18th Mar 2016 08:00
LONDON (Alliance News) - Plastic and paperboard packaging company Robinson PLC on Friday posted lower pretax profit due to exceptional costs and weaker underlying volumes, but revenue edged up and it hiked its dividend.
Robinson said its pretax profit for 2015 fell to GBP774,000 from GBP2.4 million a year earlier, mostly as a result of the GBP1.7 million exceptional cost it booked on the earn-out consideration for Madrox, the Polish plastic packaging manufacturer it acquired in 2014.
Revenue edged up to GBP29.1 million from GBP28.1 million, up 4.0% year-on-year but held back by a weak Polish zloty and a reduction in resin prices which was passed on to customers. Underlying volumes also fell, hit by contract losses, with this hit offset by the Madrox contribution.
Robinson said it will pay a final dividend of 3.0 pence per share, up from 2.75p, taking its total dividend to 5.5p, a 10% hike year-on-year.
"I am pleased to report that the Madrox business has performed ahead of expectations during the year resulting in an enhanced earn out. Management is committed to both organic growth in sales and operational efficiency and through these we expect to deliver further growth in revenue and earnings," said Chairman Richard Clothier.
By Sam Unsted; [email protected]; @SamUAtAlliance
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