(Alliance News) - Robinson PLC on Wednesday said profit more than trebled in the first half of 2019, as customers stockpiled ahead of Brexit.
The plastic packaging firm's pretax profit for the six months to June 30 was GBP309,000, well above its GBP86,000 a year before.
Revenue climbed 9.6% to GBP17.1 million from GBP15.6 million, lifted by an 8% underlying volume increase. This was due to the creation of contingency inventory by customers in the first quarter of 2019 ahead of the UK's original Brexit date of March 31.
Robinson noted that volumes fell in the second quarter as companies unwound these stocks.
In spite of Brexit uncertainty, the firm is still targeting around 10% annual revenue growth and aiming for between a 6% and 8% pre-exceptional return on sales.
The company declared a 2.5 pence per share interim dividend, flat year-on-year.
Shares in Robinson were up 1.3% at 79.00 pence on Wednesday morning.
Robinson (RBN)