James Cropper back in the black following interim turnround
Cumbria’s James Cropper said it has achieved a “healthy first half” after issuing interim results for the period to September 30, 2023, today.
The Kendal-based business, focused on advanced materials, luxury packaging and paper products, reported revenues of £56.5m, down from £61.6m, which it said were broadly in line with the board’s expectations, despite ongoing market headwinds in Paper Products.
It turned a £900,000 pre-tax loss last year into a £2.4m pre-tax profit, and has increased the interim dividend from 2p per share, to 3p.
CEO Steve Adams said: “We have achieved a healthy first half performance with benefits from our accelerated growth strategy now becoming evident, following considerable hard work and commitment by the James Cropper team.
“In spite of ongoing wider macro-economic pressures and softer demand across Paper, the actions taken to streamline the business and focus on higher margin opportunities have helped deliver an improvement in profitability. Advanced Materials continues to perform well with Future Energy again exceeding expectations.
“The continued focus on our unique recovered fibre upcycling capability, moulded fibre luxury packaging offer and pioneering activities in decarbonisation keep us differentiated and relevant with our current and future customers.”
He added: “Our access to the high growth Future Energy markets with an equally differentiated product and technology offer in Advanced Materials, brings significant opportunity for further growth. We are committed to ongoing investment in our capabilities and capacity with a new phase of expansion in our electrolyser manufacturing operations.
“We have also built significant strength in our talent and leadership over the last year and will complement this with more agile systems and processes. With the new leadership team, and our talented global workforce, we are well positioned for greater success; from redefining our Paper Products offer to satisfying global demand for a low carbon economy through cutting edge materials and components in renewable energy.
“While still in the midst of our transformation, we are confident in the future prospects of the business which is reflected in the increase in interim dividend and I look forward to achieving further value for our shareholders as we start the journey to reposition ourselves as one company, unified under the group name, James Cropper.”
