REG - Robinson PLC - Interim Results
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RNS Number : 1644W Robinson PLC 21 August 2025
Robinson
plc
Interim Results for the six months ended 30 June 2025
Robinson plc ("Robinson" the "Company" or the "Group" stock code: RBN), the
custom manufacturer of plastic and paperboard packaging based in Chesterfield,
announces its interim results for the six months ended 30 June 2025.
Financial
· Revenue up 2% to £27.6m (2024: £27.1m), sales volumes in line with
H1 2024
· Gross margin higher than the prior year at 22% (H1 2024: 21%)
· Underlying operating profit* increased to £2.0m (2024: £1.6m)
· Profit before tax of £1.8m (2024: £0.7m)
· Interim dividend of 2.5p per share announced (2024: 2.5p)
· Net debt of £8.5m (31/12/2024: £5.9m)
· Group's 2025 full year outlook unchanged
Operational and strategic
· During this period we have achieved our stated ambition of achieving
a ratio of recycled material content of 30% in our plastic packaging (2024:
full year 27%). Recent recruitment of specialist sustainability capability to
partner with customers further enhances Group credentials.
· Surplus property sales and agreements achieved in August 2025 and
agreements now in place to sell more than 70%*** of the portfolio by value.
Further surplus property disposals will be progressed as buyers are identified
and terms are agreed.
· Process to refine and sharpen our strategy continues, with completion
expected during 2025.
Alan Raleigh, Chairman, commented:
"The results for the first half of 2025 continue to build on the excellent
progress made in 2024. Whilst market conditions remain challenging and we
continue to experience softness and volatility in demand from some existing
customers, we also continue to see new opportunities in our sales pipeline
which we expect to see the benefit of in future periods. We are delivering on
our surplus property disposal agenda, which will reduce indebtedness and
create a simpler more streamlined business. We continue to refresh our
strategy to identify opportunities and the necessary capabilities for further
growth in revenue and profits.
The Company expects underlying operating profit for the 2025 financial year to
be ahead of 2024 and in line with current market expectations. We remain
committed in the medium-term to delivering above-market profitable growth and
our target of 6-8% underlying operating margin(**)."
*Operating profit before other items
** Operating profit margin before other items
***Expected gross consideration for all surplus property sold (exchanged and
completed) in H2 2025, currently under option, currently sold (exchanged but
completion awaiting satisfaction of certain conditions) and currently under
offer (subject to contract), as a percentage of the estimated market value of
surplus properties as at 30 June 2025 of approximately £7.4m
Robinson plc www.robinsonpackaging.com (http://www.robinsonpackaging.com)
John Melia, CEO Tel: 01246 389280
Mike Cusick, CFO
Cavendish Capital Markets Limited
Ed Frisby / Seamus Fricker, Corporate Finance Tel: 020 7220 0500
Tim Redfern, Corporate Broking
About Robinson:
Being a purpose-led business, Robinson specialises in custom packaging with
technical and value-added solutions for food and consumer product hygiene,
safety, protection, and convenience; going above and beyond to create a
sustainable future for our people and our planet. Its main activity is in
injection and blow moulded plastic packaging and rigid paperboard luxury
packaging, operating within the food and beverage, homecare, personal care and
beauty, and luxury gift sectors. Robinson provides products and services to
major players in the fast-moving consumer goods market including Procter &
Gamble, Reckitt Benckiser, SC Johnson and Unilever.
Headquartered in Chesterfield, UK, Robinson has plants in the UK, Poland and
Denmark. Robinson was formerly a family business with its origins dating back
to 1839, currently employing nearly 400 people. The Group has an ongoing
disposal programme for its substantial property portfolio with development
potential.
Chairman's Statement
Sales volumes in the first half of the year are in line with the comparative
period in 2024. Including the effect of sales price and foreign exchange
movements, Group revenue in the first half was 2% above the same period in
2024.
Sales volume in the UK plastics business in the year to date has been strong
as a result of new projects implemented in the previous 18 months,
particularly in PET bottles. This growth has been largely offset by a
reduction in volume in our Denmark operation, where we have seen significantly
lower and more volatile demand from our larger customers, loss of some
contracts and overall, trading conditions in that territory remain
challenging.
