Robinson (LON:RBN)
Market Cap £20.7m
Share Price 124p (down 15p or 12% today)
Bid/Offer 120p - 128p Normal Market Size Only 200 shares 
(Sample of Robinson's Packaging)
Follow up note on Robinson Group plc .
The company released final results today for the y/e 31/12/2016. Diluted earnings per share improved to 7.3p per share. The company's slogan is "innovators that deliver." However, the company disappointed at almost all levels of performance. Even after today's share price stumble, the share price sits on a lofty historic p/e multiple of 17.
My previous share notes dated Jan 12th 2017
About the Company
Robinson currently employs around 300 people. The main activity is the manufacture and sale of rigid plastic packaging. The company has five plants, four plants do plastic products and the fifth does paperbox products. 3 factories still remain in the UK with two newer plants operations in Poland. One is in Lodz and in recent years they acquired the Madrox plant near Warsaw.
Robinson operates primarily within the food & drink, toiletries & cosmetics and household sectors. The Group also has property portfolio due to past closures which offer development potential for alternative use.
The Highlights:
Positive news included the recent outline planning permission (previously announced) on two of their properties. Whether this warrants another significant revaluation of fixed assets and by how much is unclear.
On 9th January 2017, the Chesterfield Borough Council Planning Committee approved outline plans to develop the surplus 15 acre Boythorpe Works and 8 acre Walton Works sites in Chesterfield for residential and retail/commercial uses. This will allow the Company to work with partners to find prospective tenants, develop detailed plans and sell the sites.
The company had a pension surplus for a number of years. The company considered it appropriate to remove the pension surplus from its books.
The company has paid off the final balance of the earn-out for Madrox acquisition for £4.3 million.
About £1.8 million was spent on plant and machinery with £1.3 million wrote off on depreciation. The company hints at revenue growth in 2017 based on continued growth from new customers acquired during 2016.
A final dividend of 3p is payable on top of the 2.5p at the interim stage.
The Negatives
Both sales revenue and volume were down 6% and 8% respectively offset by …
