TIDMCRPR
RNS Number : 7130R
Cropper(James) PLC
09 November 2021
The advanced materials and paper products group is pleased to
announce its
Half-year results to 25 September 2021
Half-year **Half-year Full-year
to 25 September to 26 September to
2021 2020 27 March
2021
GBPm GBPm GBPm
Revenue 49.8 34.0 78.7
Adjusted operating profit * 2.5 1.6 4.5
Operating profit 2.3 0.4 2.4
Adjusted profit before tax * 2.3 1.3 4.0
Impact of IAS 19 (0.4) (0.3) (0.8)
Impact of exceptional items 0.0 (1.1) (1.5)
Profit before tax 1.9 0.0 1.7
Earnings per share - basic and
diluted 16.2p (0.2)p 16.4p
Dividend per share declared 2.5p Nil Nil
Net borrowings (9.6) (5.2) (7.5)
Equity shareholders' funds 32.3 27.3 29.9
Gearing % - before IAS 19 deficit 21% 12% 17%
Gearing % - after IAS 19 deficit 30% 19% 25%
Capital expenditure 2.9 1.4 3.1
* excludes the impact of IAS 19 and exceptional items (per note
8)
** Prior year to 26 Sept 20 restated to reflect GBP2.8m of grant
income reclassified from exceptional items to other income
Highlights
-- Group revenues up 47% on prior period comparative
-- Growth above pre-pandemic levels in TFP and Colourform
-- Adjusted PBT (excluding IAS 19 impact) at GBP2.3m, up 70% on prior period comparative
-- EPS (diluted) at 16.2p compared to 16.4p for the year ended March 2021
-- Reinstatement of interim dividend
-- As at 25 Sept 2021, the Company has liquidity of over GBP15m
including cash and overdraft facilities
-- TFP new non-woven line adding 50% capacity now operational
-- Capital investments for future growth have re-started and ramp-up in the second half
-- New talent to join the Group Board during H2
Mark Cropper, Chairman, commented:
"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 ä business attracts brands
seeking plastic-free sustainable packaging across the wines,
spirits, beauty, and fragrance sectors."
"We are committed to being operationally carbon neutral by 2030
and to significantly reducing carbon through our entire supply
chain by 2035. 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."
Enquiries: Isabelle Maddock, Robert Finlay, Henry Willcocks,
Chief Financial Officer John More
James Cropper PLC (AIM:CRPR.L) Shore Capital
Telephone: +44 (0) 1539 Telephone: +44 (0) 20 7408 4090
722002
www.jamescropper.com
Half-year ** Half-year Full-year
to 25 September to 26 September to 27 March
2021 2020 2021
Summary of results GBP '000 GBP'000 GBP'000
Revenue 49,828 34,004 78,768
Adjusted operating profit* 2,474 1,583 4,510
Operating profit 2,310 352 2,445
Adjusted profit before tax * 2,263 1,334 4,023
Impact of IAS19 (350) (293) (802)
Exceptional items (note 8) - (1,057) (1,502)
Profit / (loss) before tax 1,913 (16) 1,719
------------------------------ ----------------- ----------------- -------------
* excludes the impact of IAS 19 and exceptional items (per note
8)
** prior-year reclassification of grant income from exceptional
items to other income
Half-year ** Half-year Full-year
to 25 September to 26 September to 27 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
Revenue
Paper division 34,143 20,856 51,376
Colourform division 1,731 1,414 2,822
Technical Fibre Products division 13,954 11,734 24,570
---------------------------------------- ----------------- ----------------- -------------
49,828 34,004 78,768
Adjusted operating profit * 2,474 1,583 4,510
Adjusted net interest (211) (249) (487)
---------------------------------------- ----------------- ----------------- -------------
Adjusted profit before tax * 2,263 1,334 4,023
IAS19 pension adjustments
Net current service charge against
operating profits (164) (174) (563)
Finance costs charged against interest (186) (119) (239)
---------------------------------------- ----------------- ----------------- -------------
(350) (293) (802)
Exceptional items (note 8) - (1,057) (1,502)
---------------------------------------- ----------------- ----------------- -------------
Profit / (loss) before tax 1,913 (16) 1,719
---------------------------------------- ----------------- ----------------- -------------
* excludes the impact of IAS 19 and exceptional items (per note
8)
Balance sheet summary Half-year Half-year Full-year
to 25 September to 26 September to 27 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
Non-pension assets - excluding
cash 74,213 69,854 70,780
Non-pension liabilities - excluding
borrowings (19,482) (22,517) (18,444)
54,731 47,337 52,336
Net IAS19 pension deficit (after
deferred tax) (12,835) (14,791) (14.933)
------------------------------------- ----------------- ----------------- -------------
41,896 32,546 37,403
Net borrowings (9,637) (5,220) (7,502)
------------------------------------- ----------------- ----------------- -------------
