James Cropper plc – Final Results

James Cropper plc – Final Results

The advanced materials and paper products Group, is pleased to announce its preliminary results for the 52 weeks ended 30 March 2019.

   

 

52 weeks ended 30 March 2019

52 weeks ended
31 March 2018

£m

£m

Revenue

101.1

96.3

Adjusted operating profit (excluding IAS19 impact) 

4.3

6.1

Operating profit

3.4

5.4

Adjusted profit before tax (excluding IAS19 impact)

4.0

5.8

Impact of IAS19

(1.4)

(1.3)

Profit before tax

2.6

4.5

Earnings per share – basic

24.3p

43.3p

Dividend per share declared

13.5p

13.5p

Net borrowings

(8.6)

(4.8)

Equity shareholders’ funds

21.3

23.3

Gearing % – before IAS 19 deficit

21%

12%

Gearing % – after IAS 19 deficit

40%

21%

Capital expenditure

5.2

1.9

Highlights

  • Group revenue exceeds £100m for the first time with growth in all divisions.
  • Adjusted PBT (excluding IAS 19 impact) at £4.0m
  • Continued higher pulp prices over 2019 impacting profitability for the year.
  • Paper to become more resilient to pulp market, delivering profitable growth.
  • TFP on schedule to add 50 % capacity.
  • Colourform: major contracts have gone live since the period end.
  • Dividend maintained at 13.5p.

Mark Cropper, Chairman, commented:

“The strength of the Group remains strong with record revenues, product mix improvements, investment on the increase and sound EBITDA levels providing clear headroom against our covenants. For the second year in succession pulp prices have outstripped market expectations, increasing cost pressures on our paper business by over £6.5m over two years.I remain confident that we are deploying and evolving the right strategies in this regard and this will ensure sustained – and sustainable – growth for the long term.”

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