TIDMRBN
RNS Number : 5644J
Robinson PLC
17 August 2023
Robinson plc
Half-year Report
Interim Results for the six months ended 30 June 2023
Robinson plc ("Robinson" the "Company" or the "Group" stock
code: RBN), the custom manufacturer of plastic and paperboard
packaging based in Chesterfield, announces its interim results for
the six months ended 30 June 2023.
Financial
-- Revenue down 4.3% to GBP24.3m (2022: GBP25.4m)
-- Gross margin in line with the prior year at 18% (H1 2022: 18%)
-- Operating profit before exceptional items and amortisation of
intangible assets reduced to GBP0.5m (2022: GBP1.5m)
-- Exceptional costs of GBP0.5m (2022: profit of GBP2.0m) -
included profit on sale of properties of GBP2.1m in 2022
-- Loss before tax of GBP0.9m (2022: profit of GBP2.8m)
-- Interim dividend of 2.5p per share announced (2022: 2.5p)
-- Net debt of GBP9.0m (31/12/2022: GBP9.2m), after capital
expenditure of GBP1.1m and proceeds on sale of property of
GBP0.7m
Operational
-- Good progress on transition to Interim CEO
-- Restructuring program implemented in June, with exceptional
costs of c.GBP0.4m and annual savings of c.GBP0.7m, of which
GBP0.4m will benefit 2023
-- Sale of part of surplus property in Chesterfield completed in May with proceeds of GBP0.7m
-- Pension escrow account funds returned to the Company on 14 August 2023
-- Conditional contract signed to sell 1.3 acres of Walton Works property on 11 August 2023
Alan Raleigh, Chairman, commented:
"The results for the first half of 2023 reflect the current very
challenging macroeconomic conditions, which we expect to continue
for the rest of 2023. Despite these conditions, we are now seeing
more new business activity with existing and potential new
customers, which provides opportunities for additional sales in
2023 and beyond.
We are progressing well with the previously announced major
project in Denmark, with production equipment now installed in our
factory and product trials underway; this investment is expected to
begin to benefit sales and profit from 2024.
The demand slowdown that we anticipated has supressed volumes
and resulted in lower than desired sales and earnings in the first
half of 2023, however, we expect higher sales volumes due to recent
business wins and seasonality, and the benefit of the restructuring
program actioned in June, to lead to an improved result in the
second half of the year. Based on trading in the first half and our
anticipated pipeline, we expect adjusted(1) operating profit in the
2023 financial year to be marginally ahead of 2022 and in line with
current expectations.
We continue to progress our surplus property disposal agenda,
which along with the buy-out of the defined benefit pension scheme
and return of the escrow funds will reduce indebtedness and result
in a simpler and more streamlined organisation which is able to
compete and win in a volatile marketplace.
We remain committed in the medium-term to delivering
above-market profitable growth and our target of 6-8% adjusted(1)
operating margin."
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 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.
Chairman's Statement
Dear Shareholders
The results for the first half of 2023 reflect the very
challenging circumstances we are continuing to experience across
our operations due to the ongoing macroeconomic uncertainty and
volatility.
We noted 12 months ago that sales volumes would come under
further pressure during the second half of 2022 due to the effect
of inflation, the cost-of-living crisis, the de-listing of some
products by our customers and certain of our customers continuing
to prioritise existing business over innovation projects, a
characteristic which started during the pandemic. As we expected,
these factors and other challenges have manifested in lower sales
in the current period.
Sales in the first half of the year are 4% below the comparative
period in 2022, which includes a sales volume reduction of 12%. Of
the Group volume reduction, 5% relates to a single UK customer that
made supply chain changes during the period and is experiencing
issues which have impacted our business with them. As well as the
issues with this specific customer, demand has noticeably reduced
across the premium products in our portfolio due to inflation and
the cost-of-living crisis.
