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Final Results

27th Mar 2025 07:00

RNS Number : 4016C
Robinson PLC
27 March 2025
 

 

Robinson plc

 

27 March 2025

 

Final Results for the year ended 31 December 2024

 

Robinson plc ("Robinson", the "Company" or the "Group" stock code: RBN), the custom manufacturer of plastic and paperboard packaging, is pleased to announce its audited results for the year ended 31 December 2024.

 

Financial highlights

· Underlying operating profit* increased to £3.2m (2023: £2.2m)

· Revenue up 14% to £56.4m (2023: £49.7m)

· Gross margin increased to 20% (2023: 19%)

· Non-underlying (other) items of £6.3m (2023: £2.1m) including: £3.7m of non-Company pension closure costs; £0.6m amortisation of intangible assets; and £1.7m impairment of goodwill and intangible assets related to the Denmark operation

· Loss before tax of £3.8m (2023: £0.7m)

· Net debt of £5.9m (2023: £6.3m)

· Final dividend increased to 3.5p (2023: 3.0p) per share. Total dividend of 6.0p (2023: 5.5p)

 

Operational highlights

· John Melia appointed as Group CEO in December 2024

· Completed buy-out of defined benefit pension scheme liabilities

· Progress on disposal of surplus property portfolio, sales expected in 2025

 

 

Alan Raleigh, Chairman, commented:

"I am pleased to report strong progress in 2024. Our results build on the positive momentum experienced in the second half of 2023, with substantial sales growth of 14% to £56.4 million, gross margin increasing to 20% and a 45% increase in underlying operating profit* to £3.2 million.

 

This confirms that our strategy of partnering with major FMCG brand owners, investing in new technology, driving efficiencies, and supplying sustainable packaging is delivering the anticipated results.

 

Our excellent customer relationships have created a very strong sales pipeline for 2025, and as our customers respond to new market opportunities, we see additional growth potential in future years. As we grow revenue and underlying volumes, we will continue to drive improved efficiency and profitability across our operations.

 

The underlying performance of the business gives the Board confidence to recommend an increase in the final dividend to 3.5p per share. This brings the total dividend declared for 2024 to 6.0p (2023: 5.5p).

 

Progress has also been made on the buy-out of the defined benefit pension scheme, but the closure of the scheme has resulted in a non-cash and non-Company cost of £3.7m included in our income statement (required by accounting standards despite no impact on shareholders' funds).

 

The disposal of surplus properties, with some sales expected to complete in 2025, will further improve our financial leverage and ability to support attractive growth projects.

 

Finally, despite strong progress in H2 2024, there is a non-cash impairment charge of £1.7m related to the Denmark operation due to 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. Pleasingly, interventions during the second half of 2024 are already delivering improvements and are expected to return that operation to profitability in 2025.

 

In combination, these other items have resulted in a Group loss before tax of £3.8m (2023: loss before tax £0.7m).

 

Despite these non-recurring items, the combination of volume and revenue growth, efficiency and profitability gains, improved financial leverage and new leadership, gives the Board confidence that we are well placed to compete and win. As such, we expect underlying operating profit for the 2025 financial year to be ahead of 2024, and ahead of current market expectations. We remain committed to delivering above-market profitable growth and our target of 6-8% underlying operating margin**."

 

For further information, please contact:

 

Robinson plc

www.robinsonpackaging.com

John Melia, CEO

Mike Cusick, CFO

Tel: 01246 389280

Cavendish Capital Markets Limited

Ed Frisby / Seamus Fricker, Corporate Finance

Tim Redfern, Corporate Broking

Tel: 020 7220 0500

 

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 also has a substantial property portfolio with development potential.

 

 

 

* Operating profit before other items

**Operating profit margin before other items

Chairman's statement

 

Financial performance

 

We achieved strong financial results for the year ended 31 December 2024, with progress made on all our key financial measures. 2024 revenues were 14% higher than 2023 and gross margin improved to 20% (2023: 19%), despite production start-up issues on the project in Denmark. Underlying operating profit* increased to £3.2m (2023: £2.2m).

 

Despite this excellent progress, other items, including the non-cash and non-Company costs of £3.7m related to the buy-out of the defined benefit pension scheme (required by accounting standards despite no impact on shareholders' funds) and the non-cash impairment charge of £1.7m related to the Denmark operation have resulted in a Group loss before tax of £3.8m (2023: loss before tax £0.7m).

