Paper manufacturer sees growth return to pre-pandemic levels

James Cropper, the North West-based paper manufacturer, has reported revenues have climbed to pre-pandemic levels.

The group said it saw growth across all its divisions with turnover growing 47% to £49.8m for the half year to 25 September 2021.

That was up from £34m for the same period last year.

Pre-tax profit has grown to £1.9m compared to last year in which the Cumbria-based group didn’t make any profit.

Chairman Mark Cropper said: “The Group has experienced a 47% increase in revenues in the first half, returning to pre-pandemic levels, with both TFP and Colourform performing above this level, and Paper demonstrating a strong recovery.

“Plans are in place to establish an additional electrolyser line in the US as the hydrogen market surges and the 50% increase in TFP’s non-woven lines is now operational.

“ Paper sales are projected to be ahead of pre-pandemic levels by the start of 2022, with a strong demand for recycled fibre content and responsible sourcing.

“The Colourform business attracts brands seeking plastic-free sustainable packaging across the wines, spirits, beauty, and fragrance sectors.”

Cropper said the group was also committed to being operationally carbon neutral by 2030 and to significantly reducing carbon through its entire supply chain by 2035.

He said: “We are committed.  Building on strong foundations, the newly defined ESG committee is developing targets against all our ESG strategic intents.

“We invest significantly in people, innovation and capability will ensure that over the long term, the Group has the potential to sustain growth across all its businesses.

“In the nearer term, the full-year results are anticipated to show strong growth from the pandemic.”

The group said it will reinstate an interim dividend of 2.5p per share.