Equity shareholders' funds 32,259 27,326 29,901
------------------------------------- ----------------- ----------------- -------------
Gearing % - before IAS19 deficit 21% 12% 17%
Gearing % - after IAS19 deficit 30% 19% 25%
Capital expenditure 2,877 1,367 3,127
Dear Shareholders
I am pleased to report that James Cropper PLC recorded a 47%
increase in revenue for the first half, at GBP49.8m (2020: GBP34m)
compared to the prior year comparative, with growth in all
divisions. Adjusted profit before tax (excluding the impact of IAS
19) was GBP2.3m for the first half of the current financial year,
compared to GBP1.3m in the prior comparative period. In the first
half of the previous year GBP2.8m of government support from UK and
US schemes for employment helped the Group to retain trained
employees and protect liquidity during the demand shock from the
pandemic; in the first half of this year, demand returns to
pre-pandemic levels, and the Group is operating without such
support. After the impact of IAS19, profit before tax is GBP1.9m,
up from GBPnil in the prior comparative period.
In TFP, sales grew 19%, including recovery in the aerospace
sector and strong growth continuing in renewable energy. Paper
experienced 64% growth on prior-year sales, with luxury packaging,
publishing, art and photography sectors returning to strength.
Meanwhile, Colourform continues to win new contracts and
experienced 22% growth in all markets.
Technical Fibre Products ("TFP")
Revenues in the TFP division were up by 19% across all market
segments. Strong growth continues in the renewable energy sector,
and demand in the aerospace sector is returning as aircraft build
rates increase. Proton Exchange Membrane (PEM) w ater electrolyser
sectors are growing, and TFP is investing in additional USA
capacity to meet forthcoming demand.
James Cropper Paper ("Paper")
The Paper division, which Covid-19 adversely impacted, is seeing
revenues up by 64% compared to last year's comparable period.
Whilst the division does face a challenging inflationary
environment, significant contracts gained in luxury packaging and
price increases are strengthening the mix. Investment is underway
to deliver additional capability to meet these contract wins and
the increased demand coming on stream for materials with
sustainable and recycled fibres delivered via circular economy
projects.
Colourform(TM) ("Colourform")
Revenues in the Colourform division grew by 22% in the period,
with contracts being fulfilled for the wines, spirits, and beauty
and fragrance sectors. Significant international recognition was
gained across the packaging industry with multiple sustainability
awards won. As a result, Colourform's pipeline continues to grow
with unique, pioneering projects for sustainable coloured packaging
solutions.
Pension
Overall, the combined funding position on an IAS19 measure for
the combined schemes has improved over the 6 month period from a
deficit of GBP18.4 million to a deficit of GBP17.1 million. This
improvement largely came about as a result of stronger asset
performance relative to the discount rate at the end of the year,
which was partially offset by a rise in inflation expectations.
Earnings per share and dividend
Basic and fully diluted earnings per share increased to 16.2
pence, compared to (0.2) pence in the prior year comparative
period.
The Board has declared an interim dividend as trading conditions
have improved and the outlook continues to be favourable. The Board
declared an interim dividend of 2.5p per share (2020: nil).
Group Board changes
As per the announcement on 4 November, James Gravestock will
join the Board on 15 November 2021 as an Executive Director and the
Managing Director for TFP. As Group Managing Director with Hamla
plc, James has demonstrated a career with strong results-driven
business leadership roles. The appointment of James follows a prior
announcement sharing that Martin Thompson, TFP MD, will be leaving
the company after 18 years, following a handover period.
As per the announcement on 9 November 2021, the Group Board
welcomes two additional Non-Executive Directors (NED), Martin Court
and Sarah Miles. Whilst bringing further independence to the Group
Board, both Martin and Sarah bring strong commercial experience,
helping to support the group's growth plans. The Group Board also
wishes to thank Andrew Hosty for his role as a NED during the last
three years and his contribution. Andrew stepped down from the
Board in November.
Outlook
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.
Adjusted PBT for the Group increased by 70%, with strong growth
across all businesses. It is expected that the Group will continue
to grow in the second half.
