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  • BY: Andrew Hore |
  • POSTED: 25/03/2011 |

Plastic and paperboard packaging supplier Robinson reported a strong recovery in profit for 2010 and management expects further improvement this year.

Revenues from continuing operations grew from £21.9m to £24.8m, while the pre-tax profit jumped from £958,000 to £1.71m. Even stripping out the positive contribution from the pension fund, the profit more than doubled from £584,000 to £1.24m. These figures exclude the North American business that was closed during the year. That lost £86,000, down from £305,000 in 2009.

Revenue growth came from a combination of increased volume and price increases. Raw material price increases have been passed on to customers. The main customers are involved in food, drink and toiletries.

Net debt was £3.4m at the end of 2010. A large increase in debtors reduced the cash inflow last year due to good Christmas sales.

The final dividend is unchanged at 1.75p a share, but the total dividend is 18% higher at 3.25p a share.

At 68.5p a share, up 9.5p on the day, Robinson is valued at £10.9m. The company’s NAV is £21.1m and even if the pension asset of £7.7m is excluded the shares are still trading at a discount to NAV. The balance sheet includes surplus property that could be highly valuable when the property market picks up further.

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