 

Dividend

 

The Board proposes a final dividend of 3.5p per share, to be paid on 20 June 2025 to shareholders on the register at the close of business on 6 June 2025. The ordinary shares become ex-dividend on 5 June 2025. This brings the total dividend declared for 2024 to 6.0p (2023: 5.5p).

 

Strategy

 

Our strategy remains to partner with brand owners in the Food, Personal Care and Household markets across Europe to deliver packaging solutions that enable brand differentiation, product protection and consumer functionality.

 

We continue to work in close collaboration with customers who share our commitment to sustainability and the circular economy, by leveraging new capabilities across our business. We have a firm commitment to further reduce the amount of plastic in our products, increase the use of recycled material where technically and economically feasible and operate more sustainable supply chains.

 

People and organisation

 

John Melia joined the business as CEO in December 2024. John is an accomplished business leader who has a track record of delivery at senior level across both SMEs and multinational businesses. He brings extensive experience of business development, operational performance improvement, a deep understanding of the circular economy and significant manufacturing expertise.

 

John will lead the evolution and sharpening of our strategy to increase revenue and improve profitability.

 

The Board appreciates the excellent contribution of our Robinson colleagues, who enable everything we achieve.

 

I would also like to thank Sara Halton for her contribution as Interim Chief Executive from September 2023 to December 2024. I look forward to Sara continuing her non-executive responsibilities in 2025.

 

 

 

 

Shareholder engagement

 

The main topics discussed with investors over the last 12 months include CEO recruitment, capital allocation, recycled materials, carbon emission targets and dividend policy, all of which are addressed in the Group's Annual Report.

 

We welcome the opportunity to speak with existing and prospective investors and look forward to greeting shareholders at our AGM on 22 May 2025.

 

Outlook

 

Our close partnerships with major customers have generated a significantly improved sales pipeline for 2025, and, as our customers respond to new market opportunities, we see additional growth potential in future years.

 

As we grow revenue and underlying volumes, we will continue to drive improved efficiency and profitability across our operations.

 

The disposal of surplus properties, with some sales expected to complete within 2025, will improve our financial leverage and ability to support attractive growth projects.

 

This combination of volume and revenue growth, efficiency and profitability gains, improved financial leverage and new leadership, gives the Board confidence that we are well placed to compete and win. As such, we expect underlying operating profit* for the 2025 financial year to be ahead of 2024. We remain committed to delivering above-market profitable growth and our target of 6-8% underlying operating margin**.

 

 

 

Alan Raleigh

Chairman

 

 

* Operating profit before other items

**Operating profit margin before other items

 

 

Chief Executive's report

 

Underlying group performance

 

2024 revenues and sales volumes were 14% higher than 2023, benefitting from new business projects introduced in the last 18 months, both including the previously announced large new project in Denmark. A strong pipeline of future projects positions us well for continued sales growth.

 

Gross margins improved by 1% in the year as a result of the operational gearing benefit of higher sales volumes and lower input cost inflation. This is despite production start-up issues on the large project implemented in Denmark, which caused higher short-term direct costs associated with processing post-consumer recycled resin, demand variability and a longer learning curve than anticipated.

 

Underlying operating costs* were £8.3m (2023: £7.4m). The increase of £0.9m includes:

· £0.8m increase in wages and salaries in response to market inflation and substantial mandatory minimum wage increases plus performance related pay;

· £0.2m increase in insurance premiums after suffering an insured loss related to the flood in 2023;

· £0.2m warehousing and storage costs as a result of the increased volumes during the year; and

· the partial offset of £0.3m reduction in costs as a result of the full year effect of the restructuring programme initiated in June 2023.

 

In total, underlying operating profit** increased to £3.2m (2023: £2.2m).

 

Business unit performance

 

Underlying

Underlying

 

operating

operating

 

Capital

Capital

 

Revenue

Revenue

 

profit**

Profit**

 

expenditure

expenditure

 

2024

2023

 

2024

2023

 

2024

2023

£'000

£'000

 

£'000

£'000

 

£'000

£'000

UK

21,921

19,897

1,445

501

1,876

364

Poland

20,924

18,259

3,107

2,147

1,787

1,338

Denmark

13,565

11,514

(671)

(109)

727

2,332

Head office

-

-

(686)

(328)

197

-

Group

56,410

49,670

 

3,195

2,211

 

4,587

4,034

 

In Poland, sales volumes increased by 18% compared to 2023, the majority of which was due to new project wins with a major brand owner in the food sector and a fast-growing local producer of own label products in the personal care sector. We also started to see demand for air freshener devices and other discretionary products return as inflation and the cost-of-living crisis eased. Following the success of our investment in 2023 to expand our capability to manufacture products with recycled material content, we invested in further capacity in 2024. This new equipment has now reached full utilisation and we are planning a third similar investment to replace existing older equipment in 2025. Currency movements had a positive impact on Poland sales of 3% (£0.5m) against the prior year.

