Last checked at 
LONDON (Alliance News) - Plastic and paperboard packaging manufacturer Robinson PLC on Friday said its pretax profit fell in 2014 due to costs related to the acquisition of Madrox, but said operating profit increased on the back of improved revenue.
Robinson said its pretax profit for the year fell to GBP2.2 million from GBP3.4 million a year earlier, primarily due to it booking a GBP364,000 exceptional cost this year, compared to a GBP1.1 million exceptional gain made in 2013. Operating profit before exceptional items increased to GBP2.5 million from GBP2.3 million.
Revenue increased 20% to GBP28.1 million from GBP23.3 million, with the contribution of Madrox pushing the total higher as underlying revenue remained flat. The company said the flat underlying performance was driven by new business wins, which offset some business churn caused by weakening consumer demand for some premium products.
The company said it will increase its final dividend to 2.75 pence per share, up from 2.5 pence, meaning its total dividend will rise 11% to 5 pence.
"I am pleased to report that the Madrox business has performed ahead of expectations since its acquisition in June reflecting our strategy of growth central Europe. Management is committed to new business development and, with the full year contribution from Madrox, further growth in revenues and earnings is expected," said Chairman Richard Clothier.
Shares in Robinson were down 1.9% to 155.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
