Robinson makes 'strong progress' in FY24

Packaging business Robinson said on Thursday that it had made "strong progress" in FY24.

Robinson said underlying profits had grown from £2.2m in FY23 to £3.2m in FY24, driven by a 14% improvement in revenues to £56.4m and a single basis point uptick in gross margins to 20%.

However, pre-tax losses widened from £700,000 to £3.8m as non-underlying items increased from £2.1m to £6.3m, principally due to a £3.7m hit from non-company pension closure costs and a £1.7m impairment of goodwill and intangible assets related to its Denmark operations.

Robinson also noted that net debt had fallen from £6.3m to £5.9m and said it had chosen to hike its final dividend from 3.0p per share to 3.5p, taking its total dividend for FY24 to 6.0p, up from 5.5p at the same time a year earlier.

Chairman Alan Raleigh said: " I am pleased to report strong progress in 2024. Our results build on the positive momentum experienced in the second half of 2023.

"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."

As of 1040 GMT, Robinson shares were up 5.96% at 124.50p.

Reporting by Iain Gilbert at Sharecast.com