000    £'000

(Loss)/profit for the financial year                           (1,014)   1,029
Actuarial gain in respect of the Pension Fund net of
deferred tax                                                       53      297
Currency translation differences on foreign currency
net investments                                                  (111)      82

                                                                -----    -----                     
Total (losses)/gains recognised since last annual              (1,072)   1,408
report                                                          =====    =====



GROUP BALANCE SHEET
AS AT 31 DECEMBER 2006

                                                 Notes       2006         2005
                                                            £'000        £'000

Fixed assets
Intangible assets                                               -            -
Tangible fixed assets                                      19,380       17,440
                                                           ------       ------
                                                           19,380       17,440

Current assets
Stocks                                                      2,031        1,997
Debtors                                                     7,701        7,246
Cash                                                          196           28
                                                            -----        -----
                                                            9,928        9,271

Creditors: amounts falling due within one year            (13,480)      (8,588)
                                                          -------       ------
Net current (liabilities)/assets                           (3,552)         683

Total assets less current liabilities                      15,828       18,123

Provisions for liabilities                                   (394)        (607)
                                                           ------       ------
Net assets excluding pension asset                         15,434       17,516
Pension asset (net of deferred tax)                         5,345        4,705
                                                           ------       ------
Net assets including pension asset                         20,779       22,221
                                                           ======       ======

Capital and reserves
Called up share capital                                        80           80
Share premium account                                         402          398
Capital redemption reserve                                    216          216
Revaluation reserve                                         4,880        5,136
Profit and loss account                                    15,201       16,391
                                                           ------       ------
Shareholders' Funds                                  6     20,779       22,221
                                                           ======       ======



GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2006

                                                      Notes     2006      2005
                                                               £'000     £'000

Cash inflow from operating activities

Operating (loss)/profit                                       (2,273)      519
Depreciation charges and write-down of fixed assets            2,161     1,705
Impairment/(reversal of impairment) of fixed assets              143      (296)
Profit on sale of other tangible fixed assets                    (19)       (5)
(Decrease)/increase in stocks                                    173      (357)
(Decrease)/increase in debtors                                   213    (1,732)
Increase in creditors                                            620       928
Decrease in provisions                                           (44)       (7)
Non-cash items:
 - Increase in net pension asset charged to operating
   profit                                                        440         4
 - Goodwill written off                                           79         -
 - Cost of share options                                          79        65
 - Transfer to pension escrow account                           (159)     (822)
                                                               -----      ----
Net cash inflow from operating activities                      1,413       398
                                                               =====      ====

Returns on investments and servicing of finance
Interest received                                                  -        24
Interest paid                                                   (335)      (62)
                                                                -----    -----
Net cash outflow from returns on investments and
servicing of finance                                            (335)      (38)
                                                                =====    =====
Taxation
UK corporation tax (paid)/received                              (129)     (229)
                                                                ====      ====
Capital expenditure and financial investment
Acquisition of business                                       (3,102)        -
Acquisition of tangible fixed assets                          (1,995)   (4,119)
Sale of surplus properties                                       332         -
Sales of other tangible fixed assets                              46       315
                                                               -----     ------
Net cash outflow from capital expenditure and
financial investment                                          (4,719)   (3,804)
                                                               =====     ======

Equity dividends paid                                           (453)     (488)

Net cash outflow before use of liquid resources and            -----     ------
financing                                                     (4,223)   (4,161)

Management of liquid resources
Decrease in short-term cash deposits with UK banks                 -     1,002
                                                               -----     -----
Net cash inflow from management of liquid resources                -     1,002
                                                               =====     =====

Financing
Issue of share capital                                             4         -
                                                                ----     -----
Net cash outflow from financing                                    4         -
                                                               -----    ------
Decrease in cash                                         7    (4,219)   (3,159)
                                                               =====    ======

Analysis of changes in cash during the year
Balance at 31 December                                        (6,565)   (2,346)
Balance at 1 January                                          (2,346)      813
                                                              ------    ------
Net cash outflow                                              (4,219)   (3,159)
                                                              ======    ======
                                                               

Notes to the financial statements

1. Basis of preparation

The accounts have been prepared under the historic cost convention as modified
by the revaluation of freehold land and buildings.

The Group's accounting policies have been applied on a consistent basis.

2. Taxation

                                                             2006         2005
                                                            £'000        £'000

Current tax:
UK corporation tax @ 30% (2005: 30%)                            -          122
Adjustments in respect of prior periods                       (38)         (77)
Overseas tax                                                    7            6
                                                              ----         ---
Total current tax                                             (31)          51
                                                              ----         ---
Deferred tax:
UK tax @ 30%                                                 (191)         367
Adjustments in respect of prior periods                         -          (98)
                                                              ---          ---
Total deferred tax                                           (191)         269
                                                             ----          ---
                                                             (222)         320
                                                             ====          ===


3. Dividends

                                                     2006                 2005
                                                    £'000                £'000

Ordinary: final                                       244                  140
        : interim                                     209                  209
        : second interim                                -                  139
                                                      ---                  ---
                                                      453                  488
                                                      ===                  ===

A final dividend of 1.75p per ordinary share will be proposed at the Annual
General Meeting.


4. Earnings per Share

The calculation of basic and diluted earnings per ordinary share is based on
profit on ordinary activities after taxation (£1,014,000) divided by the
weighted average number of shares in issue (15,921,372).


5. Reconciliation of movements in shareholders' funds

                                                              2006        2005
                                                             £'000       £'000
Group

(Loss)/profit after taxation for the financial year         (1,014)      1,029
Dividends                                                     (453)       (488)
                                                            -------      -----
                                                            (1,467)        541
Actuarial gain                                                  53         297
Exchange difference on translation                            (111)        133
Recognition of share based payments                             79          65
Share capital issued                                             4           -
                                                             -----       -----
Net(reduction in)/addition to shareholders' funds           (1,442)      1,036
Shareholders' funds at 1 January                            22,221      21,185
                                                            ------      ------
Shareholders' funds at 31 December                          20,779      22,221
                                                            ======      ======

6. Analysis of net debt

                                        At 1 January      Cash   At 31 December
                                                2006      Flow             2006
                                               £'000     £'000            £'000
Cash in hand and deposits repayable on
demand                                            28       168              196
Bank overdraft                                (2,374)   (4,387)          (6,761)
                                               -----     -----            -----
Cash and cash equivalents                     (2,346)   (4,219)          (6,565)
                                               =====     =====            =====

7. Publication of non-statutory accounts

The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.

The summarised balance sheet at 31 December 2006 and the summarised profit and
loss account, summarised cash flow statement and associated notes for the year
then ended have been extracted from the Group's 2006 statutory financial
statements upon which the auditors opinion is unqualified and does not include
any statement under Section 237 of the Companies Act 1985.

The accounts for the year ended 31 December 2006 are expected to be posted to
shareholders in due course and will be delivered to the Registrar of Companies
after they have been laid before the company at the Annual General Meeting
planned for 3 May 2007. Copies will also be available from Robinson plc's
registered office: Bradbury House, Goytside Road, Chesterfield, S40 2PH.

ENDS




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