The following replaces the 'Half Yearly Report' announcement released on 21 August 2013 at 7:00 under RNS No 1205M.
As previously released, the EPS from continuing operations excluding exceptional items for the six months to the 30 June 2013 was erroneously stated as 7.1p instead of 5.2p and the EPS from continuing operations excluding exceptional items for the six months to 30 June 2012 was erroneously stated as 7.4p instead of 5.6p. This has now been corrected.
All other details remain unchanged.
Robinson plc
("Robinson" or the "Company)
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2013
HIGHLIGHTS
· Revenues up 14%
· Operating profit before exceptional items up 10%
· Exceptional gain of £1.1m on sale of property
· Profit before tax £2.2m (2012: £0.6m)
· Interim dividend increased by 14% to 2.0p (2012: 1.75p)
CHAIRMAN'S STATEMENT
Revenues & Profits
Revenues increased during the first half by 14% compared with the same period last year. Our customers report continued softness in demand for their premium branded products but new contracts have resulted in increased revenues. Plastic resin prices continue to fluctuate but on average have been at a similar level to last year. Whilst gross margins have been maintained, net operating costs have increased by 21% resulting from our previously announced strengthening of our sales and marketing team.
The notional finance income benefit arising from the pension fund surplus has halved to £0.1m in line with the reduction in the surplus in the pension fund shown in our balance sheet at the end of 2012. Other financing income was negligible as bank deposit rates have remained at low levels.
Sale of Property
Sonoco have exercised their option (pursuant to the sale of the spiral wound paperboard business in 2011) to buy the freehold property known as Portland Works in Chesterfield. The sales proceeds are £4.25m and this creates an exceptional gain on disposal of £1.1m in the income statement in the first half of 2013. The proceeds, which were received after the half year end, are included in "trade and other receivables" in these statements. The property was subject to a 15 year lease with an option to purchase, which has now been exercised. As a result, future rental incomes will be reduced by £0.4m per annum with effect from July 2013.
Cash & Finances
The Group's net cash and borrowings position stood at £1.1m at the end of June (2012: £0.4m) and this has improved with the receipt of the balance due from the sale of property referred to above. A final dividend of 2.25p was paid on 3 June 2013 (2012: 2.0p).
The proceeds from the sale of property will be held as cash while the Company continues to actively seek investment opportunities to expand its packaging business in Europe.
Outlook and Dividend
Market conditions for the rest of this year are expected to remain subdued. The directors are nevertheless optimistic that the Group will show progress in the profitability of the trading business for the year. As a result, an increased interim dividend of 2.0p (2012: 1.75p) has been approved to be paid on 1 October 2013 to shareholders on the register at 30 August 2013.
For more information please contact:
Robinson plc |
|
Guy Robinson, Finance Director |
Tel: 01246 389283 |
|
www.robinsonpackaging.com |
WH Ireland |
|
Katy Mitchell |
Tel: 0161 832 2174 |
Robinson plc, Chesterfield, S40 2AB, UK. Registered number 39811 (England) AIM code "RBN"
Robinson plc
Group Income Statement
|
|
|
Six months to 30.06.13 |
|
Six months to 30.06.12 |
|
Year to 31.12.12 |
Continuing Operations |
Notes |
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
Revenue |
|
|
10,886 |
|
9,517 |
|
21,171 |
Cost of sales |
|
|
(8,671) |
|
(7,595) |
|
(16,141) |
Gross profit |
|
|
2,215 |
|
