Cropper(James) PLC AGM Statement and Trading Update (2734H)
July 31 2019 - 6:00AM
UK Regulatory
TIDMCRPR
RNS Number : 2734H
Cropper(James) PLC
31 July 2019
31 July 2019
James Cropper PLC ("James Cropper", "Group" or the
"Company")
AGM Statement and Trading Update
"I am pleased to report that the Group has enjoyed a promising
start to the current financial year and has traded profitably in
the first quarter in line with management expectations.
Group sales for the first quarter are up 4% on the prior year
quarter. The Paper division growth is being realised from recent
price increases and our focus on higher value niche markets, in
particular luxury packaging. Pulp prices have softened in the
quarter, though remain at historically high levels. TFP is
benefiting from a continued focus on the defence, industrial and
fuel cell markets.
The commercialisation of the Colourform division remains on
track, with a step-change in sales and an increasing order book,
and our expectation is that this will continue to build over the
year.
As mentioned in our announcement on 25 July, David Wilks, who
has been a Non-Executive Director for 15 years, is due to retire
after the AGM. The Board and I wish to thank David for his counsel,
advice and contribution to the Company. In addition we are looking
forward to welcoming Lyndsey Scott as a Non-Executive Director.
Lyndsey will be joining the Board on 1 August, and her broad range
of skills and organisational experience will be of significant
benefit to the Board.
Overall, the outlook for the Group remains in line with
management expectations. TFP will continue to utilise available
manufacturing capacity to accelerate sales and will be increasing
capacity by an additional 50% by end 2020 to meet future demand.
Paper will continue to focus on high value segments and provide
increased independence from pulp price with the expanded use of
recycled content such as CupCycling(TM) . Colourform will be
focused on continued growth of the sales pipeline. I am pleased
with the progress we are making and confident the Group will
perform in line with the Board's expectations for the year."
Mark Cropper
Chairman
Enquiries:
James Cropper PLC (AIM: CRPR) Shore Capital
Isabelle Maddock, Group Finance Director Robert Finlay, Henry Willcocks
Jim Aldridge, Company Secretary Richard Johnson
Tel: +44 (0) 1539 722002 Tel: + 44 (0) 207 408 4090
www.jamescropper.com
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END
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