Plans are in place to establish an additional electrolyser line
in the US as the hydrogen market expands 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 ä business is attracting brands seeking plastic-free
sustainable packaging across the wines, spirits, beauty, and
fragrance sectors.
Through the second half, new talent will be joining the Group
Board, including a successor for the TFP MD role and two additional
Non-Executive Directors. These changes will continue to strengthen
the capabilities of the Group Board.
We are committed to being operationally carbon neutral by 2030
and to significantly reducing carbon through our entire supply
chain by 2035. 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, and this 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.
Mark Cropper
Chairman
UN-AUDITED CONSOLIDATED INCOME STATEMENT
26 week period 26 week period 52 week period
to 25 September to 26 September to 27 March
2021 2020 2021
------------------------------------------ ---------------- ---------------- --------------
GBP'000 GBP'000 GBP'000
Revenue 49,828 34,004 78,768
Provision for impairment - - (431)
Other income 590 2,804 3,036
Changes in inventories 1,772 (1,383) 598
Raw materials and consumables used (19,438) (10,416) (28,290)
Energy costs (3,231) (1,034) (3,078)
Employee benefit costs (15,088) (14,713) (28,417)
Depreciation and amortisation (1,975) (2,158) (4,489)
Other expenses (10,148) (6,752) (15,252)
Operating profit 2,310 352 2,445
Interest payable and similar charges (415) (370) (730)
Interest receivable and similar
income 18 2 4
Profit /(loss) before taxation 1,913 (16) 1,719
Taxation (363) 3 (153)
------------------------------------------ ---------------- ---------------- --------------
Profit / (loss) for the period 1,550 (13) 1,566
Earnings per share - basic and diluted 16.2p (0.2)p 16.4p
UN-AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME COMPREHENSIVE
INCOME
Profit / (loss) for the period 1,550 (13) 1,566
------------------------------------------ ---------------- ---------------- --------------
Items that are or may be reclassified
to profit or loss
Foreign currency translation 1 (80) (80)
Cash flow hedges - effective portion
of changes in fair value 33 53 258
Pulp hedge fair value adjustment 154 - 501
Items that will never be reclassified
to profit or loss
Retirement benefit liabilities -
actuarial gain / (loss) 955 (8,788) (8,750)
Deferred tax on actuarial (gain)
/ loss on retirement benefit liabilities (239) 1,670 1,663
Other comprehensive income / (expense)
for the period 904 (7,145) (6,408)
------------------------------------------ ---------------- ---------------- --------------
Total comprehensive income / (expense)
for the period attributable to equity
holders of the Company 2,454 (7,158) (4,842)
------------------------------------------ ---------------- ---------------- --------------
UN-AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
25 September 26 September 27 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
------------------------------------- ------------ --------------- ----------------
Assets
Intangible assets 1,935 421 1,946
Goodwill 1,264 - 1,264
Property, plant and equipment 31,584 32,438 30,6966
Right of use assets 4,219 3,468 4,160
Deferred tax assets 4,279 3,471 3,729
------------------------------------- ------------ --------------- ----------------
Total non-current assets 43,281 39,798 41,795
------------------------------------- ------------ --------------- ----------------
Inventories 17,807 13,550 15,469
Trade and other receivables 17,536 18,656 16,053
Provision for impairment (901) (536) (961)
Other financial assets 672 - 501
Cash and cash equivalents 7,357 11,064 6,765
Current tax assets 97 1,857 1,425
Total current assets 42,568 44,591 39,252
------------------------------------- ------------ --------------- ----------------
Total assets 85,849 84,389 81,047
------------------------------------- ------------ --------------- ----------------
Liabilities
Trade and other payables 17,061 20,219 15,780
Other financial liabilities - 222 16
Loans and borrowings 8,548 4,774 8,301
------------------------------------- ------------ --------------- ----------------
Total current liabilities 25,609 25,215 24,097
------------------------------------- ------------ --------------- ----------------
Long-term borrowings 8,446 11,510 5,966
Retirement benefit liabilities 17,114 18,262 18,436
Contingent consideration on business
acquisition 401 - 401
Deferred tax liabilities 2,020 2,076 2,246
Total non-current liabilities 27,981 31,848 27,049
------------------------------------- ------------ --------------- ----------------
Total liabilities 53,590 57,063 51,146
------------------------------------- ------------ --------------- ----------------
Equity
------------------------------------- ------------ --------------- ----------------
Share capital 2,389 2,389 2,389
Share premium 1,588 1,588 1,588
Translation reserve 505 504 504
Hedging reserve 655 - 501
Reserve for own shares (1,151) (1,251) (1,151)