 

In Denmark, sales volumes increased by 19% reflecting delivery of a major new project for the Group's largest customer. Despite the increased sales, we experienced start-up issues on the project, associated with challenges in processing post-consumer recycled resin, demand variability and a longer learning curve than anticipated. As a result, the business made a substantial operating loss in 2024. In response, we made a number of operational changes in 2024, including recruitment of new employees in key positions; these interventions are already delivering improvements and as a result we have confidence that we will return the operation to profitability in 2025. Despite the predicted improvement, the downturn in performance in the current year and associated reduction in future forecast cash flows has led to an impairment of £1.7m, which has been allocated to the goodwill and customer relationships intangible assets. The impairment is included in other items in the income statement. Currency movements reduced Denmark sales by 3% (£0.3m) against the prior year.

 

In the UK Plastics business, sales volumes increased by 5% as we started to benefit from new business won in the previous 12 months. In response to market opportunities, we doubled our capacity for PET bottle production in the year and having already achieved full utilisation, we have committed to expand further in this area in 2025. We expect to see a high profit drop-through in this business as we focus on cost control whilst rebuilding the scale lost in recent years.

 

In the UK Paperbox business, sales volumes increased by 44% despite the flood that happened in October 2023 which continued to affect the factory until August 2024. With the support of our insurers, we were able to outsource production to retain our order book and protect our customer relationships. When our equipment was finally repaired or replaced, we were able to capitalise on our skills and technology to attract and retain large new customers across our market sectors. Thanks to the enormous efforts of our people, the business made an operating profit for the first time since 2019, an impressive achievement given the circumstances. With further stability and a strong pipeline, we expect this business to contribute further to profits in 2025.

 

Other items, finance costs and taxation

 

Other items of £6.3m (2023: £2.1m) were recognised in the period. £3.7m (2023: £0.3m) relates to the buy-out of the defined benefit pension scheme, £2.4m (2023: £1.0m) relates to the amortisation and impairment of intangible assets, and £0.2m (2023: £nil) is linked to future sales of surplus properties. Finance costs were £0.8m (2023: £0.8m) as interest rates remain high across the Group's countries of operation. Including these items, the loss before tax was £3.8m (2023: £0.7m).

 

Taxation for the year was a credit of £0.5m (2023: charge of £0.2m), largely driven by a £0.9m credit due to the tax effect of the IAS 19 pension charge recognised in the period.

 

Cash flow, capital investment, financing, and pension scheme

 

Cash generated by operations was £7.0m (2023: £5.0m) due to the improved underlying operating profit** from the packaging business and a working capital inflow in the period.

 

During the year, we invested £4.5m in property, plant and equipment including installation of four new moulding machines across the Group to expand capacity and facilitate sales growth in 2024 and 2025. As a consequence, net debt at 31 December 2024 was £5.9m (2023: £6.3m). With total credit facilities of £13.5m (2023: £15m), the necessary headroom is available for the Group to operate effectively.

 

The Robinson & Sons' Limited Pension Fund (the "Scheme") completed a buy-out of all the Group's defined benefit pension liabilities during the year and the Scheme was wound-up on 16 December 2024. As required by IAS 19, the Company has recorded an exceptional cost of £3.7m related to the buy-out and closure of the Scheme in the period. This cost was covered entirely by the surplus in the Scheme and has no impact on the Company's balance sheet or cash flow.

 

Surplus property

 

We are continuing to pursue the sale of surplus properties in Chesterfield. Subject to the necessary approvals, we would expect a further sale of surplus property to be achieved in 2025.

 

Based on professional independent valuations, the Directors estimate that the current market value of surplus properties is approximately £7.4m, and this includes the previously announced c.1.3 acres of Walton Works where exchange of contracts has occurred, and completion remains subject to satisfactory agreement of costs.