As demand has softened, we have stepped up sales activity and as
a result we now have a portfolio of opportunities close to
completion, which if converted would comprise more than 10% of
annual sales and partially mitigate the softness in demand for our
current customers' portfolio of products. We are prioritising the
management and execution of the previously announced capital
investment project in our Denmark operation, which we expect will
benefit sales and profit in 2024.
In response to the significant cost inflation experienced in
2022, we were successful in passing on inflationary cost increases
to customers and gross margins were 18% (H1 2022: 18%). Margins are
under pressure, primarily due to the operational gearing effect of
12% lower sales volumes and continued inflation in input costs.
Operating costs in the first half were GBP4.0m (2022: GBP3.2m).
The increase of GBP0.8m includes:
-- GBP0.2m of new roles brought into the business to improve our
operational capabilities and support our efforts to grow sales
volumes, including the major new project in Denmark.
-- GBP0.2m of inflation in wages and salaries in response to
double digit market inflation and substantial mandatory minimum
wage increases across our three countries of operation.
-- GBP0.1m related to property and insurance as the costs of
maintaining, repairing and rebuilding premises have escalated, and
the insurance market has hardened since the previous renewal.
-- GBP0.1m due to the movement in foreign exchange rates.
Whilst most of these cost increases were anticipated, our
efforts to increase sales prices to recover the inflation were
insufficient to cover these operating cost increases. As a result
of these inflationary pressures, we implemented a restructuring
program in June, which resulted in exceptional costs of c.GBP0.4m
and annual savings of c.GBP0.7m, of which GBP0.4m will benefit
2023.
Operating profit before exceptional items and amortisation of
intangible assets reduced by GBP1.0m versus the same period last
year, to GBP0.5m. This is in line with the six-month period to 31
December 2022, where operating profit before exceptional items and
amortisation of intangible assets was also GBP0.5m.
Including the exceptional items, the Group made a loss before
tax of GBP0.9m (2022: profit before tax GBP2.8m).
Defined benefit pension scheme
In December 2022, the Scheme completed a buy-in of all the
Group's defined benefit pension scheme liabilities with a plan to
complete a full buy-out during 2023, following a data cleanse
exercise. The administration and payroll functions were handed over
to Legal and General Assurance Society Limited from 1 August 2023
and the data cleanse is ongoing, with completion expected before
the end of the year.
The Company announced on 14 August 2023 that it had reached
agreement with the trustees of the Scheme for the funds held in the
pension escrow account, totalling c.GBP3.3m, to be returned to the
Group (of which, GBP2.7m was already loaned to the Company). The
Group will recognise an exceptional profit of c.GBP3.3m in its
income statement for the 12 months to 31 December 2023.
Property
As previously announced, part of the Walton Works surplus
property in Chesterfield, known as "Mill Lane", was sold on 30 May
2023. The consideration of GBP700,000 was received in cash and used
to reduce bank debt.
On 11 August 2023, the Company also exchanged contracts for the
sale of c.1.3 acres of the Walton Works surplus property.
Completion is subject to conditions, notably including satisfactory
planning approval, and is expected to take around 12-18 months. The
consideration payable on completion would be GBP1,500,000 in cash,
with estimated Company costs of GBP400,000. The net proceeds of
GBP1,100,000 would be used by the Company to reduce current bank
debt.
Including this property transaction, which is not yet completed,
the Directors estimate that the current market value of the
remaining surplus properties held by the Group is approximately
GBP7,400,000.
We would expect further sales of surplus property in
Chesterfield to be achieved in the next 12 months. The intention of
the Group remains, over time, to realise value from the disposal of
surplus properties and to reinvest the proceeds in developing our
packaging business.
Net debt and capital expenditure
Net debt has decreased to GBP9.0m (31/12/2022: GBP9.2m)
including capital expenditure of GBP1.1m (2022: GBP1.1m) and the
receipt of GBP0.7m proceeds on sale of surplus property in the
period. With total credit facilities of GBP18.1m at 30 June 2023,
the Group considers it has sufficient headroom for the foreseeable
future.