Retained earnings 28,273 24,096 26,070
------------------------------------- ------------ --------------- ----------------
Total shareholders' equity 32,259 27,326 29,901
------------------------------------- ------------ --------------- ----------------
Total equity and liabilities 85,849 84,389 81,047
------------------------------------- ------------ --------------- ----------------
UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
26 week period 26 week period 52 week period
to 25 September to 26 September to 27 March
2021 2020 2021
--------------------------------------------- ---------------- -------------------- ------------------------
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Net profit / (loss) 1,550 (13) 1,566
Adjustments for:
Tax 363 (3) 153
Depreciation and amortisation 1,975 2,158 4,489
Transaction costs - - 384
Net IAS 19 pension adjustments within
Statement of comprehensive income 350 293 802
Past service pension deficit payments (717) (201) (498)
Foreign exchange differences (1) 112 783
Loss on disposal of property, plant - 2 -
and equipment
Gains on early termination of rights
of use assets - - (19)
Net bank interest expense 220 249 487
Share based payments (96) 87 245
Changes in working capital:
(Increase) / decrease in inventories (2,326) 386 (1,448)
(Increase) / decrease in trade and other
receivables (1,571) 537 3,401
Increase / (decrease) in trade and other
payables 1,274 3,663 (2,406)
Net cash generated from operating activities 1,021 7,270 7,939
Cash flows from investing activities
Purchase of intangible assets (21) (29) (42)
Purchases of property, plant and equipment (2,856) (1,338) (3,085)
Acquisition of business net of cash
and cash equivalents - - (1,359)
Net cash used in investing activities (2,877) (1,367) (4,486 )
Cash flows from financing activities
Proceeds from issue of new loans 3,321 5,402 6,390
Repayment of borrowings (324) (9,066) (10,313)
Repayment of lease liabilities (419) - (818)
Interest received 18 2 4
Interest paid (156) (160) (353)
Distribution of own shares - - 100
Net cash generated / used in financing
activities financingactactivitiesactivities 2,440 (3,822) (4,990)
--------------------------------------------- ---------------- -------------------- ------------------------
Net increase / ( decrease) in cash
and cash equivalents 584 2,081 (1,537)
Effect of exchange rate fluctuations
on cash held 8 19 (662)
--------------------------------------------- ---------------- -------------------- ------------------------
Net increase / ( decrease) in cash
and cash equivalents 592 2,100 (2,199) 12
Cash and cash equivalents at the start
of the period 6,765 8,964 8,964
Cash and cash equivalents at the end
of the period 7,357 11,064 6,765
--------------------------------------------- ---------------- -------------------- ------------------------
Cash and cash equivalents consists
of:
Cash at bank and in hand 7,357 11,064 6,765
--------------------------------------------- ---------------- -------------------- ------------------------
UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Share Share Translation Hedging Retained
capital premium reserve Own shares Reserve earnings Total
--------------------------- --------- -------- ---------------- ---------- ---------- ------------- -----------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 27 March 2021 2,389 1,588 504 (1,151) 501 26,070 29,901
Comprehensive income for
the period - - - - - 1,550 1,550
Total other comprehensive
income - - 1 - 154 749 904
Share based payment charge - - - - - (96) (96)
Total contributions by and
distributions to owners
of the Group - - - - - (96) (96)
--------------------------- --------- -------- ---------------- ---------- ---------- ------------- -----------
At 25 September 2021 2,389 1,588 505 (1,151) 655 28,273 32,259
--------------------------- --------- -------- ---------------- ---------- ---------- ------------- -----------
At 28 March 2020 2,389 1,588 584 (1,251) - 31,087 34,397
Comprehensive (expense)
for the period - - - - - (13) (13)
Total other comprehensive
expense - - (80) - - (7,065) (7,145)
Share based payment charge - - - - - 87 87
Total contributions by and
distributions to owners
of the Group - - - - - 87 87
--------------------------- --------- -------- ---------------- ---------- ---------- ------------- -----------
At 26 September 2020 2,389 1,588 504 (1,251) - 24,096 27,326
--------------------------- --------- -------- ---------------- ---------- ---------- ------------- -----------
NOTES TO THE CONDENSED CONSOLIDATED HALF YEAR STATEMENTS
1 BASIS OF PREPARATION
James Cropper Plc (the Company) is a public limited company
incorporated and domiciled in the United Kingdom and listed on the
Alternative Investment Market (AIM). The condensed consolidated
half year financial statements of the Company for the twenty six
weeks ended 25 September 2021, which have not been audited or
reviewed, comprise the Company and its subsidiaries (together
referred to as the Group).
