Interim Results

Robinson PLC
25 August 2004


Robinson plc ('Robinson' or 'the Company')

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004

Robinson plc, the custom manufacturer of paperboard and plastic packaging,
announces its unaudited interim results for the six months ended 30 June 2004.

Highlights:

   •These are Robinson's maiden results since its introduction to AIM on 6th
    April 2004.

   •Consolidated sales were 2% down in comparison to 1H 2003, due to a degree
    of de-stocking by customers of the plastics division and a strategic focus
    on more profitable customers in the paperboard division.

   •Gross margins widened from 9.8% in the prior-year period to 12.1% due to
    greater manufacturing efficiencies.

   •Profit before taxation of £162,000 (1H 2003: £1,025,000), after AIM
    introduction and tender costs of £236,000. The comparative figure included
    £1,154,000 of gains on property disposals versus £236,000 in the current
    period.

   •Despite the return of £9 million to shareholders in May, the balance
    sheet remains strong, with no long-term debt and cash at bank and in hand of
    £0.8million at 30 June 2004.

   •Dividend maintained at 1p per share.

Commenting on the results, Chairman, Richard Clothier stated:

'The benefits of the rationalisation of the business in recent years, and a
renewed focus on product innovation, are beginning to bear fruit. The growth in
operating margins achieved in the first half is an encouraging result of
management's commitment to improved efficiency. The second half is normally one
of seasonally stronger demand from our customers and therefore we are confident
of further progress in the remainder of 2004.'

About Robinson:
Based in Chesterfield, and with additional manufacturing facilities in
Kirkby-in-Ashfield, Nottinghamshire, and in Toronto, Canada, 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 Nestle, Lever Faberge
and Whyte & Mackay. The Company also has a substantial property portfolio with
significant development potential.

For further information, please contact:

Robinson plc, Jon Marx, Chief Executive                            01246 220 022
Robinson plc, Guy Robinson, Finance Director                       01246 220 022
                                                                 www.r1son.co.uk 
Arbuthnot, Richard Welton                                          0121 632 2100
Bankside Consultants, Sue Scott/Michael Padley                     0207 444 4140

CHAIRMAN'S STATEMENT

I am pleased to record that the company's introduction to AIM in April was
carried out successfully and in the process £9 million was returned to
shareholders by way of the tender offer in May. This is therefore our first
report to shareholders as a listed company and the highlights are as follows:

   •Profit before taxation of £162,000 after AIM introduction and tender
    costs of £236,000

   •Sales down 2%

   •Gross profit up 21%

   •Profit on sale of surplus property £236,000

   •Dividend maintained at 1p per share

The operating profit, before exceptional items, was £29,000 compared to a loss
the previous year of £198,000. Overall sales were down 2% on 2003 which was
mainly attributable to lower sales in Robinson Plastic Packaging, where a number
of customers reduced call-off in the first half. Gross profits recovered
strongly with our Paperboard business (both UK and North America) showing
significant improvements. Overheads, before the exceptional AIM introduction and
tender costs, were at a similar level. We made an exceptional profit on the sale
of surplus land in Kirkby-in-Ashfield of £236,000. This land was acquired many
years ago for expansion of Robinson Plastic Packaging but was no longer required
following the purchase of the factory next door to the existing plant.
Interest received was at a similar level to the previous year at £133,000 but
this was mainly attributable to the surplus cash that has now been returned to
shareholders. As a result, cash reserves fell by £9 million and shareholders'
funds were similarly reduced. The other significant cash item was an increase in
stocks by 22%, as we built finished goods levels ahead of anticipated higher
sales levels in the third quarter.

Robinson Plastic Packaging sales reduced by 11% in the first half, having risen
by 21% in the same period last year. This was due to a number of our customers
reducing their stock levels and the absence of a repeat order from Proctor &
Gamble for their promotional Pringles pop boxes. Higher resin costs and pressure
on selling prices, have also led to a squeeze on margins in this division. On a
positive note, manufacturing efficiencies are improving.

Robinson Paperboard Packaging (UK) had an improved first half despite sales
being down 4%. Most of the sales reduction was a result of our decision last
year to drop some smaller customers that accounted for little of the overall
sales and gross profit but added much to the business complexity. These changes
contributed to a near doubling of gross profits for this business which, when
coupled to a reduction in overheads, has more than halved the losses seen in the
previous year.

