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  • BY: Andrew Hore |
  • POSTED: 20/08/2008 |

Paperboard and plastic packaging manufacturer Robinson reported a reduction in underlying loss in the first half of 2008.

Robinson reported a reduction profit from £1.09m to £127,000 but this was due to one-off items and notional interest income on the company’s pension fund surplus.
In the first half of 2007 there was a property disposal gain of £1.09m but there was no similar gain in the first half of the current year. There was also notional interest income of £468,000, against £636,000.

Stripping these out, the loss was reduced from £638,000 to £341,000.

Turnover fell from £12.1m to £11.3m. Paperboard added £1m to its turnover but this was more than offset by lower plastics turnover. Most of the business lost was low margin. More plastic packaging business is being transferred to the factory in Poland.

Plastic resin and electricity prices are continuing to increase.

Net debt is £4.4m. The interim dividend is unchanged at 1.5p a share.

The proposed sale of the Walton works in Chesterfield has stalled because of the weak housing market. A planning application for the 7.6 acre site was refused last year. Robinson may have to wait to sell this and other surplus properties.

Robinson’s net asset value is £20.6m, or £13.3m if the pension fund surplus is excluded. At 60p a share, Robinson’s market value is £9.57m.

The second half is normally stronger but costs continue to rise. There should, however, be further improvement in profitability. 

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