23rd Jan 2025 11:12
(Alliance News) - Robinson PLC on Thursday said it anticipates a more than 10% growth in revenue for 2024, as sales volumes begin to pick up again.
The Chesterfield, England-based plastic and paperboard packaging manufacturer said it expects to post revenue of GBP56.6 million for 2024, up 13% from GBP49.7 million last year.
Shares in Robinson were up 12% at 119.90 pence each in London on Thursday morning.
Robinson also expects sales volumes to be around 14% higher on-year, after adjusting for price changes and foreign exchange rates.
Operating profit before exceptional items and the amortisation of intangible assets is anticipated "significantly ahead" of 2023, as well as being "moderately ahead" of the current market consensus.
Robinson did not on Thursday outline what it believed the market consensus to be, but broker Cavendish has forecast GBP3.2 million in adjusted operating profit for Robinson. This would be a 98% growth from GBP1.1 million in 2023, but a 14% decline from the GBP3.7 million recorded for the group in 2022.
Robinson said: "All of our business units have delivered improved returns in 2024 with the exception of the Denmark operation, where we experienced start-up issues earlier in the year associated with processing post-consumer recycled resin, demand variability and a longer learning curve than anticipated on the large project implemented there.
"Interventions during the second half of 2024 are already delivering improvements and are expected to return that operation to profitability in 2025."
Looking ahead, the group said it anticipates its 2025 results to come in ahead of 2024.
Robinson will release its 2024 results on March 20.
By Emily Parsons, Alliance News reporter
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