REG - Cropper(James) PLC - Full Year Trading Update

James CropperAnnouncement

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RNS Number : 2785A  Cropper(James) PLC  14 April 2026

 

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14 April 2026

 

James Cropper plc

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

 

Full Year Trading Update

 

James Cropper plc (AIM: CRPR), the Advanced Materials and Paper &
Packaging group, is pleased to announce a trading update for the financial
year ended 28 March 2026 ("FY26").

 

FY26 Results

Subject to completion of the external audit, following positive trading
momentum into the year-end, the Board expects to report FY26 results as
follows:

·      Adjusted EBITDA(1) of £8.8m, approximately 10% ahead of market
expectations and more than 30% ahead of the prior year (FY25: £6.67m):

o  Advanced Materials delivered high single-digit percentage adjusted EBITDA
growth, with increased investment in operational costs to support medium-term
growth.

o  Paper & Packaging saw significantly reduced EBITDA losses for the full
year, with the second six months of the year delivering an EBITDA profit.

·      Group revenue of £103m, approximately 4% higher than FY25:

o  Low double-digit percentage increase in Advanced Materials.

o  Paper & Packaging revenue broadly in line with FY25, despite the
previously reported (July 2025) loss of a significant merchant customer.

·      Net debt at the period end of £8.3m (FY25: £12.9m),
significantly better than market expectations, reflecting the Group's
continued focus on cash and working capital management.

·      Net debt to EBITDA ratio(2) improved to below 1x adjusted EBITDA
(FY25 1.9x).

 

Current Trading

·      Trading momentum into the new financial year has been positive,
with the Group's strategy and operational improvement programme continuing to
track in line with the Board's strategic plan.

·    The Board continues to monitor the evolving geopolitical situation
in the Middle East. While the ultimate impact on markets and input costs
remains uncertain, the Group is actively managing its position through
hedging, pricing actions and procurement discipline.

 

Outlook

·    Overall, the Board remains confident in the medium-term prospects of
both divisions, underpinned by disciplined execution of the Group's strategy
and continued focus on operational delivery.

·     In Advanced Materials, the Board reaffirms its medium-term
expectation of underlying double-digit growth; the Group expects growth in the
current year to be linked to customer demand patterns and broader market
conditions.

·    In Paper & Packaging, the Board remains confident in delivering
continued improvements in performance, with an expectation of delivering
positive adjusted EBITDA across FY27.

 

The Company expects to announce its audited FY26 results in July 2026.

 

David Stirling, Chief Executive Officer, said: "I am pleased to report a good
performance in what remains a cautious and uncertain market environment. We
have made structured progress in stabilising the business, which is reflected
in the robust EBITDA and cash generated in the year. We remain confident in
the medium-term outlook and are focused on maintaining a balanced approach,
positioning the Group to benefit as conditions improve."

 

Notes

(1)EBITDA refers to profit before interest, tax, depreciation and
amortisation.  Adjusted EBITDA is EBITDA prior to exceptional items and the
impact of IAS 19 in respect of the Group's defined benefit pension scheme.

(2)Net debt at period end divided by Adjusted EBITDA for the previous 12-month
period.

 

 

 

-END-

Enquiries

 

 James Cropper plc                                         Tel: +44 (0)1539 722 002

 David Stirling, CEO

 Andrew Goody, CFO

 Shore Capital - Nominated Adviser and Broker              Tel: +44 (0)207 408 4090

 Daniel Bush, David Coaten, Henry Willcocks, Lucy Bowden

 IFC Advisory - Financial PR                               Tel: +44 (0) 203 934 6633

 Graham Herring, Tim Metcalfe, Zach Cohen                  james.cropper@investor-focus.co.uk (mailto:james.cropper@investor-focus.co.uk)

 

About James Cropper

 

James Cropper plc is globally recognised for its specialist capabilities in
the design and manufacture of advanced materials and paper products. Operating
through two principal businesses - Advanced Materials and Paper &
Packaging - and built upon 180 years of innovation, the Group serves a
diverse range of customers with high-performance solutions tailored to
specialised applications.

 

The Advanced Materials business develops cutting-edge nonwoven materials and
electrochemical coatings for sectors including aerospace, clean energy, and
defence. The Paper & Packaging business offers premium creative papers
and bespoke moulded fibre packaging together with leading recycled-fibre
capabilities and products, supporting the transition to a circular economy.

 

Headquartered in Burneside (UK), with additional manufacturing sites
in Crewe (UK), Launceston (UK), and Schenectady (USA), James Cropper
leverages deep expertise in material science and longstanding partnerships
with industry-leading businesses and brands to develop bespoke solutions that
meet complex technical and aesthetic specifications.

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