Cropper(James) PLC Q1 Trading Update and AGM Statement (8295T)
July 27 2022 - 6:00AM
UK Regulatory
TIDMCRPR
RNS Number : 8295T
Cropper(James) PLC
27 July 2022
Q1 Trading Update and AGM Statement
'Excellent start to the year; the Group's prospects remain very
attractive'
James Cropper plc ('CRPR', the 'Company' or the 'Group'), the
leading advanced materials and paper products group is pleased to
announce its first quarter trading update and AGM Statement.
Financial performance
The Group has experienced a strong start to its financial year,
with sales in Q1 up 36% on the prior year (Q1 2021). While demand
across all three divisions is ahead of the prior-year quarter, TFP
has started the year with very strong sales and has seen
particularly high demand across TFP Hydrogen. The Paper division
has secured new luxury packaging contracts and Colourform has also
continued to win new contracts across the premium wine, spirits,
and beauty markets.
Profits for the group are currently tracking ahead of plan and
significantly ahead of the prior-year quarter, with management
expectations for FY23 presently unchanged. The Paper division has
started the year profitably, however, it is the TFP division that
is delivering the majority of the benefit to the Group.
Investment to support growth
The Paper division is extending its embossing and varnishing
capacity in Q3, of the current financial year, providing additional
capability to meet demand in the luxury packaging market. Coating
capacity for TFP Hydrogen will be extended with an additional line
operational in the USA by the end of Q2. The Group remains
committed to its ESG Committee goals. In Q1 the Group completed its
Decarbonisation Study, which indicates that the technical solutions
identified in the prior year's feasibility study, can be scaled up.
The Group is now moving into the engineering analysis stage and
expects this to be completed as planned this financial year.
Outlook
Mark Cropper, Chairman of James Cropper, said: "We are pleased
to report an excellent start to the financial year, with every
division within the Group outperforming the same period last
year.
"TFP has made a very strong start to the year which has
positively impacted profits. With the new hydrogen coating line on
schedule to be operational by the end of Q2, the division is on
track to deliver another record year.
"The Paper division, which was impacted by the unprecedented
high energy costs in Q4 last year, traded profitably in Q1,
demonstrating the pricing changes implemented are working together
with the strategy to improve the division's portfolio. While we are
always mindful of the energy and raw material headwinds, the strong
start to the year and new embossing and varnishing capacity, which
is on track to be completed and commissioned in H2, will support
our ability to meet the growing demand and continue with this
pleasing progress.
"The Colourform division continues to maintain a strong pipeline
of sales and the division's eye-catching and eco-friendly packaging
designs have received further international accolades, the latest
of which is the European Dieline design award.
"With the market returning to more normalised growth conditions,
the Group's prospects remain very attractive
and we look forward to making further progress in the year
ahead."
Annual General Meeting
James Cropper's Annual General Meeting will also be held today,
starting at 11.00 am GMT and taking place at the Bryce Institute,
Burneside, Cumbria.
James Cropper Group - Purpose : Pioneering Materials to
Safeguard our Future and Values : Forward Thinking, Responsible and
Caring.
Enquiries
Isabelle Maddock, Chief Robert Finlay, Henry Willcocks,
Financial Officer John More
James Cropper PLC (AIM Shore Capital
:CRPR.L)
Telephone: +44 (0) 1539 Telephone: +44 (0) 20 7601 6100
722002
www.jamescropper.com
Media Enquires:
Anna Geffert, MD
HERA Communication Strategies
anna.geffert@heracomms.com / +44 (0) 7773 046 337
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END
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