News blog
Robinson
- BY: Andrew Hore |
- POSTED: 22/08/2007 |
Packaging supplier Robinson has eradicated its interim loss thanks to improved margins.
Robinson broke even before exceptionals in the six months to June 2007 compared with a £715,000 loss in the first half of last year. On top of this there was an exceptional gain of £1.1m relating to property disposals and there was no tax charge on the gain because of past capital losses. These disposals helped reduce net debt from £6.83m to £4.33m.
Turnover was flat at £12.1m but margins improved because raw material cost increases were passed on and operational efficiencies were achieved. Plastic packaging turnover increased helped by the acquisition of a business in Stanton Hill, Nottinghamshire. Paperboard turnover fell because it lost a contract to make gravy granule tubes.
The net asset value of £19.2m is well above the market capitalisation of £15.1m at 95p a share.
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