Robinson PLC AGM Trading Statement (9708C)
24 Junio 2021 - 1:00AM
UK Regulatory
TIDMRBN
RNS Number : 9708C
Robinson PLC
24 June 2021
Robinson plc
24 June 2021
AGM TRADING STATEMENT
Robinson plc ("Robinson" or the "Group" stock code: RBN), the
custom manufacturer of plastic and paperboard packaging, is holding
its Annual General Meeting today at 11.30am in Chesterfield. The
Chairman, Alan Raleigh, will make the following statement:
Current trading
"As we indicated in the 2020 full year results, published in
March, sharp increases in resin prices, together with some lack of
availability, have created volatility in 2021. As a result, margins
to date are reduced.
Since 1 January the market price of resins used in the Group
have increased by on average 60%. There were numerous force majeure
declarations by resin producers in the first quarter and no
meaningful increase in imports into Europe, initially due to the
large-scale, weather-related disruptions in the US and recently
because of shipping container shortages from Asia. Whilst some
convertors have been forced to shut down production lines, we have
been successful in mitigating the substantial challenge of securing
resin supply to continue to operate.
Group sales in the first five months of the year are 17% ahead
of the same period in 2020, 2% excluding the impact of the recently
acquired Schela Plast business. After adjusting for price changes,
sales volumes in the underlying business are 1% higher than 2020,
which included additional demand due to the Covid-19 pandemic. As a
result of the short-term transitional impact of resin price
increases on our Group, earnings for the year to date are well
behind that achieved in the same period in 2020.
Schela Plast acquisition
The acquisition of Schela Plast A/S, a specialist in the design
and manufacture of blow moulded containers, based in Denmark, was
completed on 10 February 2021. The integration with the Robinson
Group is progressing well. In common with our existing operations,
Schela Plast has faced resin availability and price challenges and
it has also experienced a slower reopening of the market sectors
that it serves following Covid-19 related lockdowns. Robinson has
recently entered a strategic supply partnership with a major FMCG
brand owner in the region, which provides confidence for the
future.
Net debt
Including the acquisition, net debt1 has increased to GBP13.1m
at 31 May 2021 (31 December 2020: GBP6.6m). This remains well
within the Group's total facilities of GBP21.1m.
Outlook
Raw material shortages and price increases will continue to have
a short-term impact on earnings in the first half of 2021. Whilst
many of our customers have been supportive, accepting price
increases outside of contractual resin escalators, the impact is
not sufficient to offset the lag effect of additional material
costs in the first half. Notwithstanding the short-term challenges
and market uncertainty, we remain committed in the medium term to
returning above-market profitable growth and our target of 6-8% of
adjusted operating margin2."
For further information, please contact:
Robinson plc www.robinsonpackaging.com
Helene Roberts, CEO Tel: 01246 389280
Mike Cusick, Finance Director
finnCap Limited
Ed Frisby / Seamus Fricker, Corporate Tel: 020 7220 0500
Finance
Tim Redfern / Barney Hayward, ECM
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 McBride, Procter & Gamble, Reckitt Benckiser, SC
Johnson and Unilever.
Headquartered in Chesterfield, UK, Robinson has 3 plants in the
UK, 2 in Poland and recently acquired a plant in Denmark, Schela
Plast. Schela Plast specialises in the design and manufacture of
plastic blow moulded containers, serving a number of the major FMCG
brands in Denmark and neighbouring countries.
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.
1 cash less borrowings (excludes IFRS 16 lease liabilities)
2 operating profit margin before exceptional items and
amortisation of intangible assets
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. 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 rns@lseg.com 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.
END
AGMSEESILEFSEIM
(END) Dow Jones Newswires
June 24, 2021 02:00 ET (06:00 GMT)
Robinson (LSE:RBN)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Robinson (LSE:RBN)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
