Robinson PLC - Chesterfield, England-based plastic and paperboard packaging manufacturer - Sells 1.3 acres of surplus property at Walton Works in Chesterfield for GBP1.5 million, giving GBP1.1 million in net proceeds. Property had a GBP540,000 book value and was producing rent of GBP5,000 per year. Robinson estimates that its surplus property holdings, including the property just sold, has a GBP7.4 million market value. It plans to reinvest surplus property sale proceeds in its packaging business.
Also strikes agreement with trustees of the Robinson & Sons' Ltd Pension Fund in relation to the fund's escrow account. The agreement, part of a full buy-out of the pension scheme, will reduce company debt by about GBP3.3 million. The fund is in surplus and will remain in surplus following the buyout. The GBP3.3 million held in escrow can therefore be returned to Robinson and used to pay down debt.
Robinson will issue results for the first half of 2023 on Thursday. In June, it had said sales for the first five months of the year were down 2% on 2022. However it still expected full-year adjusted operating profit to be in line with expectations.
Current stock price: 92.80 pence, up 3.1% in London on Monday
12-month change: up 16%
By Tom Waite, Alliance News editor
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Robinson (RBN)