Gross margins have improved to 22% (H1 2024: 21%) in the period, due to the
recovery of previous inflation through sales prices and reductions in some
input costs. The prior year comparative also included higher direct costs due
to start-up issues with production on a large project in Denmark.
Significantly reduced volume has led to a small operating loss in Denmark in
the period.
Underlying operating costs* in the first half were £4.1m (2024: £4.0m),
including new operational heads, inflation in wages and salaries, and
increased external storage costs, offset by other cost savings.
Underlying operating profit** increased to £2.0m (2024: £1.6m) and the Group
made a statutory profit before tax of £1.8m (2024: £0.7m).
We have made important progress on raising our level of recycled material
content; in the first half of the year 30% of material processed was from
recycled sources (2024: full year 27%). This is in line with the target we set
in 2021, and we expect that our pipeline of new projects will support a
further increase in this ratio. In July 2025, we recruited specialist
sustainability capability into the organisation with strong plastics industry
experience. This we expect, will enhance our ability to partner with customers
in delivering their sustainability goals, a key requirement for Robinson to
grow with FMCG brand owners and other businesses that operate with major
retailers.
We're pleased to say that the reinstatement of the Paperbox business and the
property in Chesterfield following the serious flood in October 2023 is now
largely complete. Although it remains a small part of the Group, the Paperbox
business continues to have a healthy sales pipeline.
Property
We are continuing to pursue the sale of surplus properties in Chesterfield.
The Company announced on 7 August 2025:
· Part of the Walton Works surplus property in Chesterfield, known as
"Walton Mill", was sold on 6 August 2025. The consideration of £700,000 was
received in cash and used to reduce bank debt.
· An option agreement was entered on 6 August 2025 to sell the
Boythorpe Works surplus property in Chesterfield. The option is for a maximum
period of 24 months and the total consideration payable after exercise is
£2,850,000, with one third to be paid on completion, one third 12 months
after completion, and the final third 24 months after completion. A
non-refundable option fee of £20,000 was received in cash and has been used
to reduce bank debt.
· Completion is expected within the next three months on the sale of
the remaining c.1.3 acres of the Walton Works surplus property. The revised
consideration payable is expected to be £1,029,000 and with estimated costs
to Robinson of £429,000, leading to expected net proceeds receivable of
£600,000.
· The Company has recently agreed, subject to contract, to sell three
other surplus properties in Chesterfield with an aggregate consideration of
£1,195,000.
The proceeds from each property sale are payable in cash and the monies will
be used by the Company to reduce bank debt. The intention of the Group
remains, over time, to realise value from the disposal of surplus properties
and use the proceeds to reduce indebtedness and develop our packaging
business.
Net debt and capital expenditure
Net debt increased to £8.5m (31/12/2024: £5.9m) including capital
expenditure of £2.3m (2024: £1.9m). With total credit facilities of £12.9m
at 30 June 2025, the Group considers it has sufficient headroom for the
foreseeable future. As detailed above, after the period end, property proceeds
of £0.7m were received on 6 August 2025 and were used to reduce indebtedness.
Dividend
The Board has confidence in the prospects for the business and therefore
announces that it intends to pay an interim dividend of 2.5p per share to be
paid on 10 October 2025 to shareholders on the register at 19 September 2025
(record date). The ordinary shares ex-dividend date is 18 September 2025.
The current intention of the Board is to pay a total dividend of 6.0p (2024:
6.0p) per share for the year ending 31 December 2025.
Outlook
Our close partnerships with major FMCG customers have generated an improved
sales pipeline, and
our strategy of widening this blue-chip customer base is generating further
substantial opportunities.
Under the new leadership of John Melia, we are in the process of refining and
sharpening our strategy, to ensure we continue to prioritise profitable growth
in attractive market sectors with leading customers.
Through surplus property disposals and improved business performance, the
Board anticipates strong cash generation to support continued profitable
growth.
The Group continues to expect underlying operating profit** for the 2025
financial year to be ahead of 2024 and in line with current market
expectations. We remain committed in the medium-term to
delivering above-market profitable growth and our target of 6-8% underlying
operating margin***.
