Information  X 
Enter a valid email address

Robinson PLC (RBN)

  Print      Mail a friend       Annual reports

Wednesday 21 August, 2013

Robinson PLC

Half Yearly Report (Replacement)

RNS Number : 2153M
Robinson PLC
21 August 2013
 



The following replaces the 'Half Yearly Report' announcement released on 21 August 2013 at 7:00 under RNS No  1205M.

 

As previously released, the EPS from continuing operations excluding exceptional items for the six months to the 30 June 2013 was erroneously stated as 7.1p instead of 5.2p and the EPS from continuing operations excluding exceptional items for the six months to 30 June 2012 was erroneously stated as 7.4p instead of 5.6p. This has now been corrected.

 

All other details remain unchanged.

Robinson plc

 

("Robinson" or the "Company)

 

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

 

HIGHLIGHTS

 

·      Revenues up 14%

·      Operating profit before exceptional items up 10%

·      Exceptional gain of £1.1m on sale of property

·      Profit before tax £2.2m (2012: £0.6m)

·      Interim dividend increased by 14% to 2.0p (2012: 1.75p)

 

CHAIRMAN'S STATEMENT

 

Revenues & Profits

Revenues increased during the first half by 14% compared with the same period last year. Our customers report continued softness in demand for their premium branded products but new contracts have resulted in increased revenues. Plastic resin prices continue to fluctuate but on average have been at a similar level to last year. Whilst gross margins have been maintained, net operating costs have increased by 21% resulting from our previously announced strengthening of our sales and marketing team.

 

The notional finance income benefit arising from the pension fund surplus has halved to £0.1m in line with the reduction in the surplus in the pension fund shown in our balance sheet at the end of 2012. Other financing income was negligible as bank deposit rates have remained at low levels.

 

Sale of Property

Sonoco have exercised their option (pursuant to the sale of the spiral wound paperboard business in 2011) to buy the freehold property known as Portland Works in Chesterfield. The sales proceeds are £4.25m and this creates an exceptional gain on disposal of £1.1m in the income statement in the first half of 2013. The proceeds, which were received after the half year end, are included in "trade and other receivables" in these statements. The property was subject to a 15 year lease with an option to purchase, which has now been exercised. As a result, future rental incomes will be reduced by £0.4m per annum with effect from July 2013.

 

Cash & Finances

The Group's net cash and borrowings position stood at £1.1m at the end of June (2012: £0.4m) and this has improved with the receipt of the balance due from the sale of property referred to above. A final dividend of 2.25p was paid on 3 June 2013 (2012: 2.0p).

 

The proceeds from the sale of property will be held as cash while the Company continues to actively seek investment opportunities to expand its packaging business in Europe.

 

Outlook and Dividend

Market conditions for the rest of this year are expected to remain subdued. The directors are nevertheless optimistic that the Group will show progress in the profitability of the trading business for the year. As a result, an increased interim dividend of 2.0p (2012: 1.75p) has been approved to be paid on 1 October 2013 to shareholders on the register at 30 August 2013.

For more information please contact:

 

Robinson plc


Guy Robinson, Finance Director

Tel: 01246 389283


www.robinsonpackaging.com

WH Ireland


Katy Mitchell

Tel: 0161 832 2174

 

 

 

Robinson plc, Chesterfield, S40 2AB, UK.            Registered number 39811 (England)        AIM code "RBN"

 

Robinson plc

 

Group Income Statement

 




Six months to 30.06.13


Six months to 30.06.12


Year to 31.12.12

Continuing Operations

Notes


£'000


£'000


£'000









Revenue



10,886


9,517


21,171

Cost of sales



(8,671)


(7,595)


(16,141)

Gross profit



2,215


1,922


5,030

Operating costs



(1,185)


(982)


(2,604)

Exceptional items



1,054


(525)


(83)

Operating profit



2,084


415


2,343

Finance income - interest receivable



2


-


10

Finance income - bank interest payable



(1)


(4)


(9)

Finance income in respect of pension fund



124


237


474

Profit before taxation



2,209


648


2,818

Taxation

2


(310)


(275)


(723)

Profit for the period from continuing operations



1,899


373


2,095









Earnings per ordinary share (EPS)

4







EPS from continuing operations excluding exceptional items



5.2p


5.6p


13.6p

EPS from continuing operations



11.7p


2.3p


13.1p

Diluted EPS

4







EPS from continuing operations excluding exceptional items



5.0p


5.5p


13.1p

EPS from continuing operations



11.3p


2.3p


12.6p









Statement of Comprehensive Income



£'000


£'000


£'000









Profit for the period



1,899


373


2,095

Other comprehensive income








Actuarial loss on retirement benefit obligations



-


(90)


(3,355)

Currency translation (loss)/gain



(58)


3


215




(58)


(87)


(3,140)

Taxation relating to actuarial loss



-


30


922

Other comprehensive expense



(58)


(57)


(2,218)

Total comprehensive income/(expense) for the period



1,841


316


(123)

 

Robinson plc

 

Group Statement of Financial Position

 




