Packaging manufacturer wraps up year with mixed results
Chesterfield-based Robinson, a manufacturer of plastic and paperboard packaging, has announced its audited results for the year ending 31 December 2023.
The company witnessed a mix of results, with chairman Alan Raleigh entering the 2024 financial year on an optimistic note, saying: “Following improved momentum in the second half of 2023, the company expects revenue, and operating profit (before amortisation of intangible assets and any exceptional items), for the 2024 financial year to be ahead of 2023.”
2023 results showed a slight uptick in operating profit before exceptional items and amortisation of intangible assets to £2.2m from £2m in the prior year.
Additionally, there was an improvement in the firm’s gross margin to 19%, compared to 17% in the previous year.
However, the manufacturer saw a slight dip in revenue, down 2% to £49.7m from £50.5m.
Alan Raleigh, chairman, said: “Robinson ended 2023 with a much stronger business. We improved adjusted operating profits, achieved surplus property sales, and secured the return of the pension escrow account funds to reduce gearing and strengthen our balance sheet. We have largely renewed our manufacturing asset base, won important new business with leading FMCG customers and are now seeing sales volumes recover.
“We have taken the necessary actions to make Robinson more resilient, more competitive, and more responsive. As market conditions begin to improve, we are well-placed to generate sustainable long-term value for our shareholders. We remain committed in the medium-term to delivering above-market profitable growth and our target of 6-8% adjusted operating margin.”
