Packaging group Robinson PLC (LON:RBN) upped its dividend despite flat annual results.
The dividend rose by 10% to 5.5p, ahead of broker forecasts of 5.25p.
Broker finnCap said that the results for the year ended 2015 were modestly ahead of expectations, but revenues were below.
A contract loss at the end of 2014 and unfavourable exchange rates hit revenues, up only 4% on the previous year to £29.1mln.
Operating profits stood at £713,000 compared to £2.2mln the previous year.
Margins however were stronger than expected despite weak resin prices, at 24%.
The group’s Polish business Madrox, which it bought in 2014, performed ahead of expectations.
“We still see adjusted PBT growing at c10% due to recent business wins and operational improvement, and we continue to believe the shares offer good value,” said analysts.
Chairman Richard Clothier added: “the general economic conditions suggest a challenging year ahead with particular pressure on the major brands and the UK grocery sector.”
For that reason, finncap left profit forecasts for 2016 and 2017 unchanged.
Shares were down 7.2% to 167p.