Cropper(James) PLC – CRPR – Final Results

Cropper(James) PLC – CRPR – Final Results

 

52 weeks ended 27 March 2021

52 weeks ended
28 March 2020

£'m

£'m

Revenue

78.8

104.7

Adjusted operating profit (excluding IAS19 and exceptional items)

4.5

7.3

Operating profit

2.4

6.6

Adjusted profit before tax (excluding IAS19 and exceptional items)

4.0

6.7

Impact of IAS19 on income statement

(0.8)

(1.2)

Exceptional items

(1.5)

-

Profit before tax

1.7

5.5

Earnings per share - basic and diluted

16.4p

50.6p

Dividend per share declared

nil

2.5p

Net borrowings

(7.5)

(11.1) 

Net borrowings (excluding right-of-use leases)

(3.7)

(6.7)

Equity shareholders' funds

29.9

34.4

Gearing % - before IAS 19 deficit

17%

26%

Gearing % - after IAS 19 deficit

25%

32%

Capital expenditure

3.1

9.2

 

Highlights

·      Primary focus on employee health during the pandemic.

·      Demand reduced by 25% across the Group, with the paper division affected most.

·      Organisation restructure aligned to support growth and reduce costs by £2m p.a.

·      Colourform revenues up 9% at £2.6m.

·      £2.9m of government support in UK and USA received in the period.

·      Brexit successfully managed with no lasting material impact on the Group.

·      Acquisition of PV3 Technologies in January to accelerate penetration of hydrogen market.

·      At 27 March 2021, the Company has liquidity of over £11m including cash and available overdraft facilities.

·      All investments restarted in the new financial year to support growth.

·      No final dividend proposed as part of cash preservation exercise against the impact of Covid-19.

 

Mark Cropper, Chairman, commented:

"I am pleased to report that in the event the year has passed as well as we might have hoped. We have managed to keep operating throughout and most importantly our workforce has stayed safe."

"That we find ourselves in this position speaks volumes for the unprecedented commitment of everyone across the Group."

 "Our mantra since the earliest days of the Covid crisis has been to "emerge stronger." This time last year it was far from a foregone conclusion that we would."

"I can now say with some confidence that we have every chance to do so, even while the pandemic and its aftershocks are far from over."

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