REG - Cropper(James) PLC - Interim Results
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RNS Number : 6880H Cropper(James) PLC 17 November 2025
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INFORMATION AS STIPULATED UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE
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BE IN THE PUBLIC DOMAIN.
17 November 2025
James Cropper plc
("James Cropper", the "Company" or the "Group")
Interim Results
Strategic and operational delivery driving improved performance, in line with
the Board's expectations
James Cropper plc (AIM: CRPR), the Advanced Materials and Paper &
Packaging group, announces its unaudited results for the six months ended 27
September 2025 ('H1 FY26').
Financial highlights
Group H1 FY26 H1 FY25 Change
Revenue £51.8m £49.9m +3.7%
Adjusted(1) EBITDA £4.1m £2.7m +51.9%
Adjusted(1) Profit / (Loss) Before Tax £2.1m (£0.2m) +£2.3m
Statutory Profit / (Loss) Before Tax £2.7m (£0.6m) +£3.3m
Basic and diluted Earnings / (Loss) Per Share 21.4p (5.1p) +26.5p
Net Debt £10.5m £13.1m -£2.6m
Net Debt: Adjusted(1) EBITDA ratio(2) 1.3x 3.3x -2.0x
Advanced Materials
Revenue £19.0m £16.7m +13.4%
Adjusted(1) EBITDA £5.5m £4.1m +34.2%
Paper & Packaging
Revenue £32.8m £33.2m -1.2%
Adjusted(1) EBITDA (£0.7m) (£1.0m) +£0.3m
Strategic and operational highlights
· A period of focused delivery against the strategic objectives outlined at the
Capital Markets Event in June.
· Advanced Materials:
- Revenue slightly ahead of the Board's expectations with growth from both
established and nascent markets.
· Paper & Packaging:
- Revenue growth in commodity and core segments offsetting the previously
reported loss of a significant merchant customer.
- Substantial progress in delivery of structured business improvement
programme, and post-period launch of the Coloursource™ product range with
exclusive merchant partner Winter & Co.
· Disciplined approach to capital allocation to support long-term shareholder
value creation.
Current trading and outlook
· Trading since the period end has been robust in both business units.
· Full-year Group revenues are anticipated at similar levels to FY25.
· The Board remains focused on disciplined strategic execution and the Paper
& Packaging business continues to target break-even run-rate Adjusted
EBITDA in the final quarter of FY26.
· Full-year expectations for Adjusted EBITDA are unchanged, with significant
growth versus the prior year.
David Stirling, Chief Executive Officer, stated:
"We are now starting to see benefit from the execution of our revised
strategic plan, with performance in the year to date consistent with
expectations under our revised strategy.
In the longer term, we are targeting underlying double-digit revenue growth in
the Advanced Materials business, as we continue to deepen customer
relationships and develop opportunities across both established and nascent
markets.
Our Paper & Packaging business is making meaningful progress towards its
goal of sustainable profitability, with a good performance improvement despite
the previously announced customer loss. We expect Paper & Packaging to
achieve run-rate EBITDA break-even in the final quarter of this financial
year.
I thank our employees for their continued efforts and remain confident that
the delivery of our strategic plan will create significant long-term value for
all stakeholders."
Notes
(1)Adjusted figures exclude the impact of IAS 19 in respect of the Group's
defined benefit pension scheme and exceptional items (per note 8 of the
financial statements).
(2)Net debt at period end compared to 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 6630
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.
FY26 INTERIM RESULTS
Strategic Delivery
FY26 began with a comprehensive review of the business and the development of
a revised Group strategy to rebuild momentum and create long-term value for
stakeholders. This was presented to investors at a Capital Markets Event on 18
June 2025 (a recording of the event is available to view at
https://jamescropper.com/investors/
(https://url.avanan.click/v2/r02/___https:/jamescropper.com/investors/___.YXAxZTpzaG9yZWNhcDphOm86ZjE5NTNlZjBlZDcxNzM2Y2VkNDEwMWI5NzBhZmI3NWU6NzpjZGZkOmZmNTZlOTU1MTQxMDU1NjYwY2Y1ZWIzYTc0MDQ3NDg0ZTg4MmJlNzhiOTNkYjZlZGZiYjIyYzljZDQxODNjNmQ6cDpGOk4)
). The revised Group strategy focuses on the following themes:
· Delivering organic revenue growth in the Advanced Materials business over the
medium term by strengthening supply-chain relationships, developing
opportunities in established markets, and targeting high-potential markets.
· Achieving sustainable profitability in the Paper & Packaging business
through operational stability and revenue growth to enhance asset utilisation
and product mix.
· Disciplined capital allocation and cash management to support long-term
shareholder value creation.
Since the Capital Markets Event, management has focused on the delivery of
structured initiatives linked to the above objectives, with initial benefits
reflected in the Group's performance during the period.
Group Financials
Results for the period were consistent with the Board's expectations. Group
revenue of £51.8m represented growth of 3.7% compared to the same period in
the prior year (H1 FY25: £49.9m).
