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Robinson

  • BY: Andrew Hore |
  • POSTED: 25/09/2012 |

Plastic packaging manufacturer Robinson has clawed back some of its investment in ice cream container manufacturer Scotplast, which has gone into administration.

Robinson wrote off its £525,000 investment in Scotplast in its interim accounts. This was a combination of investment in a 49% stake and a loan. Robinson has assigned the rights to the loan, including the security, for £300,000.

Robinson said that trading conditions for its own businesses weakened during the first half of 2012 and they are expected to remain subdued. Plastic prices are reducing and this will be passed on to customers.

In the six months to June 2012, revenues were flat at £9.52m. Excluding the write-off, profit improved from £978,000 to £1.17m thanks to lower operating costs. The income from the pension fund decreased from £274,000 to £237,000.

Net cash was £427,000 at the end of June 2012. The interim dividend was unchanged at 1.75p a share.

At 121.5p a share, Robinson is valued at £19.4m. Net assets were £23.2m at the end of June 2012, including a pension asset of £7.29m. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2012_36.pdf

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