1st Apr 2020 10:31
(Alliance News) - Plastic and paperboard packaging manufacturer Robinson PLC on Wednesday reported a full-year earnings hike but noted the "substantial market uncertainty" caused by the Covid-19 outbreak.
Revenue in 2019 was 7.0% higher at GBP35.1 million from GBP32.8 million. Pretax profit more than doubled to GBP1.5 million from GBP685,000.
Chair Alan Raleigh said: "We have made important steps forward across all aspects of our business in 2019. Our results confirm that our actions to improve competitiveness are bearing fruit in a challenging and uncertain market."
Robinson said: "The reported spread of the Covid-19 coronavirus in recent weeks has created substantial market uncertainty. At present we have seen an upturn in demand for some of the products we manufacture, including hand wash containers and other personal care, household and food packaging. To the extent this is driven by stocking (as opposed to usage), this may reverse over time.
"The largest threats to our business are still to materialise and difficult to predict in this fast-changing environment, but we can envisage that the possibility of staff shortages or lockdowns may restrict our ability to manufacture products in our plants in the UK and Poland."
The company said that it has decided not to propose a final dividend for 2019. Robinson made a 3.0 pence final payout for 2018 and previously declared a 2.5p per share interim dividend for 2019, flat year-on-year.
Shares in the company were untraded at 52.00p each in London on Wednesday morning.
By Eric Cunha; [email protected]
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