The return of the funds in the pension escrow account reduced
net debt by a further c.GBP3.3m on 14 August 2023.
Dividend
Despite the short-term market challenges we face, the Board has
confidence in the medium-term prospects for the business and
therefore announces that it intends to pay an interim dividend of
2.5p per share to be paid on 13 October 2023 to shareholders on the
register at 22 September 2023 (record date). The ordinary shares
ex-dividend date is 21 September 2023.
The current intention of the Board is to pay a total dividend of
5.5p (2022: 5.5p) per share for the year ending 31 December
2023.
CEO position
A previously announced, Dr Helene Roberts will resign as CEO and
a Director of the Company on 1 September 2023, at which point Sara
Halton will assume responsibility as the Interim CEO for a
transitional period whilst the Board conducts a search for a new
CEO. We thank Helene for her enormous contribution to the
business.
Outlook
Despite the ongoing challenging macroeconomic conditions, we are
now seeing more new business activity with existing and potential
new customers, which provides opportunities for additional sales in
2023 and beyond.
We are progressing well with the previously announced major
project in Denmark, with production equipment now installed in our
factory and product trials underway; this investment is expected to
begin to benefit sales and profit from 2024.
The demand slowdown that we anticipated has supressed volumes
and resulted in lower than desired sales and earnings in the first
half of 2023, however, we expect higher sales volumes due to recent
business wins and seasonality, and the benefit of the restructuring
program actioned in June, to lead to an improved result in the
second half of the year. Based on trading in the first half and our
anticipated pipeline, we expect adjusted (1) operating profit in
the 2023 financial year to be marginally ahead of 2022 and in line
with current expectations.
We continue to progress our surplus property disposal agenda,
which along with the buy-out of the defined benefit pension scheme
and return of the escrow funds will reduce indebtedness and result
in a simpler and more streamlined organisation which is able to
compete and win in a volatile marketplace.
We remain committed in the medium-term to delivering
above-market profitable growth and our target of 6-8% adjusted (1)
operating margin.
Alan Raleigh
Chairman
17 August 2023
1. before amortisation of intangible assets and exceptional items
Condensed consolidated income statement and statement of comprehensive
income
Six months Six months Year to
Condensed consolidated income statement GBP'000 to 30.06.23 to 30.06.22 31.12.22
Revenue 24,348 25,444 50,529
Cost of sales (19,911) (20,781) (41,765)
---------------------------------------------------- ------------- ------------- ----------
Gross profit 4,437 4,663 8,764
Operating costs (3,968) (3,172) (6,731)
---------------------------------------------------- ------------- ------------- ----------
Operating profit before amortisation
of intangible assets 469 1,491 2,033
Exceptional items (476) 1,967 1,714
Amortisation of intangible assets (492) (472) (947)
---------------------------------------------------- ------------- ------------- ----------
Operating (loss)/profit (499) 2,986 2,800
Finance income - interest receivable 4 - -
Finance costs (379) (232) (507)
(Loss)/profit before taxation (874) 2,754 2,293
Taxation (33) (25) 51
---------------------------------------------------- ------------- ------------- ----------
(Loss)/profit for the period (907) 2,729 2,344
---------------------------------------------------- ------------- ------------- ----------
(Loss)/earnings per ordinary share p p p
(EPS)
Basic and diluted (loss)/earnings
per share (5.4) 16.3 14.0
Condensed consolidated statement Six months Six months Year to
of comprehensive income GBP'000 to 30.06.23 to 30.06.22 31.12.22
(Loss)/profit for the period (907) 2,729 2,344
---------------------------------------------------- ------------- ------------- ----------
Items that will not be reclassified
subsequently to the Income Statement:
Remeasurement of net defined benefit
liability 99 96 180
Deferred tax relating to items not
reclassified (19) (18) (34)
---------------------------------------------------- ------------- ------------- ----------
80 78 146
Items that may be reclassified
subsequently to the Income Statement:
Exchange differences on translation