Basis of preparation
The condensed consolidated financial statements for the 26 week
periods ending 25 September 2021 and 26 September 2020 are
unaudited and were approved by the Directors on 8 November 2021.
They do not constitute statutory accounts as defined in s434 of the
Companies Act 2006. The financial statements for the year ended 27
March 2021 were prepared in accordance with International Financial
Reporting Standards (IFRS) and have been delivered to the Registrar
of Companies. The report of the auditor on those financial
statements was unqualified and did not draw attention to any
matters by way of emphasis of matter. The Group's financial
statements consolidate the financial statements of James Cropper
Plc and its subsidiaries.
Applicable standards
These unaudited consolidated interim financial statements have
been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union, under the historical
cost convention. They have not been prepared in accordance with IAs
34, the application of which is not required to the interim
financial statements of companies trading on the Alternative
Investment Market (AIM companies). The interim financial statements
have been prepared in accordance with the accounting policies
applied in the preparation of the Group's published consolidated
financial statements for the 52 week period ended 27 March
2021.
The consolidated financial statements of the Group for the 52
week period ended 27 March 2021 are available upon request from the
Company's registered office Burneside Mills, Kendal, Cumbria, LA9
6PZ or at www.jamescropper.com .
The half year financial information is presented in Sterling and
all values are rounded to the nearest thousand pounds (GBP'000)
except where otherwise indicated.
Going concern
The Directors, at the time of approving these interim
statements, have a reasonable expectation that the Group has
adequate resources to continue in operational existence for at
least 12 months from this reporting date.
For the interim going concern review the Group has a 3 year plan
against which a number of scenarios assess headroom against
facilities and impacts on bank covenants, which showed adequate
headroom and no covenant breaches. GBP7.8m of debt is due for
renewal within the next 12 months, current availability of finance
is good and the Group expects to be able to renew funding on
favourable terms.
Following this review the Directors are satisfied that the
Company and the Group have adequate resources to continue in
operational existence for the foreseeable future. Accordingly, they
continue to adopt the going concern basis in preparing the
condensed consolidated financial statements.
Significant accounting policies
The accounting policies applied by the Group in these condensed
consolidated financial statements are the same as those applied by
the Group in its consolidated financial statements as at and for
the 52 week period ended 27 March 2021.
2 Accounting estimates and judgements
The preparation of half year financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expenses. Actual
results may differ from these estimates.
The significant judgements made by management in applying the
Group's accounting policies and the key sources of estimation
uncertainty were the same as those applied to the consolidated
financial statements as at and for the 52 week period ended 27
March 2021.
3 Risks and uncertainties
The principal risks and uncertainties which may have the largest
impact on performance in the second half of the year are the same
as disclosed in the 2021 Annual Report on pages 21-25. The
principal risks set out in the 2021 Annual Report were:
Covid-19 pandemic risk; employee health & safety; energy
price volatility; pulp price volatility and sustainability;
exchange rate volatility; pension and information security and
cyber risk.
The Board considers that all principal risks and uncertainties
set out in the 2021 annual report have not changed and remain
relevant for the second half of the financial year.
4 Alternative performance measures
The Company uses alternative performance measures to allow users
of the financial statements to gain a clearer understanding of the
underlying performance of the business.
Profit before tax represents the Group's overall performance and
financial position, however it contains significant non-operational
items relating to IAS 19 that the directors believe obscure an
understanding of the key performance trend.
Measures used to evaluate business performance are 'Adjusted
operating profit' (operating profit excluding the impact of IAS 19
and exceptional items) and 'Adjusted profit before tax' (profit
before tax excluding the impact of IAS 19 and exceptional items).
The alternative performance measures are reconciled in note 9.
The adjustment, which we refer to in these accounts as the "IAS
19 impact" represents the difference between the pension charge as
calculated under IAS 19 and the cash contributions for the current
service cost only as determined by the latest triennial valuation.
The Directors consider that the adjusted pension charge better
reflects the actual pension costs for ongoing service compared to
the IAS 19 charge. This adjustment is made internally when we
assess performance and is also used in the EBITDA and EPS targets
used in management incentive schemes.
