News Column

Robinson Revenues Rise In First Quarter As Madrox Acquisition Hit By Approval Delays

May 1, 2014

Alice Attwood

LONDON (Alliance News) - Robinson PLC's Chairman said Thursday that revenues in the first quarter rose 8% on last year's comparatives as the group trades in line with expectations.

In a statement released ahead of Robinson's annual general meeting at 11:30 BST today, Chairman Richard Clothier said that revenues in the first quarter of 2014 are up by 8% over the same period last year as the group continues to trade in line with expectations.

Clothier also said that the company has experienced delays in its acquisition of Polish plastic packaging manufacturer MADROX Spolka Jawna, "The acquisition of Madrox is now scheduled to complete in mid-June, one month later than the original timetable due to delays in the Court approval process in Poland," he said.

Robinson said in February that it would acquire the Polish company for GBP13.2 million, as part of its effort to expand in central Europe and boost its revenues. An initial cash payment of GBP10.6 million is to be funded from cash reserves and property-backed bank debt. It will pay the rest as long as Madrox achieves a set of key performance conditions in 2015.

Shares in Robinson were trading marginally lower, down 0.34% at 73.75 pence per share Thursday morning.

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Source: Alliance News

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