19th Aug 2015 06:57
LONDON (Alliance News) - Plastic and paperboard packaging company Robinson PLC Wednesday posted a swing to a pretax loss for its first half, mostly as a result of exceptional costs related to its acquisition of Madrox last year, but it raised its interim dividend.
The company proposed an interim dividend of 2.50 pence, up from 2.25p a year before.
Robinson posted a pretax loss of GBP81,000 for the half year to end-June, swung from a pretax profit of GBP309,000 a year before, as a rise in revenue to GBP13.6 million from GBP10.9 million was offset by exceptional costs of GBP948 million related to an earn-out payment for its acquisition of Madrox.
The company said that revenue growth was driven by Madrox, which helped offset the loss of a large contract in its Polish business in Lodz. However revenue was also held back by the strength of sterling against the Polish zloty, and a 25% fall in resin prices in the first two months of the year.
During the second half of 2015, new business gains are expected to lift revenues and lead to significant recovery in Lodz, the company said, especially in 2016.
Robinson bought Madrox, a Polish plastic packaging manufacturer, for GBP13.2 million in June 2014.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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