Robinson (AIM:RBN) shares fell 5.7%, to 125p, after the group trimmed its full-year underlying operating profit outlook, citing higher polymer, energy and freight costs and other disruptions tied to the Middle East crisis.
Sales volumes rose 3% over the period, but gross margin slipped to 20% from 22% as polymer, energy and freight costs rose amid the Middle East crisis, alongside a 15% volume decline in Poland and rectification costs tied to a raw-material quality issue in its Paperbox division.
Underlying operating profit fell to £0.9m from £2m, though statutory pre-tax profit rose to £1m from £1.8m, boosted by gains on the sale of three surplus Chesterfield properties that generated £1.5m in cash.
"The results for the first half of 2026 reflect a very challenging trading environment," said chairman Alan Raleigh, citing increased competition, lost business and input-cost inflation from the ongoing Middle East crisis.
Net debt rose to £6.4m from £5.4m at the end of December, reflecting £2m of capital expenditure and a £2.1m working-capital outflow, partly offset by property disposal proceeds. The board declared an interim dividend of 2.5p per share, unchanged from 2025, and intends a total 6.0p payout for the year.
Robinson now expects full-year underlying operating profit of £2.2m to £2.6m, cautioning that elevated polymer, energy and freight costs, along with constrained material availability, are likely to persist longer than previously anticipated. The company maintains its target underlying operating margin of 6% to 8%.