Robinson Paperboard Packaging (North America) saw a major recovery in sales
which have been 68% higher than 2003. The growth has come primarily from the
launch of a new North American toiletries product and from Parlux, a USA
customer, whose sales have expanded markedly.

The Company has been investigating a potential acquisition of a plastic
injection moulding business located in Europe. After due diligence, we were
unable to justify the cost of the acquisition and have recently withdrawn from
further talks. The costs associated with this exercise amounted to approximately
£200,000 and will be written off in the second half of the year.

Despite this, we expect the second half of the year to see its usual seasonal
improvement. Indeed, the Paperboard businesses have much improved order books
compared with the same time last year. On the property front we continue to seek
planning approvals to develop and sell our two main surplus sites in
Chesterfield, however, we do not expect further sales this year.

The Board has approved an interim dividend of 1p per share payable on 4 October
2004 to shareholders registered on 3 September 2004 - the ex-dividend date is 1
September 2004. This is at the same level as last year after taking into account
the 200 for 1 share split.

Richard Clothier
Chairman
25 August 2004
Robinson plc

Robinson plc
Group profit and loss account
for the six months to 30 June 2004
                                                Unaudited   Unaudited    Audited  
                                               six months  six months       year  
                                                       to          to         to     
                                                 30.06.04    30.06.03   31.12.03
                                                    
                                           Note     £'000       £'000      £'000

Turnover                                           11,068      11,256     24,669
Cost of sales                                     (9,730)    (10,151)   (21,410)
                                                  -------     -------    -------
Gross Profit                                        1,338       1,105      3,259
                                                  -------     -------    -------
Overheads excluding exceptional items             (1,309)     (1,303)    (3,670)
Exceptional items                             2     (236)        (69)    (1,141)
Overheads                                         (1,545)     (1,372)    (4,811)
                                                  -------     -------    -------
Operating loss                                      (207)       (267)    (1,552)
Profit on disposal of land and buildings              236       1,154      1,154
                                                  -------     -------    -------
Profit/(loss)on ordinary activities                    29         887      (398)
before interest                                                   
Interest received                                     133         138        297
                                                  -------     -------    -------
Profit/(loss)on ordinary activities before            162       1,025      (101)
taxation
Taxation                                      3        30         136        618
                                                  -------     -------    -------
Profit on ordinary activities after                   192       1,161        517
taxation                                           
Dividends                                               -           -      (457)
                                                  -------     -------    -------
Retained profit                                       192       1,161         60
                                                  -------     -------    -------
Earnings per ordinary share                   4     0.84p       4.39p      1.95p
                                                  -------     -------    -------

Robinson plc
Group balance sheet
at 30 June 2004
                                                Unaudited   Unaudited    Audited 
                                               six months  six months       year       
                                                       to          to         to
                                                 30.06.04    30.06.03   31.12.03                           
                                           Note     £'000       £'000      £'000

Tangible fixed assets                              15,092      16,791     15,771                                 
                                                  -------     -------    -------
Current assets
Stocks                                              2,551       2,084      1,604
Debtors                                             5,439       5,061      5,708
Cash at bank and in hand                              811       9,769      9,309
                                                  -------     -------    -------
                                                    8,801      16,914     16,621

Creditors:amounts falling due                     (5,858)     (6,116)    (5,635)
within one year
                                                  -------     -------    -------
Net current assets                                  2,943      10,798     10,986
                                                  -------     -------    -------
Total assets less current liabilities              18,035      27,589     26,757                            
Provisions for liabilities and charges              (714)       (695)      (631)                              
                                                  -------     -------    -------
Net assets                                         17,321      26,894     26,126
                                                  -------     -------    -------
Capital and reserves
Called up share capital                      5         80         132        132                
Share premium account                                 398         398        398                                  
Capital redemption reserve                            216         164        164                                  
Revaluation reserve                                 5,539       5,310      5,539
Profit and loss account                            11,088      20,890     19,893
                                                  -------     -------    -------
Equity shareholders'fund                           17,321      26,894     26,126
                                                  -------     -------    -------

