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Robinson

  • BY: Andrew Hore |
  • POSTED: 22/12/2010 |

Plastic and paperboard packaging supplier Robinson has grown its revenues by around 13% in 2010 as selling prices have firmed.

That growth more than made up for the previous year’s 8% revenue decline. Underlying volumes are 6% ahead and management expects further growth this year.

Revenues grew from £9.65m to £11.5m at the interim stage. The comparative period was particularly weak. That helped Robinson move from a loss of £966,000 to a profit of £192,000 – although it would have been a loss without the income from the pension fund asset. The interim dividend was increased by 50% to 1.5p a share.

Robinson is placing its US paperboard business in administration. The business generated 6% of group revenues and it was finding the US market tough. The costs of closure are not expected to be large.

Net debt was £4.25m at the end of June 2010. Robinson has surplus property assets on the balance sheet. Land and buildings were valued at £9.59m at the end of 2009.

At 52.5p a share, Robinson is valued at £8.37m. The net asset value was £19.9m at the end of June 2010. That includes a £7m pension asset.

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