5 Earnings per share
Six months Six months Year ended
ended 25 September ended 26 September 27 March
2021 2020 2021
----------------------------------- -------------------- -------------------- ------------
Earnings per share - basic
and diluted 16.2p (0.2)p 16.4p
Profit / (loss) for the financial
period (GBP'000) 1,550 (16) 1,566
----------------------------------- -------------------- -------------------- ------------
Weighted average number of
shares -
basic and diluted 9,554,803 9,554,803 9,554,803
6 Dividends
The proposed interim dividend of 2.5p (2020: nil) per 25p
ordinary share is payable on 14 January 2022 to those shareholders
on the register of the Company at the close of business on 9
December 2021, with the last day for DRIP elections being 21
December 2021.
7 Retirement benefit obligations
26 week period 26 week period 52 week period
ended 25 September ended 26 September ended 27 March
2021 2020 2021
--------------------------------------- ----------------------- ----------------------- -------------------
GBP'000 GBP'000 GBP'000
Obligation brought forward (18,436) (9,382) (9,382)
Expense recognised in the
income statement (718) (528) (1,273)
Contributions paid to the
schemes 1,085 437 969
Actuarial gains and (losses)
recognised in Other Comprehensive
Income 955 (8,789) (8,750)
--------------------------------------- ----------------------- ----------------------- -------------------
Obligation carried forward (17,114) (18,262) (18,436)
--------------------------------------- ----------------------- ----------------------- -------------------
8 Exceptional items
26 week period 26 week period 52 week period
ended 25 September ended 26 September ended 27 March
2021 2020 2021
------------------------ ------------------------ ----------------------- -------------------
GBP'000 GBP'000 GBP'000
Restructuring costs - (1,057) (1,118)
Transaction costs - - (384)
------------------------ ------------------------ ----------------------- -------------------
Exceptional items - (1,057) (1,502)
------------------------ ------------------------ ----------------------- -------------------
9 Alternative performance measures
26 week period 26 week period 52 week period
ended 25 September ended 26 September ended 27 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
Adjusted operating profit 2,474 1,583 4,510
Net IAS 19 pension adjustments
- current service costs (164) (174) (563)
Restructuring costs - (1,057) (1,118)
Transaction costs - - (384)
----------------------------------- ----------------------- ----------------------- -------------------
Operating profit 2,310 352 2,445
----------------------------------- ----------------------- ----------------------- -------------------
26 week period 26 week period 52 week period
ended 25 September ended 26 September ended 27 March
2021 2020 2021
GBP'000 GBP'000 GBP'000
Adjusted profit before tax 2,263 1,334 4,023
Net IAS 19 pension adjustments
- current service
costs (532) (409) (1,034)
- future service
contributions
paid 368 235 471
- finance costs (186) (119) (239)
Restructuring costs - (1,057) (1,118)
Transaction costs - - (384)
----------------------------------------------- ----------------------- ----------------------- -------------------
Profit / (loss) before tax 1,913 (16) 1,719
----------------------------------------------- ----------------------- ----------------------- -------------------
10 Related parties
There have been no significant changes in the nature of related
party transactions in the period ended 25 September 2021 from that
disclosed in the 2021 annual report.
Statement of Directors' responsibilities
The Directors confirm that these condensed consolidated interim
financial statements have been prepared in accordance with IAS 34
as adopted by the European Union and that the interim management
report includes a fair review of the information required by DTR
4.2.7 and DTR 4.2.8, namely:
(i) An indication of important events that have occurred during
the first six months and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year;
and
(ii) Material related party transactions in the first six months
and any material changes in the related party transactions
described in the last Annual report.
The Directors of James Cropper Plc are detailed on our Group
website www.jamescropper.com
Forward-looking statements
Sections of this half-yearly financial report may contain
forward-looking statements with respect to the Group's plans and
expectations relating to its future performance, results, strategic
initiatives, objectives and financial position, including liquidity
and capital resources. These forward-looking statements are not
guarantees of future performance. By their very nature, all
forward-looking statements involve risks and uncertainties because
they relate to events that may or may not occur in the future and
are or may be beyond the Group's control. Accordingly, the Group's
actual results and financial condition may differ materially from
those expressed or implied in any forward-looking statements.
Forward-looking statements in this half-yearly financial report are
current only as of the date on which such statements are made. The
Group undertakes no obligation to update any forward-looking
statements, save in respect of any requirement under applicable law
or regulation. Nothing in this announcement shall be construed as a
profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR FLFFDLVLTIIL
(END) Dow Jones Newswires
November 09, 2021 02:00 ET (07:00 GMT)
Cropper (james) (LSE:CRPR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cropper (james) (LSE:CRPR)
Historical Stock Chart
From Jul 2023 to Jul 2024
