Investors buy into Robinson after results

AIM-listed plastics and packaging manufacturer Robinson (LON:RBN) has reported that revenues rose by 10% during the year ended 31st December. Profits before tax for the period rose by 8.7%, but gross margins narrowed slightly.

Chairman Alan Raleigh commented: “I am pleased to report improved revenues and profits for 2018. This was achieved through greater focus on improved service to our customers, controlling material costs and managing overheads.

We also agreed to a change in leadership to drive this even harder in 2019 and to engage more effectively in shaping the plastics sustainability agenda through our contribution to the circular economy.

Consequently, we feel the business is in a much stronger position to face the challenges in front of us and we expect to achieve double-digit sales growth again in 2019. We also expect a marked step-up in profitability, ahead of market expectations, arising from our “Strategy into Action” program which will drive faster, better execution of our plans. Central Europe will continue to play an important role in driving profitable growth.

Underpinning this progress is a strong commitment to the highest standards of corporate governance, including strengthening the Board through the appointment of Sara Halton as a new independent non-executive Director“.

The price of Robinson shares climbed by 9.09% to 72p (as of 12:00 GMT).