Alan Raleigh
Chairman
20 August 2025
* Operating costs before other items
** Operating profit before other items
*** Operating profit margin before other items
Condensed consolidated income statement
For the six months ended 30 June 2025 (unaudited)
Six months to 30 June 2025 Six months to 30 June 2024 Year ended 31 December 2024
Underlying Other items Total Underlying* Other items* Total Underlying Other items Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 27,598 - 27,598 27,137 - 27,137 56,410 - 56,410
Cost of sales (21,473) - (21,473) (21,512) - (21,512) (44,866) - (44,866)
Gross profit 6,125 - 6,125 5,625 - 5,625 11,544 - 11,544
Operating costs (4,085) 53 (4,032) (3,987) (592) (4,579) (8,349) (6,266) (14,615)
Operating profit/(loss) 2,040 53 2,093 1,638 (592) 1,046 3,195 (6,266) (3,071)
Finance income - - - 18 - 18 16 - 16
Finance costs (329) - (329) (405) - (405) (790) - (790)
Profit/(loss) before taxation 1,711 53 1,764 1,251 (592) 659 2,421 (6,266) (3,845)
Taxation (440) (13) (453) (326) 121 (205) (805) 1,328 523
Profit/(loss) for the period 1,271 40 1,311 925 (471) 454 1,616 (4,938) (3,322)
Earnings per ordinary share (EPS) p p p
Basic earnings per share 7.8 2.7 (19.8)
Diluted earnings per share 7.8 2.7 (19.8)
Underlying represents the results before other items.
Other items have been disclosed separately in order to give an indication of
the underlying earnings of the Group. Further details are disclosed in note 4.
*The information in the prior year has been re-presented to aid comparability
with the current year which classifies other items separately within the
income statement.
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2025 (unaudited)
Condensed consolidated statement of comprehensive income Six months Six months Year to
to 30 June 2025
to 30 June 2024
31 December 2024
£'000 £'000 £'000
Profit/(loss) after tax for the period 1,311 454 (3,322)
Items that will not be reclassified subsequently to the Income Statement:
Re-measurement of net defined benefit liability - 62 3,725
Deferred tax relating to items not reclassified - (16) (931)
- 46 2,794
Items that may be reclassified subsequently to the Income Statement:
Exchange differences on retranslation of foreign currency goodwill and 51 (65) (88)
intangibles
Exchange differences on retranslation of foreign currency deferred tax - 8 9
balances
Exchange differences on translation of foreign operations 613 (226) (453)
664 (283) (532)
Other comprehensive income/(expense) for the period 664 (237) 2,262
Total comprehensive income/(expense) for the period 1,975 217 (1,060)
Condensed consolidated statement of financial position
As at 30 June 2025 (unaudited)
As at As at As at 31 December 2024
30 June 2025 30 June 2024
£'000 £'000 £'000
Non-current assets
Goodwill 1,162 1,593 1,111
Other intangible assets - 1,384 -
Property, plant and equipment 23,873 23,954 23,077
Deferred tax asset 338 498 294
25,373 27,429 24,482
Current assets
Inventories 5,283 5,470 4,923
Trade and other receivables 12,169 11,407 11,042
Assets classified as held for sale 1,430 - 1,127
Cash at bank and on hand 1,136 2,071 2,480
20,018 18,948 19,572
Total assets 45,391 46,377 44,054
Current liabilities
Trade and other payables 9,885 9,959 11,211
Borrowings 3,585 4,328 1,723
Current tax liabilities - 27 -
13,470 14,314 12,934
Non-current liabilities
Borrowings 6,046 5,610 6,657
Deferred tax liabilities 782 1,074 772
Provisions 95 98 95
6,923 6,782 7,524
Total liabilities 20,393 21,096 20,458
Net assets 24,998 25,281 23,596
Equity
Share capital 84 84 84
Share premium 828 828 828
Capital redemption reserve 216 216 216
Translation reserve 339 (76) (325)
Revaluation reserve 3,451 3,474 3,463
Retained earnings 20,080 20,755 19,330
Equity attributable to shareholders 24,998 25,281 23,596
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2025 (unaudited)
Share capital Share premium Capital redemption reserve Translation reserve Revaluation reserve Retained earnings Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2023 84 828 216 207 3,487 20,732 25,554
Profit for the period 454 454
Other comprehensive income (283) 46 (237)
Total comprehensive income for the period - - - (283) - 500 217
Transfer from revaluation reserve as a result of property transactions (13) 13 -
Dividends paid (490) (490)
At 30 June 2024 84 828 216 (76) 3,474 20,755 25,281
Loss for the period (3,776) (3,776)
Other comprehensive income/(expense) (249) 2,748 2,499
