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Robinson PLC on Thursday posted an annual loss due to challenging conditions throughout 2021, leading to a shaved annual payout.
The Chesterfield, England-based plastic and paperboard packaging manufacturer's pretax loss stood at £148,000 in 2021, swinging from a profit of £1.8 million the year before. This came on the back of a surge in costs, with cost of sales rising 34% to £38.2 million from £28.6 million.
However, revenue climbed 24% to £46.0 million from £37.2 million in 2020.
Robinson experienced input price inflation and ongoing uncertainty resulting from the covid-19 pandemic, the company explained.
The market price on resins used by Robinson increased on average by 60% in the first half of the year and remained high for the full year, the Chesterfield, England-based plastic and paperboard packaging manufacturer added.
‘Market conditions have led many of our customers to delay plans for new business projects, instead focusing on reducing costs and preserving cash,’ Chair Alan Raleigh commented.
Robinson declared a final dividend of 3.0 pence per share, unchanged from the prior year. This brought the total annual payout to 5.5p, down from 8.5p a year ago, but beating the 2.5p paid out two years ago.
Looking ahead, Robinson is seeking substantial price increases from all customers to achieve its target of a 6% to 8% adjusted operating margin, Raleigh said.
The impact of the war in Ukraine could not be quantified, however the company said it only had very small sales exposure to Russia and Belarus, which it has since exited.
Robinson shares were 6.3% lower at 75.00 pence each in London on Thursday morning.
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