 

Sustainability

 

Sustainability is central to our core values and delivery of the key priorities outlined in our strategy.

 

We launched our sustainability pledge in February 2021 and through practical application, we successfully achieved our initial goals of zero percent waste to landfill and 100% recyclable products across all our operations.

 

We have not yet met our target of 30% recycled material content in plastics although the ratio improved significantly in 2024 to 27% (2023: 18%) with the launch of the major new project in Denmark which runs at 98% recycled content. Our growth in recycled content in recent years has been largely due to our partnerships with the major premium brand owners, helping them to deliver their own sustainability goals, but gradually we are starting to see the wider market, perhaps under pressure from retailers, looking to move to recycled material despite the higher costs involved. Legislation in the UK and EU continues to limit the use of mechanically recycled polypropylene material for food applications and as this captures more than 35% of our plastic products, this remains a challenge to further increasing our use of recycled raw materials.

 

Reducing the carbon footprint of our operations by reducing energy consumption is a key strand of our sustainable approach to manufacturing. We continue to decommission old equipment and consolidate production using more modern and energy efficient technology as well as investing in new machinery when appropriate. Energy monitoring systems have successfully been used to identify areas for improvement and will be rolled out further in the next 12 months. We continue to monitor self-generation technology and will invest when we believe this is efficient and suitable for the Group's needs.

 

During the year a £2.7m mortgage held with HSBC Bank UK was converted to a sustainability improvement loan. Future finance costs will be determined by whether Robinson achieves the sustainability performance criteria attached to the loan or not.

 

Operating with excellence

 

In 2024, there were five (2023: nine) lost-time accidents across the Group, which all occurred across two of our five sites. The health and safety of our team is of paramount importance and we will continue to focus on behavioural safety and delivering a Group-wide approach to ensure Robinson standards are clearly understood and complied with on all our sites. With this approach rolled out across our operations, there have been no accidents resulting in lost-time since June 2024.

 

In 2024, we were able to process 16% more polymer and deliver a 14% increase in revenue with fewer people. Continuous improvement of our operations is a key focus for the Group.

 

Our focus ahead

 

We will evolve and refresh the Group strategy during 2025, including empowering a revitalised senior executive team to drive execution and improved performance.

 

The work that has gone into developing close customer partnerships has led to a healthy sales pipeline, which should present substantial growth opportunities in 2025 and beyond. To deliver this growth and remain competitive, we will need to continue to invest in growing and improving our asset base.

 

We will also sharpen our approach to sustainability, focusing on a small number of primary targets that we will actively pursue to make progress on our own ESG agenda as well ensuring we are able to support our customers and the wider market in delivering their sustainability goals.

 

In my first three months, I have been impressed by the knowledge and commitment of the loyal workforce who clearly want to make Robinson successful. I see opportunities to supplement this strong foundation with new resources, skills and an improved organisation structure. Health and safety, sustainability and operational excellence are all areas that will receive sustained focus alongside our continued drive for growth.

 

With a refreshed strategy, an improved organisation structure and an investment mindset I anticipate a great opportunity to develop and grow the Robinson business to provide value and security for all key stakeholders.

 

 

 

John Melia

CEO

 

 

* Operating costs before other items

**Operating profit before other items

Group income statement and statement of comprehensive income

 

Group income statement

Underlying

Other items

Total

Underlying

Other items

Total

2024

2024

2024

 

2023

2023

2023

£'000

£'000

£'000

 

£'000

£'000

£'000

Revenue

56,410

-

56,410

 

49,670

-

49,670

Cost of sales

(44,866)

-

(44,866)

 

(40,039)

-

(40,039)

Gross profit

11,544

-

11,544

 

9,631

-

9,631

Operating costs

(8,349)

(6,266)

(14,615)

 

(7,420)

(2,106)

(9,526)

Operating profit/(loss)

3,195

(6,266)

(3,071)

 

2,211

(2,106)

105

Finance income - interest receivable

16

-

16

 

40

-

40

Finance costs

(790)

-

(790)

 

(805)

-

(805)

Profit/(loss) before taxation

2,421

(6,266)

(3,845)

 

1,446

(2,106)

(660)

Taxation

(805)

1,328

523

 

(628)

468

(160)

Profit/(loss) for the period

1,616

(4,938)

(3,322)

 

818

(1,638)

(820)

Loss per ordinary share (EPS)

p

p

Basic loss per share

(19.8)

(4.9)

Diluted loss per share

 

 

(19.8)

(4.9)

 

All results are from continuing operations.