of foreign currency goodwill and
intangibles (17) 52 176
Exchange differences on translation
of foreign currency deferred tax
balances 7 (9) (26)
Exchange differences on translation
of foreign operations 198 45 481
---------------------------------------------------- ------------- ------------- ----------
188 88 631
--------------------------------------------------- ------------- ------------- ----------
Other comprehensive income for the
period 268 166 777
---------------------------------------------------- ------------- ------------- ----------
Total comprehensive (expense)/income
for the period (639) 2,895 3,121
---------------------------------------------------- ------------- ------------- ----------
Condensed consolidated statement of financial position
GBP'000 30.06.23 30.06.22 31.12.22
Non-current assets
Goodwill 1,583 1,526 1,570
Other intangible assets 2,401 3,320 2,924
Property, plant and equipment 22,458 23,467 22,960
Deferred tax asset 1,272 1,145 1,294
27,714 29,458 28,748
----------------------------------------------- --------- --------- ---------
Current assets
Inventories 4,622 5,458 5,155
Trade and other receivables 9,623 10,972 9,522
Cash at bank and on hand 3,975 2,148 5,097
Current tax asset - - 110
Assets classified as held for
sale - - 642
------------------------------------------------ --------- --------- ---------
18,220 18,578 20,526
----------------------------------------------- --------- --------- ---------
Total assets 45,934 48,036 49,274
------------------------------------------------ --------- --------- ---------
Current liabilities
Trade and other payables 8,146 7,652 9,543
Borrowings 5,281 1,530 5,535
Current tax liabilities 69 115 -
13,496 9,297 15,078
----------------------------------------------- --------- --------- ---------
Non-current liabilities
Borrowings 7,701 12,782 8,743
Deferred tax liabilities 1,299 1,235 1,395
Provisions 116 128 116
9,116 14,145 10,254
----------------------------------------------- --------- --------- ---------
Total liabilities 22,612 23,442 25,332
------------------------------------------------ --------- --------- ---------
Net assets 23,322 24,594 23,942
------------------------------------------------ --------- --------- ---------
Equity
Share capital 84 84 84
Share premium 828 828 828
Capital redemption reserve 216 216 216
Translation reserve (179) (910) (367)
Revaluation reserve 3,498 3,865 3,856
Retained earnings 18,875 20,511 19,325
Equity attributable to shareholders 23,322 24,594 23,942
------------------------------------------------ --------- --------- ---------
Condensed consolidated statement of changes in equity
Capital
Share Share redemption Translation Revaluation Retained
GBP'000 capital premium reserve reserve reserve earnings Total
At 31 December 2021 84 828 216 (998) 4,107 17,433 21,670
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Profit for the period - - - - - 2,729 2,729
Other comprehensive income - - - 88 - 78 166
Total comprehensive income for
the period - - - 88 - 2,807 2,895
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Credit in respect of share-based
payments - - - - - 25 25
Transactions with owners - - - - - 25 25
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Transfer from revaluation
reserve as a result
of property transactions - - - - (246) 246 -
Tax on revaluation - - - - 4 - 4
At 30 June 2022 84 828 216 (910) 3,865 20,511 24,594
Loss for the period - - - - - (385) (385)
Other comprehensive income - - - 543 - 68 611
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Total comprehensive
income/(expense) for the
period - - - 543 - (317) 226
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Dividends paid - - - - - (898) (898)
Credit in respect of share-based
payments - - - - - 20 20
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Transactions with owners - - - - - (878) (878)
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Transfer from revaluation
reserve as a result
of property transactions - - - - (9) 9 -
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
At 31 December 2022 84 828 216 (367) 3,856 19,325 23,942
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Loss for the period - - - - - (907) (907)
Other comprehensive income - - - 188 - 80 268
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Total comprehensive income for
the period - - - 188 - (827) (639)
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Credit in respect of share-based