Adjusted EBITDA increased 51.9% to £4.1m (H1 FY25: £2.7m), with growth in
Advanced Materials revenues benefitting from operational gearing, and progress
from operational improvements in Paper & Packaging.
Adjusted profit before tax of £2.1m was up £2.3m against the same period in
the prior year (H1 FY25: Adjusted loss before tax of £0.2m). This was
primarily as a result of growth in Adjusted EBITDA augmented by the benefit of
lower depreciation following the fixed asset impairment recognised in the
period ended 29 March 2025.
Statutory profit before tax increased to £2.7m (H1 FY25: loss before tax of
£0.6m) which included a net exceptional gain of £1.0m (H1 FY25: exceptional
costs of £0.4m) and a net IAS19 cost of £0.4m (H1 FY25: £0.4m). The net
exceptional gain comprises £1.5m income from the disposal of non-core
intellectual rights less restructuring costs of £0.5m.
Earnings per share of 21.4p increased by 26.5p against the same period in the
prior year (H1 FY25: loss per share of 5.1p).
The IAS 19 deficit on the Group's defined benefit pension schemes improved to
£13.0m (H1 FY25: £16.3m; FY25 £15.9m) primarily due to changes in
assumptions on UK inflation and interest rates.
Net debt at the period end of £10.5m was down £2.6m against the prior year
(H1 FY25: £13.1m), and down £2.4m from the end of FY25 (£12.9m). The
improvement was due to cash generation in the period, net exceptional receipts
of £1.0m and taxation related refunds of £0.8m. Working capital increased
by £1.8m due to the timing of energy payments over FY25 and the increase in
revenue, particularly in the latter part of H1 FY26. The ratio of net debt to
last 12 months Adjusted EBITDA at the period end was 1.3x (28 September 2024:
3.3x; 30 March 2025: 1.9x).
As previously announced, the Board does not intend to pay dividends in respect
of the period through to September 2026.
Advanced Materials
Advanced Materials revenue grew 13.4% to £19.0m (H1 FY25: £16.7m), slightly
ahead of the Board's expectations.
The costs of tariffs to customers based in the USA were passed through in
price adjustments which were largely offset by less favourable foreign
exchange rates, with no material impact on revenue or profitability in the
period.
Established markets, such as aerospace, defence, construction and medical,
which account for around 70% of Advanced Materials business unit revenue,
pleasingly delivered high single-digit percentage growth.
Nascent markets and trials, predominantly in energy transition applications
such as green hydrogen electrolysers and fuel cells, account for around 30% of
Advanced Materials business unit revenue. In these markets, higher growth
rates are expected with a commensurately higher risk profile and higher
volatility, particularly when compared over short time periods. Revenue from
nascent markets and trials grew by 21%; a strong performance against a
relatively weaker comparative in the first six months of the prior year.
Operational and overhead costs were managed well, with investment in
commercial activities and technical development in the period being offset by
cost savings elsewhere.
Adjusted EBITDA increased by 34% to £5.5m (H1: FY25: £4.1m).
Paper & Packaging
Paper & Packaging revenue reduced slightly in the period to £32.8m (H1
FY25: £33.2m), with tonnage sold also at similar levels to previous year.
In July 2025, the Company announced that a significant merchant customer of
the Paper & Packaging business would no longer source certain coloured
paper ranges from James Cropper. The impact in H1 2026 is a reduction in sales
to this customer, compared to H1 FY2025, of £3.8m. Other merchant customers,
graphics and speciality packaging grew by £3.4m.
The business has made substantial progress on its operational improvement
programme, reducing direct and overhead costs and streamlining operations. As
part of this restructuring we reduced indirect headcount, with further
reductions linked to a more efficient and effective revised shift pattern
currently ongoing. The Colourform moulded fibre operations has been fully
absorbed operationally into the main Paper & Packaging business.
Adjusted EBITDA improved by £0.3m to a loss of £0.7m (H1: FY25: £1.0m
loss).
Following the period end, working exclusively with Winter & Co, a
long-standing merchant partner, the Company launched the Coloursource™ range
of premium coloured paper to continue its legacy in this market, predominantly
supplying creative communities and speciality packaging converters globally.
Outlook
Trading since the period end has continued to be robust in both business
units.
In the second half of the year, revenue in Advanced Materials is expected to
continue to grow, although at slightly lower rates than in H1 2026 due to the
phasing of demand from customers in established markets and good growth from
nascent markets. Revenue from Paper & Packaging is expected to be lower
than in the first six months, mainly due to the lower run rate in the coloured
paper merchant business, with operational restructuring and other improvement
initiatives underway. The benefits from these improvements in Paper &
Packaging are on track, targeting run-rate break-even Adjusted EBITDA in the
final quarter of FY26.
The Board's expectations for the Group's year-end net debt position are
unchanged, reflecting the timing of exceptional costs and capital expenditure
in the second half of FY26.