30.06.13


30.06.12


31.12.12




£'000


£'000


£'000

Non-current assets








Property, plant and equipment



8,913


8,847


8,857

Deferred tax assets



111


173


158

Pension asset



4,224


7,292


4,224




13,248


16,312


13,239

Current assets








Inventories



1,958


1,590


1,608

Trade and other receivables



9,802


5,884


6,704

Cash



1,055


902


1,743




12,815


8,376


10,055

Non-current assets held for sale



2,782


4,998


4,998

Total assets



28,845


29,686


28,292









Current liabilities








Trade and other payables



(3,821)


(4,140)


(4,355)

Corporation tax payable



(211)


(220)


(337)

Borrowings



               -


(335)


(307)




(4,032)


(4,695)


(4,999)

Non-current liabilities








Borrowings



               -


(140)


              -

Deferred tax liabilities



(545)


(1,417)


(524)

Provisions



(187)


(189)


(187)




(732)


(1,746)


(711)

Total liabilities



(4,764)


(6,441)


(5,710)









Net assets



24,081


23,245


22,582









Equity








Share capital



80


80


80

Share premium



526


419


419

Capital redemption reserve



216


216


216

Translation reserve



240


84


296

Revaluation reserve



4,371


4,568


4,580

Retained earnings



18,648


17,878


16,991

Equity attributable to shareholders



24,081


23,245


22,582

 

Robinson plc

 

Group Statement of Cash Flows

 


Six months to 30.06.13


Six months to 30.06.12


Year to 31.12.12


£'000


£'000


£'000

Cash flows from operating activities






 Profit for the period

1,899


373


2,095

 Adjustments for:






 Impairment of investment in associates

-


550


-

 Depreciation of property, plant and equipment

476


431


892

 Profit on disposal of other plant and equipment

(5)


-


(148)

 Decrease in provisions

-


-


(2)

 Other finance income in respect of pension fund

(128)


(237)


(474)

 Finance income

1


4


9

 Taxation charged

310


275


723

 Non-cash items:






    Pension current service cost

128


116


188

    Cost of share options

24


30


63

Operating cash flows before movements in working capital

2,705


1,542


3,346

 Increase in inventories

(350)


(211)


(229)

(Increase)/Decrease in trade and other receivables

(882)


664


341

(Decrease)/Increase in trade and other payables

(587)


200


417

Cash generated by operations

886


2,195


3,875

 UK corporation tax paid

(367)


(291)


(643)

 Interest paid

(2)


(5)


(11)

Net cash generated by operating activities

517


1,899


3,221

Cash flows from investing activities






 Investment in an associate

-


(100)


-

 Acquisition of property, plant and equipment

(565)


(505)


(902)

 Disposal of other plant and equipment

28


-


254

Net cash used in investing activities

(537)


(605)


(648)

Cash flows from financing activities






 Loans paid

(307)


(167)


(335)

 Dividends paid

(361)


(288)


(558)

Net cash used in financing activities

(668)


(455)


(893)

Net (decrease)/increase in cash and cash equivalents

(688)


839


1,680

Cash and cash equivalents at 1 January

1,743


63


63

Cash and cash equivalents at end of period

1,055


902


1,743







Cash

1,055


902


1,743

Cash and cash equivalents at end of period

1,055


902


1,743

 

Robinson plc

Notes to the Interim Report

 

1.   Basis of preparation

The interim report for the six month period to 30 June 2013 was approved by the directors on 21 August 2013. The interim financial information is not audited.

 

The interim financial statements have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs). These should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2012, which have been prepared in accordance with applicable IFRSs. The information for the year ended 31 December 2012 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under sections 498 (2) or (3) respectively of the Companies Act 2006.

 

2.   Taxation

The taxation charge for the six months to 30 June 2013 has been calculated on the basis of the estimated effective tax rate on profits before tax for the year to 31 December 2013.

 

3.   Dividends

 


Six months to 30.06.13


Six months to 30.06.12


Year to 31.12.12

Ordinary:

£'000


£'000


£'000

     Final

361


288


296

     Interim

-


-


262


361


288


558

 

4.   Earnings per share

The calculation of basic and diluted earnings per ordinary share for continuing operations shown on the income statement is based on the profit after taxation of £1,899,000 divided by the weighted average number of shares in issue, net of treasury shares of 16,193,501: for diluted earnings per share 16,853,501.The calculation of basic and diluted earnings per ordinary share for continuing operations excluding exceptional items is based on a profit of £845,000 being the profit after taxation of £1,899,000 less the exceptional item of £1,054,000.

 

5.   Going concern

The directors have considered the cash flow forecasts for the Group and the availability of facilities. As at the date of this report, the directors have a reasonable expectation that the Group has adequate resources to continue in business for the foreseeable future. Thus they continue to adopt the going concern basis of accounting.

 

6.   Interim report

Copies of the interim report are available from Robinson plc's registered office: Field House, Wheatbridge, Chesterfield, S40 2AB, UK or from its website at www.robinsonpackaging.com.



…ends


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR LLFEVTVILFIV

a d v e r t i s e m e n t