payments - - - - - 19 19
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Transactions with owners - - - - - 19 19
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Transfer from revaluation
reserve as a result
of property transactions - - - - (358) 358 -
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
At 30 June 2023 84 828 216 (179) 3,498 18,875 23,322
--------------------------------- --------- --------- ------------ ------------ ------------ ---------- -------
Condensed consolidated cash flow statement
Year
Six months Six months to
GBP'000 to 30.06.23 to 30.06.22 31.12.22
Cash flows from operating activities
(Loss)/profit for the period (907) 2,729 2,344
Adjustments for:
Depreciation of property, plant and
equipment 1,617 1,576 3,151
Profit on disposal of property, plant
and equipment (3) (2,275) (1,454)
Profit on disposal of assets held for
sale (58) - (737)
Amortisation of intangible assets 492 472 947
Decrease in provisions - - (12)
Finance income (4) - -
Finance costs 379 232 507
Taxation charged/(credited) 33 25 (51)
Other non-cash items:
Pension current service cost and expenses 99 96 180
Charge for share options 19 25 45
Operating cash flows before movements
in working capital 1,667 2,880 4,920
Decrease/( increase) in inventories 533 (362) 36
(Increase)/decrease in trade and other
receivables (43) (826) 671
(Decrease)/increase in trade and other
payables (1,022) (168) 1,951
Cash generated by operations 1,135 1,524 7,578
Corporation tax received/(paid) 53 (136) (317)
Interest paid (379) (232) (492)
Net cash generated by operating activities 809 1,156 6,769
---------------------------------------------------------- ------------- ------------- ----------
Cash flows from investing activities
Interest received 4 - -
Acquisition of property, plant and equipment (1,112) (1,132) (2,584)
Proceeds on disposal of property, plant
and equipment 23 3,516 2,600
Proceeds on disposal of assets held
for sale 700 - 975
Deferred consideration paid - (2,311) (2,261)
Net cash (used in)/generated by investing
activities (385) 73 (1,270)
---------------------------------------------------------- ------------- ------------- ----------
Cash flows from financing activities
Loans repaid (805) (1,474) (1,501)
Loans drawn down 236 - 440
Net proceeds from sale and leaseback
transactions - 439 439
Capital element of lease payments (1,005) (830) (1,714)
Dividends paid - - (898)
------------- ----------
Net cash used in financing activities (1,574) (1,865) (3,234)
---------------------------------------------------------- ------------- ------------- ----------
Net (decrease)/increase in cash and
cash equivalents (1,150) (636) 2,265
Cash and cash equivalents at 1 January 5,096 2,775 2,775
Effect of foreign exchange rate changes 29 9 57
Cash and cash equivalents at end of
period 3,975 2,148 5,097
---------------------------------------------------------- ------------- ------------- ----------
Cash at bank and on hand 3,975 2,148 5,097
Bank overdrafts - - -
--------- ------------- ------------- ----------
Cash and cash equivalents at end of
period 3,975 2,148 5,097
---------------------------------------------------------- ------------- ------------- ----------
Notes to the condensed consolidated financial statements
1. Basis of preparation
Robinson plc (the Company) is a public limited company
incorporated and domiciled in the United Kingdom and its ordinary
shares are admitted to trading on the AIM market of the London
Stock Exchange. For the year ended 31 December 2022, the Group
prepared consolidated financial statements in accordance with
UK-adopted international accounting standards in conformity with
the requirements of the Companies Act 2006. These condensed
consolidated interim financial statements (the interim financial
statements) have been prepared under the historical cost convention
adjusted for the revaluation of certain properties. They are based
on the recognition and measurement principles of IFRS in accordance
with international accounting standards in conformity with the
requirements of the Companies Act 2006.
Standards effective from 1 January 2023
None of the standards, interpretations, and amendments effective
for the first time from 1 January 2023 have had a material effect
on the financial statements. There are no standards that are not
yet effective and that would be expected to have a material impact
on the Group in the current or future reporting periods and on
foreseeable future transactions.