1,922 |
|
5,030 |
Operating costs |
|
|
(1,185) |
|
(982) |
|
(2,604) |
Exceptional items |
|
|
1,054 |
|
(525) |
|
(83) |
Operating profit |
|
|
2,084 |
|
415 |
|
2,343 |
Finance income - interest receivable |
|
|
2 |
|
- |
|
10 |
Finance income - bank interest payable |
|
|
(1) |
|
(4) |
|
(9) |
Finance income in respect of pension fund |
|
|
124 |
|
237 |
|
474 |
Profit before taxation |
|
|
2,209 |
|
648 |
|
2,818 |
Taxation |
2 |
|
(310) |
|
(275) |
|
(723) |
Profit for the period from continuing operations |
|
|
1,899 |
|
373 |
|
2,095 |
|
|
|
|
|
|
|
|
Earnings per ordinary share (EPS) |
4 |
|
|
|
|
|
|
EPS from continuing operations excluding exceptional items |
|
|
5.2p |
|
5.6p |
|
13.6p |
EPS from continuing operations |
|
|
11.7p |
|
2.3p |
|
13.1p |
Diluted EPS |
4 |
|
|
|
|
|
|
EPS from continuing operations excluding exceptional items |
|
|
5.0p |
|
5.5p |
|
13.1p |
EPS from continuing operations |
|
|
11.3p |
|
2.3p |
|
12.6p |
|
|
|
|
|
|
|
|
Statement of Comprehensive Income |
|
|
£'000 |
|
£'000 |
|
£'000 |
|
|
|
|
|
|
|
|
Profit for the period |
|
|
1,899 |
|
373 |
|
2,095 |
Other comprehensive income |
|
|
|
|
|
|
|
Actuarial loss on retirement benefit obligations |
|
|
- |
|
(90) |
|
(3,355) |
Currency translation (loss)/gain |
|
|
(58) |
|
3 |
|
215 |
|
|
|
(58) |
|
(87) |
|
(3,140) |
Taxation relating to actuarial loss |
|
|
- |
|
30 |
|
922 |
Other comprehensive expense |
|
|
(58) |
|
(57) |
|
(2,218) |
Total comprehensive income/(expense) for the period |
|
|
1,841 |
|
316 |
|
(123) |
Robinson plc
Group Statement of Financial Position
|
|
|
30.06.13 |
|
30.06.12 |
|
31.12.12 |
|
|
|
£'000 |
|
£'000 |
|
£'000 |
Non-current assets |
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
8,913 |
|
8,847 |
|
8,857 |
Deferred tax assets |
|
|
111 |
|
173 |
|
158 |
Pension asset |
|
|
4,224 |
|
7,292 |
|
4,224 |
|
|
|
13,248 |
|
16,312 |
|
13,239 |
Current assets |
|
|
|
|
|
|
|
Inventories |
|
|
1,958 |
|
1,590 |
|
1,608 |
Trade and other receivables |
|
|
9,802 |
|
5,884 |
|
6,704 |
Cash |
|
|
1,055 |
|
902 |
|
1,743 |
|
|
|
12,815 |
|
8,376 |
|
10,055 |
Non-current assets held for sale |
|
|
2,782 |
|
4,998 |
|
4,998 |
Total assets |
|
|
28,845 |
|
29,686 |
|
28,292 |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Trade and other payables |
|
|
(3,821) |
|
(4,140) |
|
(4,355) |
Corporation tax payable |
|
|
(211) |
|
(220) |
|
(337) |
Borrowings |
|
|
- |
|
(335) |
|
(307) |
|
|
|
(4,032) |
|
(4,695) |
|
(4,999) |
Non-current liabilities |
|
|
|
|
|
|
|
Borrowings |
|
|
- |
|
(140) |
|
- |
Deferred tax liabilities |
|
|
(545) |
|
(1,417) |
|
(524) |
Provisions |
|
|
(187) |
|
(189) |
|
(187) |
|
|
|
(732) |
|
(1,746) |
|
(711) |
Total liabilities |
|
|
(4,764) |
|
(6,441) |
|
(5,710) |
|
|
|
|
|
|
|
|
Net assets |
|
|
24,081 |
|
23,245 |
|
22,582 |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Share capital |
|
|
80 |
|
80 |
|
80 |
Share premium |
|
|
526 |
|
419 |
|
419 |
Capital redemption reserve |
|
|
216 |
|
216 |
|
216 |
Translation reserve |
|
|
240 |
|
84 |
|
296 |
Revaluation reserve |
|
|
4,371 |
|
4,568 |
|
4,580 |
Retained earnings |
|
|
18,648 |
|
17,878 |
|
16,991 |
Equity attributable to shareholders |
|
|
24,081 |
|
23,245 |
|
22,582 |
Robinson plc
Group Statement of Cash Flows
|
Six months to 30.06.13 |
|
Six months to 30.06.12 |
|
Year to 31.12.12 |
|
£'000 |
|
£'000 |
|
£'000 |
Cash flows from operating activities |
|
|
|
|
|
Profit for the period |
1,899 |
|
373 |
|
2,095 |
Adjustments for: |
|
|
|
|
|
Impairment of investment in associates |
- |
|
550 |
|
- |
Depreciation of property, plant and equipment |
476 |
|
431 |
|
892 |
Profit on disposal of other plant and equipment |
(5) |
|
- |
|
(148) |
Decrease in provisions |
- |
|
- |
|
(2) |
