StockMarketWire.com - Packaging company Robinson posted a rise in annual profit but said it wouldn't pay a final dividend, in order to conserve cash during the Covid-19 crisis.

Pre-tax profit for the year through December climbed to £1.51m, up from £0.69m on-year. Revenue rose 7% to £35.1m.

'We are of course assessing the rapidly evolving coronavirus pandemic and the impact this could have on our people, our customers and our business,' chief executive chief executive Alan Raleigh said. said.

'Our business is predominantly in the food, personal care and household sectors, with more than 70% of our turnover arising from financially strong multi-national or local players, so we believe we are likely to be less affected by the pandemic than others.'

'We have also stress-tested the resilience of our business to potential cash flow interruptions and believe we have sufficient financial headroom.'

'When there is greater clarity on the impact of coronavirus on market conditions and our currently projected financial strength, it is the board's ambition to resume dividend payments.'




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