By Elena Vardon
Robinson, the U.K. manufacturer of plastic and paperboard packaging, has announced that it expects its adjusted operating profit for 2023 to be marginally ahead of the previous year, in line with expectations. The company anticipates an improvement in sales volumes in the second half of the year, following soft demand in the first half which resulted in a pretax loss.
For the six months ending June 30, Robinson reported a pretax loss of £900,000 ($1.1 million), compared to a pretax profit of £2.8 million in the same period last year. Revenue also declined from £25.4 million to £24.3 million.
Adjusted operating profit decreased to £500,000 from £1.5 million for the first half of the year. While the company did not disclose its full-year expectations, it achieved an adjusted operating profit of £2.0 million in 2022.
Chairman Alan Raleigh acknowledged the challenging macroeconomic conditions that impacted the company's performance in the first half of 2023. However, he expressed optimism, stating that recent new business prospects and seasonality should contribute to an improved second-half result.
Robinson reaffirmed its mid-term target of achieving a 6% to 8% adjusted operating margin.
Additionally, the company declared an unchanged interim dividend of 2.5 pence per share.