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 of other items are provided in note 3.

 

Group statement of comprehensive income

2024

2023

£'000

£'000

 

Loss for the period

 

(3,322)

(820)

Items that will not be reclassified subsequently to the income statement:

 

 

Remeasurement of net defined benefit liability

3,725

289

Deferred tax relating to items not reclassified

(931)

(68)

Return of pension escrow

-

3,290

Deferred tax on pension escrow

-

(774)

2,794

2,737

Items that may be reclassified subsequently to the income statement:

 

 

Exchange differences on translation of foreign currency goodwill and intangibles

(88)

44

Exchange differences on translation of foreign currency deferred tax balances

9

3

Exchange differences on translation of foreign operations

(453)

527

(532)

574

Other comprehensive income for the period

2,262

3,311

Total comprehensive (expense)/income for the period

 

 

(1,060)

2,491

 

Group statement of financial position

 

 

 

 

 

 

2024

2023

£'000

£'000

Non-current assets

Goodwill

 

1,111

1,621

Other intangible assets

 

-

1,927

Property, plant and equipment

23,077

23,920

Deferred tax assets

294

508

24,482

27,976

Current assets

 

 

 

Inventories

4,923

4,747

Trade and other receivables

11,042

10,635

Cash at bank and on hand

2,480

3,576

Assets classified as held for sale

1,127

-

19,572

18,958

Total assets

44,054

46,934

Current liabilities

 

 

 

Trade and other payables

11,211

10,114

Borrowings

1,723

3,527

Current tax liabilities

-

172

12,934

13,813

Non-current liabilities

 

 

 

Borrowings

 

6,657

6,350

Deferred tax liabilities

 

772

1,119

Provisions

95

98

7,524

7,567

Total liabilities

20,458

21,380

Net assets

23,596

25,554

 

 

 

 

Equity

 

 

 

Share capital

84

84

Share premium

828

828

Capital redemption reserve

216

216

Translation reserve

(325)

207

Revaluation reserve

3,463

3,487

Retained earnings

19,330

20,732

Equity attributable to shareholders

23,596

25,554

 

 Group statement of changes in equity

 

Share capital

Share premium

Capital redemption reserve

Translation reserve

Revaluation reserve

Retained earnings

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

£'000

 

 

 

 

Group

 

 

 

At 1 January 2023

84

828

216

(367)

3,856

19,325

23,942

Loss for the year

-

-

-

-

-

(820)

(820)

Other comprehensive income

-

-

-

574

-

2,737

3,311

Total comprehensive income for the year

-

-

-

574

-

1,917

2,491

Transfer from revaluation reserve as a result of property transactions

-

-

-

-

(369)

369

-

Credit in respect of share-based payments

-

-

-

-

-

19

19

Dividends paid

-

-

-

-

-

(898)

(898)

At 31 December 2023

84

828

216

207

3,487

20,732

25,554

Loss for the year

-

-

-

-

-

(3,322)

(3,322)

Other comprehensive (expense)/income

-

-

-

(532)

-

2,794

2,262

Total comprehensive expense for the year

-

-

-

(532)

-

(528)

(1,060)

Transfer from revaluation reserve as a result of property transactions

-

-

-

-

(24)

24

-

Dividends paid

-

-

-

-

-

(898)

(898)

At 31 December 2024

84

828

216

(325)

3,463

19,330

23,596

 

Group cash flow statement

 

 

 

 

 

 

 

 

 

2024

2023

 

 

 

£'000

£'000

 

 

 

 

Cash flows from operating activities

 

 

 

 

 Loss for the period

(3,322)

(820)

 Adjustments for:

 

 

 Depreciation of property, plant and equipment

3,452

3,280

 Impairment of property, plant and equipment

223

51

 (Profit)/loss on disposal of property, plant and equipment

(177)

11

 Profit on disposal of assets held for sale

-

(58)

 Impairment of goodwill

463

-

 Amortisation and impairment of intangible assets

1,886

990

 Finance income

(16)

(40)

 Finance costs

790

805

 Taxation (credited)/charged

(523)

160

 Other non-cash items:

 

 Pension current service cost and expenses

3,725

289

 Charge for share options

-

19

Operating cash flows before movements in working capital

6,501

4,687

(Increase)/decrease in inventories

(296)

