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  • BY: Andrew Hore |
  • POSTED: 17/03/2008 |

Packaging manufacturer Robinson reported a 12% fall in turnover in 2007. 

That was slightly worse than indicated in its trading statement earlier this year. Most of the fall - around £3.1m - was due to the loss of a gravy granule packaging contract.

Overall operating profits before exceptionals still improved from £900,000 to £1.6m. Higher selling price and lower costs helped. Restructuring costs of £1.3m were almost completely offset by property gains of £1.1m. The interest credit due to the surplus on the pension fund was up from £1.1m to £1.3m. All this meant that the 2006 loss was turned into a profit last year.

Customers continue to transfer work to Robinson’s Polish factory. Materials costs are still increasing and this year will be difficult.

Net debt was £3.3m at the end of 2007 while the pension fund surplus is £11m. The final dividend was maintained at 1.75p a share.

A planning application for the 7.6 acre site at the Walton works was refused but Robinson hopes to re-submit an application when problems with the listed building on the site are sorted out. The site may still be sold later this year.

The shares fell 3p to 72p, valuing the company at £11.5m. The company’s net asset value is just short of £20.5m. 

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