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  • BY: Andrew Hore |
  • POSTED: 23/03/2012 |

Plastic packaging manufacturer Robinson increased its pre-tax profit by 23% to 2.67m in 2011.

Chesterfield-based Robinson made a 1.4m gain the disposal of its paperboard tube business and closure of other operations but this is not included in the underlying pre-tax figure. Revenues grew 10% to 21.5m. The total dividend is 15% higher at 3.75p a share.

Robinson believes that its revenues should be resilient because of its customer base of food and drink companies.

Net debt was 579,000 at the end of 2011. This was sharply lower thanks to the sale of discontinued activities.

At 101p a share, up 11p, Robinson is valued at 16.1m. The net asset value was 23.2m at the end of 2011, which includes a pension asset of 7.29m.Management believes the market value of its surplus properties is higher than their balance sheet values.

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