Papermaker exceeding expectations in face of floods

LISTED Cumbrian paper maker James Cropper has issued a highly positive trading update for the 53 weeks to April 2.

During the calendar year 2014, the Kendal-based company’s technical fibre products division experience health sales growth and that trend has continued into the first quarter of 2016.

The company said the financial impact of the flooding in Cumbria last year as announced on 15 December has yet to be fully quantified but the board is confident that insurance and other mitigating factors will compensate for any adverse financial impact including business interruption.

A statement released by chief executive Phil Wild said: “The board is confident that, even before recent favourable FX movements, the Company’s full year results will materially exceed market expectations. The outlook for the financial year just starting is encouraging.”