Total comprehensive income for the period - - - (249) - (1,028) (1,277)
Transfer from revaluation reserve as a result of property transactions (11) 11 -
Dividends paid (408) (408)
At 31 December 2024 84 828 216 (325) 3,463 19,330 23,596
Loss for the period 1,311 1,311
Other comprehensive income 664 - 664
Total comprehensive income for the period - - - 664 - 1,311 1,975
Transfer from revaluation reserve as a result of property transactions (12) 12 -
Dividends paid (573) (573)
At 30 June 2025 84 828 216 339 3,451 20,080 24,998
Condensed consolidated statement of cash flows
For the six months ended 30 June 2025 (unaudited)
Six months to Six months to Year to
30 June 2025
30 June 2024
31 December 2024
£'000 £'000 £'000
Cash flows from operating activities
Profit/(loss) for the period 1,311 455 (3,322)
Adjustments for:
Depreciation of property, plant and equipment 1,799 1,571 3,452
Impairment of property, plant and equipment - - 223
Profit on disposal of property, plant and equipment (1) (1) (177)
Impairment of goodwill - - 463
Amortisation and impairment of intangible assets - 506 1,886
Finance income - (18) (16)
Finance costs 329 405 790
Taxation charged/(credited) 453 205 (523)
Other non-cash items:
Pension current service cost and expenses - 62 3,725
Operating cash flows before movements in working capital 3,891 3,185 6,501
Increase in inventories (229) (781) (296)
Increase in trade and other receivables (828) (874) (575)
(Decrease)/increase in trade and other payables (1,730) 30 1,384
Decrease in provisions - - (3)
Cash generated by operations 1,104 1,560 7,011
Corporation tax paid (273) (371) (667)
Interest paid (329) (401) (786)
Net cash generated by operating activities 502 788 5,558
Cash flows from investing activities
Interest received - 18 16
Acquisition of property, plant and equipment (2,332) (1,911) (3,881)
Proceeds on disposal of property, plant and equipment 3 36 275
Net cash used in investing activities (2,329) (1,857) (3,590)
Cash flows from financing activities
Loans repaid (174) (216) (348)
Loans drawn down 1,521 41 -
Capital element of lease payments (688) (749) (1,870)
Dividends paid (573) (490) (898)
Net cash used in financing activities 86 (1,414) (3,116)
Net decrease in cash and cash equivalents (1,741) (2,483) (1,148)
Cash and cash equivalents at 1 January 2,480 3,576 3,576
Effect of foreign exchange rate changes 97 26 52
Cash and cash equivalents at end of period 836 1,119 2,480
Cash at bank and on hand 1,136 2,071 2,480
Bank overdrafts (300) (952) -
Cash and cash equivalents at end of period 836 1,119 2,480
Notes to the condensed consolidated financial statements
1. Basis of preparation
Robinson plc (the Company) is a public limited company incorporated and
domiciled in the United Kingdom and its ordinary shares are admitted to
trading on the AIM market of the London Stock Exchange. For the year ended 31
December 2024, the Group prepared consolidated financial statements in
accordance with UK-adopted international accounting standards in conformity
with the requirements of the Companies Act 2006. These condensed consolidated
interim financial statements (the interim financial statements) have been
prepared under the historical cost convention adjusted for the revaluation of
certain properties. They are based on the recognition and measurement
principles of IFRS in accordance with international accounting standards in
conformity with the requirements of the Companies Act 2006.
Standards effective from 1 January 2025
None of the standards, interpretations, and amendments effective for the first
time from 1 January 2025 have had a material effect on the financial
statements. There are no standards that are not yet effective and that would
be expected to have a material impact on the Group in the current or future
reporting periods and on foreseeable future transactions.
Accounting policies
The interim report is unaudited and has been prepared on the basis of IFRS
accounting policies. The accounting policies adopted in the preparation of
this unaudited interim financial report are consistent with the most recent
annual financial statements, being those for the year ended 31 December 2024.
The financial information for the six months ended 30 June 2025 and 30 June
2024 has not been audited and does not constitute full financial statements
within the meaning of Section 434 of the Companies Act 2006.