472

Increase in trade and other receivables

(575)

(938)

Increase in trade and other payables

1,384

835

Decrease in provisions

(3)

(18)

Cash generated by operations

7,011

5,038

Corporation tax paid

(667)

(210)

Interest paid

(786)

(826)

Net cash generated by operating activities

 

 

5,558

4,002

 

 

 

 

Cash flows from investing activities

 

 

 

 Interest received

16

40

 Acquisition of property, plant and equipment

(3,881)

(4,034)

 Proceeds on disposal of property, plant and equipment

275

26

 Proceeds on disposal of assets held for sale

-

700

Net cash used in investing activities

 

 

(3,590)

(3,268)

 

 

 

 

Cash flows from financing activities

 

 

 

 Loans repaid

(348)

(1,578)

 Loans drawn down

-

1,359

 Proceeds from return of pension escrow

-

585

 Capital element of lease payments

(1,870)

(1,828)

 Dividends paid

 

(898)

(898)

Net cash used in financing activities

 

 

(3,116)

(2,360)

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(1,148)

(1,626)

 Cash and cash equivalents at 1 January

3,576

5,097

 Effect of foreign exchange rate changes

52

105

Cash and cash equivalents at end of period

 

 

2,480

3,576

 

Cash at bank and on hand

2,480

3,576

Cash and cash equivalents at end of period

 

 

2,480

3,576

 

 

Notes to the financial statements

 

1. Basis of preparation

Robinson prepares its financial statements on a historical cost basis unless accounting standards require an alternate measurement basis. Where there are assets and liabilities calculated on a different basis, this fact is disclosed either in the relevant accounting policy or in the notes to the financial statements. The financial statements comply with the Companies Act 2006 as applicable to companies using International Financial Reporting Standards ("IFRS"). The Group's financial statements are prepared on a going concern basis. The financial information contained in this announcement does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. However, the financial statements contained in this announcement are extracted from audited statutory accounts for the financial year ended 31 December 2024 which will be delivered to the Registrar of Companies. Those accounts have an unqualified audit opinion.

 

2. Accounting Standards

Robinson prepares its financial statements in accordance with applicable IFRS, issued by the International Accounting Standards Board ("IASB") in conformity with the requirements of the Companies Act 2006, and interpretations issued by the IFRS Interpretations Committee. The Group's financial statements are also consistent with IFRS as issued by the IASB as they apply to accounting periods ended 31 December 2024.

 

3. Going Concern

The Directors have considered the factors relevant to support a statement of going concern. In assessing whether the going concern assumption is appropriate, the Board and the Audit and Risk committee considered the Group cash flow forecasts under various scenarios, identifying risks and mitigants and ensuring the Group has sufficient funding to meet its current commitments as and when they fall due for a period of at least 12 months from the date of signing these financial statements. The Directors have a reasonable expectation that the Group will continue in operational existence for this 12 month period and have therefore used the going concern basis in preparing the financial statements.

 

4. Other items

 

2024

 

2023

 

 

Other items

Tax impact

Other items

Tax impact

 

 

£'000

£'000

£'000

£'000

 

Loss on disposal of land and buildings

-

 

-

 

25

-

Pension related costs***

3,725

 

(931)

 

313

(78)

Amortisation of intangible assets

607

 

(116)

 

990

(195)

Impairment of intangible assets

1,279

 

(281)

 

 -

 -

Impairment of goodwill

463

 

-

 

-

-

Costs related to future disposal of surplus properties

191

 

-

 

-

-

Flood related costs

1

 

-

 

119

(30)

Restructuring & rationalisation costs

-

 

-

 

659

(165)

Total

6,266

(1,328)

2,106

(468)

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 were covered entirely by the surplus in the Scheme and had no impact on the Company's balance sheet or cash flow.

 

5. Publication of statutory financial statements

The Company's financial statements are due to be made available on the Company's website (www.robinsonpackaging.com) on 28 March 2025 and posted to shareholders with the Notice of Annual General Meeting on 17 April 2025, at which time the Notice of Annual General Meeting will be made available on the Company's website. Copies will also be available at the Company's registered office, Field House, Wheatbridge, Chesterfield, S40 2AB. The Annual General Meeting is due to be held at 11.30am on 22 May 2025 at the Peak Edge Hotel, Darley Road, Chesterfield S45 0LW.

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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