REG - Cropper(James) PLC - AGM Trading Update

James CropperAnnouncement

26/09/2023 07:00

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RNS Number : 5942N  Cropper(James) PLC  26 September 2023

26 September 2023

 

James Cropper plc

("James Cropper", the "Company" or the "Group")

 

AGM Trading Update

 

James Cropper plc (AIM: CRPR), a global market leader in advanced materials,
luxury packaging and paper products, is holding its Annual General Meeting at
11.00 am BST today.

 

The Group's start to the financial year has seen revenue broadly in line with
the Board's expectations, with strong gross margins and improvement in the
cost landscape leading to operating profit in line with expectations. Although
economic conditions remain challenging, the Group's performance was supported
by the ongoing reduction in raw material costs and success in securing lower
energy prices.  The Board's expectations for full year performance remain
unchanged.

 

Mark Cropper, Chairman of James Cropper, comments:

 

"I am pleased to say that we are already seeing some of the benefits of our
accelerated growth strategy which is making encouraging progress. Investment
to expand PEM electrolyser capacity in our Advanced Materials business is
providing a strong pipeline for the Group's Future Energy segment,
particularly with the recent launch of the TFP Hydrogen Modular Production
Unit, enabling rapid scalability for PEM electrolyser manufacturing.

 

In the Creative Papers and Luxury Packaging segments, the transformation is
driving margin improvement and increased productivity. We are also encouraged
by the unique and compelling offer we can provide to the growing Luxury
Packaging sector.

 

Our decarbonisation strategy remains on track with grant funding awarded for
the Low Carbon Energy Centre, which will provide greater reductions to on-site
fuel consumption."

 

Overall, good progress has been made as the Group strategically realigns the
business to bring greater focus on its customers and to help support the low
carbon economy.

 

-ENDS-

Enquiries:

 James Cropper plc

 Rosina Merrett

 Mob: +44 (0) 7500 083559

 rosina.merrett@cropper.com

 Shore Capital - (NOMAD and Broker)

 Robert Finlay, Henry Willcocks, Lucy Bowden

 Tel: +44 (0) 7601 6100

 Buchanan Communications - Financial PR

 Chris Lane, Charles Ryland, Jamie Hooper, Verity Parker

 jamescropper@buchanancomms.co.uk (mailto:jamescropper@buchanancomms.co.uk)

 Tel: +44 (0) 207 466 5000

 

 

Notes for editors:

 

James Cropper is a market leader in advanced materials and paper products. Led
by the Cropper family for six generations, the business has an international
workforce and an operational reach in over 50 countries.

 

Established in 1845, the Group manufactures paper, packaging and advanced
materials incorporating pioneering non-wovens and electrochemical coatings.

 

James Cropper is a specialist provider of niche solutions tailored to a unique
customer specification, ranging from substrates and components in hydrogen
electrolysis and fuel cells to bespoke colours and textures in paper and
moulded fibre packaging designed to replace single use plastics.

 

The Group operates across multiple markets from luxury retail to renewable
energy. It is renowned globally for service, capability, pioneering and multi
award-winning commitment to the highest standards of sustainability.

 

James Cropper's goal is to be operationally net zero by 2030 and to reduce
carbon through its entire supply chain to net zero by 2050.

 

 

 

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