Other finance income in respect of pension fund |
(128) |
|
(237) |
|
(474) |
Finance income |
1 |
|
4 |
|
9 |
Taxation charged |
310 |
|
275 |
|
723 |
Non-cash items: |
|
|
|
|
|
Pension current service cost |
128 |
|
116 |
|
188 |
Cost of share options |
24 |
|
30 |
|
63 |
Operating cash flows before movements in working capital |
2,705 |
|
1,542 |
|
3,346 |
Increase in inventories |
(350) |
|
(211) |
|
(229) |
(Increase)/Decrease in trade and other receivables |
(882) |
|
664 |
|
341 |
(Decrease)/Increase in trade and other payables |
(587) |
|
200 |
|
417 |
Cash generated by operations |
886 |
|
2,195 |
|
3,875 |
UK corporation tax paid |
(367) |
|
(291) |
|
(643) |
Interest paid |
(2) |
|
(5) |
|
(11) |
Net cash generated by operating activities |
517 |
|
1,899 |
|
3,221 |
Cash flows from investing activities |
|
|
|
|
|
Investment in an associate |
- |
|
(100) |
|
- |
Acquisition of property, plant and equipment |
(565) |
|
(505) |
|
(902) |
Disposal of other plant and equipment |
28 |
|
- |
|
254 |
Net cash used in investing activities |
(537) |
|
(605) |
|
(648) |
Cash flows from financing activities |
|
|
|
|
|
Loans paid |
(307) |
|
(167) |
|
(335) |
Dividends paid |
(361) |
|
(288) |
|
(558) |
Net cash used in financing activities |
(668) |
|
(455) |
|
(893) |
Net (decrease)/increase in cash and cash equivalents |
(688) |
|
839 |
|
1,680 |
Cash and cash equivalents at 1 January |
1,743 |
|
63 |
|
63 |
Cash and cash equivalents at end of period |
1,055 |
|
902 |
|
1,743 |
|
|
|
|
|
|
Cash |
1,055 |
|
902 |
|
1,743 |
Cash and cash equivalents at end of period |
1,055 |
|
902 |
|
1,743 |
Robinson plc
Notes to the Interim Report
1. Basis of preparation
The interim report for the six month period to 30 June 2013 was approved by the directors on 21 August 2013. The interim financial information is not audited.
The interim financial statements have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs). These should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2012, which have been prepared in accordance with applicable IFRSs. The information for the year ended 31 December 2012 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under sections 498 (2) or (3) respectively of the Companies Act 2006.
2. Taxation
The taxation charge for the six months to 30 June 2013 has been calculated on the basis of the estimated effective tax rate on profits before tax for the year to 31 December 2013.
3. Dividends
|
Six months to 30.06.13 |
|
Six months to 30.06.12 |
|
Year to 31.12.12 |
Ordinary: |
£'000 |
|
£'000 |
|
£'000 |
Final |
361 |
|
288 |
|
296 |
Interim |
- |
|
- |
|
262 |
|
361 |
|
288 |
|
558 |
4. Earnings per share
The calculation of basic and diluted earnings per ordinary share for continuing operations shown on the income statement is based on the profit after taxation of £1,899,000 divided by the weighted average number of shares in issue, net of treasury shares of 16,193,501: for diluted earnings per share 16,853,501.The calculation of basic and diluted earnings per ordinary share for continuing operations excluding exceptional items is based on a profit of £845,000 being the profit after taxation of £1,899,000 less the exceptional item of £1,054,000.
5. Going concern
The directors have considered the cash flow forecasts for the Group and the availability of facilities. As at the date of this report, the directors have a reasonable expectation that the Group has adequate resources to continue in business for the foreseeable future. Thus they continue to adopt the going concern basis of accounting.
6. Interim report
Copies of the interim report are available from Robinson plc's registered office: Field House, Wheatbridge, Chesterfield, S40 2AB, UK or from its website at www.robinsonpackaging.com.
…ends