The financial information relating to the year ended 31 December 2024 does not
constitute full financial statements within the meaning of Section 434 of the
Companies Act 2006. This information is based on the Group's statutory
accounts for that period. The statutory accounts were prepared in accordance
with UK-adopted international accounting standards in conformity with the
requirements of the Companies Act 2006 and received an unqualified audit
report and did not contain statements under Section 498(2) or (3) of the
Companies Act 2006. These financial statements have been filed with the
Registrar of Companies, a copy is available upon request from the Company's
registered office: Field House, Wheatbridge, Chesterfield, S40 2AB, UK or from
its website at robinsonpackaging.com (https://robinsonpackaging.com/) .
Going concern
The Directors have performed a robust assessment, including a review of the
forecast for the 12-month period ending 31 December 2025 and longer-term
strategic forecasts and plans, including consideration of the principal risks
faced by the Group including stress testing of the business, as detailed in
the 2024 Annual Report (page 74). Following this review, the Directors have a
reasonable expectation that the Group has adequate resources to continue in
business for the foreseeable future. Thus, they continue to adopt the going
concern basis of accounting in preparing the condensed consolidated financial
statements.
2. Accounting estimates and judgements
The preparation of half year financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expenses. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those applied to the consolidated financial statements as at and for
the year ended 31 December 2024.
3. Risks and uncertainties
The principal risks and uncertainties which may have the largest impact on
performance in the second half of the year are the same as disclosed in the
2024 Annual Report on pages 20-21. The principal risks set out in the 2024
Annual Report were: Investment; Customers; Raw material supply and input
prices; IT and digital security; Loss of manufacturing site; Environment;
People; and Market competitiveness.
The Board considers that the principal risks and uncertainties set out in the
2024 Annual Report have not changed and remain relevant for the second half of
the financial year.
4. Other items
Six months to Six months to 30 June 2024 Year to
30 June 2025 31 December 2024
£'000 £'000 £'000
Pension related costs* - 62 3,725
Amortisation of intangible assets - 506 607
Impairment of intangible assets - - 1,279
Impairment of goodwill - - 463
Costs related to future disposal of surplus properties - 24 191
Flood related (income)/costs (53) - 1
(53) 592 6,266
Other items have been disclosed separately in the income statement in order to
give an indication of the underlying earnings of the Group.
*Pension related costs, including those related to the closure and wind up of
the defined benefit pension scheme, were covered entirely by the surplus in
the scheme and had no impact on the Company's balance sheet or cash flow.
5. Earnings per share
The calculation of basic and diluted earnings per ordinary share for
continuing operations shown on the income statement is based on the profit for
the period divided by the weighted average number of shares in issue, net of
treasury shares. The potentially dilutive effect of further shares issued
through share options is also applied to the number of shares to calculate the
diluted earnings per share.
Six months to Six months to 30 June 2024 Year to
30 June 2025 31 December 2024
Profit/(loss) for the period (£) 1,311,000 454,000 (3,322,000)
Weighted average number of ordinary shares in issue 16,753,445 16,753,445 16,753,445
Effect of dilutive share option awards* - - -
Weighted average number of ordinary shares for calculating diluted earnings 16,753,445 16,753,445 16,753,445
per share
Basic earnings/(loss) per share (pence) 7.8 2.7 (19.8)
Diluted earnings/(loss) per share (pence) 7.8 2.7 (19.8)
*In the six months to 30 June 2025 and six months to 30 June 2024 there was no
difference in the weighted average number of shares used for the calculation
of basic and diluted earnings per share as all the share options outstanding
were out-of-the-money and not dilutive.
6. Dividends
Six months to Six months to 30 June 2024 Year to
30 June 2025 31 December 2024
£'000 £'000 £'000
Ordinary dividend paid: 2023 final of 3.0p per share - 490 490
2024 interim of 2.5p per share - - 408
2024 final of 3.5p per share 573 - -
573 490 898
The 2024 final dividend of 3.5p (2024: 3.0p) per share was paid to
shareholders on 20 June 2025. An interim dividend of 2.5p (2024: 2.5p) is
proposed to be paid on 10 October 2025. Neither the final nor interim dividend
have been included as a liability in the financial statements.
7. Interim report
Electronic copies of this interim report will be sent on 21 August 2025 to
those shareholders who have requested such copies and this interim report is
also available from Robinson plc's website at robinsonpackaging.com
(https://robinsonpackaging.com/) .
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