Robinson plc
Group cash flow statement
for the six months ended 30 June 2004
                                                Unaudited   Unaudited    Audited
                                               six months  six months       year 
                                                       to          to         to
                                                 30.06.04    30.06.03   31.12.03 
                                                    £'000       £'000      £'000
Cash inflow from operating activities
Operating (loss)                                    (207)       (267)    (1,552)
Depreciation charges and write-down of                913       1,026      2,710
fixed assets                                 
Loss/(profit) on sale of other tangible                 4         (1)       (15)
fixed assets                                   
(Increase)/decrease in stocks                       (947)       (465)         15
Decrease/(increase) in debtors                         86         368       (66)
Increase/(decrease) in creditors                      498         146      (610)
Increase/(decrease) in provisions                     171       (172)         84
                                                  -------     -------    -------
Net cash inflow from operating activities             518         635        566
                                                  -------     -------    -------
Returns on investments and servicing of finance
Interest received                                     177         171        314
Interest paid                                           -        (22)       (23)
                                                  -------     -------    -------
Net cash inflow from returns on investments           177         149        291
and servicing of finance                                  
                                                  -------     -------    -------
Taxation
UK corporation tax refunded/(paid)                     35       (468)      (469)
                                                  -------     -------    -------
Capital expenditure and financial investment
Acquisition of tangible fixed assets                (705)       (787)    (1,140)
Sale of non-operational properties                    686       1,870      1,870
Sales of other tangible fixed assets                   17           1         50
                                                  -------     -------    -------
Net cash inflow from capital expenditure              (2)       1,084        780
and financial investment                                    
                                                  -------     -------    -------
Equity dividends paid                               (229)       (230)      (458)
                                                  -------     -------    -------
Net cash inflow before use of liquid
resources and financing                               499       1,170        710
                                                  -------     -------    -------
Management of liquid resources                     
Decrease/(increase) in short term cash              8,081     (1,972)    (1,058)
deposits with UK banks                                  
                                                  -------     -------    -------
Net cash outflow from management of                 8,081     (1,972)    (1,058)
liquid resources                                  
                                                  -------     -------    -------
Financing
Repurchase of share capital                       (8,997)           -          -
                                                  -------     -------    -------
Net cash outflow from financing                   (8,997)           -          -
                                                  -------     -------    -------
Decrease in cash                                    (417)       (802)      (348)
                                                  -------     -------    -------

Analysis of changes in cash during the year
Balance at 30 June 2004                               310         273        727
Balance at 31 December 2003                           727       1,075      1,075
                                                  -------     -------    -------
Net cash outflow                                    (417)       (802)      (348)
                                                  -------     -------    -------

Notes to the financial statements

1.  Basis of preparation

The interim report, for a 26 week period, which was approved by the board of
directors on 24 August 2004, does not comprise full accounts within the meaning
of the Companies Act 1985. The interim financial information is not audited. It
has been prepared on a consistent basis using the same accounting policies set
out in the audited accounts for the year to 31 December 2003.

Comparative figures for the year ended 31 December 2003 have been extracted from
the statutory accounts which have been filed with the Registrar of Companies and
on which the auditors gave an unqualified report.

2.  Exceptional items

                                                Unaudited   Unaudited    Audited 
                                               six months  six months       year
                                                       to          to         to   
                                                 30.06.04    30.06.03   31.12.03
                                                    £'000       £'000      £'000

AIM introduction costs                              (236)           -          -
Relocation, re-organisation and redundancy              -         (69)     (149)
Accelerated write-down of fixed assets                  -           -      (506)
Building demolition costs                               -           -      (323)
Reduction in value of properties                        -           -      (163)
                                                  -------     -------    -------
                                                    (236)         (69)   (1,141)
                                                  -------     -------    -------
3.  Taxation

The taxation credit for the six months to 30 June 2004 has been calculated on
the basis of the estimated effective tax rate on profits before exceptional
items for the year to 31 December 2004.

4.  Earnings per share

The calculation of earnings per ordinary share is based on profit on ordinary
activities after taxation (£192,000) divided by the weighted average number of
shares in issue (22,978,345). The number of shares in issue has been adjusted
for all periods for the 200 for 1 share division that took place on 4 March
2004.

5.  Share capital

On 4th March 2004 the share capital was divided by splitting each £1 ordinary
share into 200 0.5p ordinary shares. On 28 April the Company repurchased
10,531,899 ordinary 0.5p shares at 85p per share. 1,768,722 shares, at a value
of £1,503,000, are held in treasury.

6.  Interim Report

The Interim Report will be posted to shareholders shortly and further copies are
available from Robinson plc's Registered Office: Bradbury House, Goytside Road,
Chesterfield, S40 2PH.






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