LONDON (Alliance News) - Robinson PLC on Monday said trading profit in 2015 will be in line with market expectations, although reported revenue will fall due to lower product prices and the strength of sterling against Polish zloty.
The plastic and paperboard packaging manufacturer said adjusted revenue on a constant currency basis is expected to have risen 3.7% in 2015 to GBP29.1 million, although in reported currency this will be a drop of GBP2.4 million.
Despite a 12% increase in underlying group volumes, Robinson said lower resin prices which led to lower product prices and the strength of sterling against Polish zloty, reduced the reported value of Polish sales.
However, trading profit in 2015 will be in line with market expectations following a strong financial performance at Warsaw-based Madrox, which Robinson bought in 2014, although this will result in an increased earn-out payable to the vendors in 2016.
"The general economic conditions suggest a challenging year ahead with particular pressure on the major brands and the UK grocery sector. Nevertheless, with new business being added in the first quarter, the directors expect to deliver revenue and earnings growth," Robinson said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Robinson (RBN)