Cropper(James) PLC – Half-year Report

Cropper(James) PLC – Half-year Report

James Cropper plc ,the advanced materials and paper products group, is pleased to announce its Half year results to 29 September 2018.

Half year to 29 September 2018

Half  year to   30 September   2017

Full  year to       31 March      2018

£m

£m

£m

Revenue

50.3

47.4

96.3

Adjusted operating profit (excluding IAS19 impact)

2.0

3.0

6.1

Operating profit

1.8

2.7

5.4

Adjusted profit before tax (excluding IAS19 impact)

1.9

2.8

5.8

Impact of IAS19

(0.5)

(0.5)

(1.3)

Profit before tax

1.4

2.3

4.5

Earnings per share – basic

12.9p

23.1p

43.3p

Earnings per share – diluted

12.9p

22.9p

43.0p

Dividend per share declared

2.5p

2.5p

13.5p

Net borrowings

(6.6)

(4.7)

(4.8)

Equity shareholders’ funds

23.0

20.0

23.3

Gearing % – before IAS 19 deficit

17%

12%

12%

Gearing % – after IAS 19 deficit

29%

23%

21%

Capital expenditure

1.9

1.3

1.9

Highlights

  • Revenue growth in all divisions with total revenue up 6% on prior year comparative
  • Continued higher pulp prices over 2018 impacting profitability for the year
  • Adjusted PBT (excluding IAS 19 impact) at £1.9m, down 31% on prior year comparative
  • PBT at £1.4m, down 39% on prior year comparative
  • EPS (diluted) down 44% to 12.9p from 22.9p on prior year comparative
  • Preparations in place for additional TFP non-woven capability increasing capacity by 50% by end of the 2020 calendar year
  • Further investment in production capacity for 3DP Colourformä  in 2019 to increase capacity by 50%

Mark Cropper, Chairman, commented:

“TFP has delivered its best ever sales performance for a half year and is set to continue growth in the second half. Plans are in place for additional TFP non-woven capability increasing capacity by 50% by the end of the 2020 calendar year. Paper sales have grown by 6% compared to the prior period comparative but with pulp prices projected to add an additional £3.5m of costs compared to the prior year our paper business is severely impacted. 3DP Colourformä is making progress with commercial projects, confirming the potential for this new business. Plans are in place to expand capacity by a further 50% for this division by early 2019.

Within the Group we continue to invest significantly in people, innovation and capability. This will ensure that over the long term the Group has the potential to sustain growth across all its businesses. In the nearer term, expectations for the full year remain unchanged from the previous trading update.”

No Comments

Post a Comment