Accounting policies
The interim report is unaudited and has been prepared on the
basis of IFRS accounting policies. The accounting policies adopted
in the preparation of this unaudited interim financial report are
consistent with the most recent annual financial statements, being
those for the year ended 31 December 2022. The financial
information for the six months ended 30 June 2023 and 30 June 2022
has not been audited and does not constitute full financial
statements within the meaning of Section 434 of the Companies Act
2006.
The financial information relating to the year ended 31 December
2022 does not constitute full financial statements within the
meaning of Section 434 of the Companies Act 2006. This information
is based on the Group's statutory accounts for that period. The
statutory accounts were prepared in accordance with UK-adopted
international accounting standards in conformity with the
requirements of the Companies Act 2006 and received an unqualified
audit report and did not contain statements under Section 498(2) or
(3) of the Companies Act 2006. These financial statements have been
filed with the Registrar of Companies, a copy is available upon
request from the Company's registered office: Field House,
Wheatbridge, Chesterfield, S40 2AB, UK or from its website at
robinsonpackaging.com .
Going concern
The Directors have performed a robust assessment, including a
review of the forecast for the 12-month period ending 31 December
2023 and longer-term strategic forecasts and plans, including
consideration of the principal risks faced by the Group including
stress testing of the business, as detailed in the 2022 Annual
Report (page 73). Following this review, 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 in
preparing the condensed consolidated financial statements.
2. Accounting estimates and judgements
The preparation of half year financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses. Actual
results may differ from these estimates.
The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those applied to the consolidated
financial statements as at and for the year ended 31 December
2022.
3. Risks and uncertainties
The principal risks and uncertainties which may have the largest
impact on performance in the second half of the year are the same
as disclosed in the 2022 Annual Report on pages 18-19. The
principal risks set out in the 2022 Annual Report were: Acquisition
performance; Customer relationships; Raw material supply and input
prices; IT and digital security; Environment; Debt leverage;
Operational gearing; Foreign currency; Market competitiveness; and
People.
The Board considers that the principal risks and uncertainties
set out in the 2022 Annual Report have not changed and remain
relevant for the second half of the financial year.
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 for the period divided by the weighted average number of
shares in issue, net of treasury shares. The potentially dilutive
effect of further shares issued through share options is also
applied to the number of shares to calculate the diluted earnings
per share.
Six months Six months Year to
to 30.06.23 to 30.06.22 31.12.22
(Loss)/profit for the period (GBP'000) (907,000) 2,729,000 2,344,000
Weighted average number of ordinary
shares in issue 16,753,445 16,753,445 16,753,445
Effect of dilutive share option awards* - - -
Weighted average number of ordinary
shares for calculating diluted earnings
per share 16,753,445 16,753,445 16,753,445
Basic (loss)/earnings per share (pence) (5.4) 16.3 14.0
Diluted (loss)/earnings per share (pence) (5.4) 16.3 14.0
------------------------------------------- ------------- ------------- -----------
*In the six months to 30.06.23 and six months to 30.06.22 there
was no difference in the weighted average number of shares used for
the calculation of basic and diluted earnings per share as all the
share options outstanding were out-of-the-money and not
dilutive.
5. Dividends
Six months Six months Year to
GBP'000 to 30.06.23 to 30.06.22 31.12.22
Ordinary dividend 2021 final of 3.0p
paid: per share - - 490
2022 interim of 2.5p
per share - - 408
- - 898
-------------- ------------------------------------------------------------------- ----------
The 2022 final dividend of 3.0p (2021: 3.0p) per share was paid
to shareholders on 21 July 2023. An interim dividend of 2.5p (2022:
2.5p) is proposed to be paid on 13 October 2023. Neither the final
nor interim dividend have been included as a liability in the
financial statements.
6. Interim report
Electronic copies of this interim report will be sent on 18
August 2023 to those shareholders who have requested such copies
and this interim report is also available from Robinson plc's
website at robinsonpackaging.com .
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IR MZGMRLVMGFZM
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