The Board remains focused on disciplined strategic execution with full-year
revenues anticipated at similar levels to FY25. Full-year expectations for
Adjusted EBITDA are unchanged, with significant growth versus the prior year.
Financial Statements Summary
Income statement summary Half-year Half-year Full-year
to 27 to 28 to 29
September September March
2025 2024 2025
£'000 £'000 £'000
Revenue
Paper & Packaging division 32,784 33,185 63,657
Advanced Materials division 18,973 16,727 35,686
51,757 49,912 99,343
Adjusted EBITDA * 4,097 2,736 6,694
Depreciation and amortisation (1,420) (2,297) (4,086)
Adjusted operating profit * 2,677 439 2,608
Adjusted net interest (562) (654) (1,263)
Adjusted profit / (loss) before tax * 2,115 (215) 1,345
IAS19 pension adjustments
Net current service charge against operating profits 39 36 25
Finance costs charged against interest (434) (427) (829)
1,720 (606) 541
Exceptional items (note 8) 1,002 - (7,229)
Profit / (loss) before tax 2,722 (606) (6,688)
* excludes the impact of IAS 19 and exceptional items (per note 9 of the
financial statements)
Balance sheet summary Half-year to 27 Half-year to 28 Full-year to 29
September September March
2025 2024 2025
£'000 £'000 £'000
Non-current assets (excluding deferred tax) 25,791 34,519 26,921
Working capital 18,691 16,343 16,865
Current and deferred tax 3,251 3,855 5,424
Net debt (10,511) (13,120) (12,889)
IAS19 pension fund deficit (12,987) (16,334) (15,914)
Equity shareholders' funds 24,235 25,263 20,407
Net debt to last 12 months' EBITDA 1.3x 3.3x 1.9x
UN-AUDITED CONSOLIDATED INCOME STATEMENT
26 week 26 week 52 week
period
period
period
to 29
to 27 to 28
March
September
September
2025
2025
2024
£'000 £'000 £'000
Revenue 51,757 49,912 99,343
Expected credit loss provision (174) 94 (83)
Other income 1,465 55 310
Changes in inventories of finished goods and work in progress (68) 1,194 502
Raw materials and consumables used (17,876) (19,318) (35,912)
Energy costs (3,075) (3,011) (5,982)
Employee benefit costs (16,652) (16,376) (32,709)
Depreciation and amortisation (1,420) (2,297) (4,086)
Impairment of fixed assets - - (7,229)
Other expenses (10,239) (9,778) (18,750)
Operating profit / (loss) 3,718 475 (4,596)
Interest payable and similar charges (996) (1,082) (2,093)
Interest receivable and similar income - 1 1
Profit / (loss) before taxation 2,722 (606) (6,688)
Tax (expense) / income (681) 118 1,419
Profit / (loss) for the period 2,041 (488) (5,269)
21.4p (5.1)p (55.1)p
Earnings / (loss) per share - basic and diluted
UN-AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit / (loss) for the period 2,041 (488) (5,269)
Items that are or may be reclassified to profit or loss
Exchange differences on translation of foreign operations (114) (160) (90)
Cash flow hedges - effective portion of changes in fair value (168) (255) (441)
Cash flow hedges - cost of hedging 59 68 127
Items that will never be reclassified to profit or loss
Retirement benefit liabilities - actuarial gains 2,680 708 678
Deferred tax charge on actuarial gains on retirement benefit liabilities (670) (177) (169)
Other comprehensive income 1,787 185 105
Total comprehensive income / (expense) for the period attributable to equity 3,828 (304)
holders of the Company
(5,164)
UN-AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
27 28 29
March
September September
2025
2025 2024
£'000 £'000 £'000
Assets
Goodwill 1,264 1,264 1,264
Intangible assets 686 1,098 819
Property, plant and equipment 18,749 26,376 19,445
Right-of-use assets 5,092 5,563 5,393
Other financial asset - 218 -
Deferred tax assets 4,171 5,160 5,155
Total non-current assets 29,962 39,679 32,076
Inventories 15,072 17,028 15,284
Trade and other receivables 18,395 16,611 17,854
Provision for impairment (770) (419) (596)
Other financial assets 212 344 384
Cash and cash equivalents 11,323 10,529 10,614
Current tax assets 645 1,467 1,466
Total current assets 44,877 45,560 45,006
74,839 85,239 77,082
Total assets
Liabilities
Trade and other payables 14,218 17,221 16,061
Loans and borrowings 3,161 3,144 3,181
Total current liabilities 17,379 20,365 19,242
Long-term borrowings 18,673 20,505 20,322
Retirement benefit liabilities 12,987 16,334 15,914
Deferred tax liabilities 1,565 2,772 1,197
Total non-current liabilities 33,225 39,611 37,433
50,604 59,976 56,675
Total liabilities
Equity
Share capital 2,389 2,389 2,389
Share premium 1,588 1,588 1,588
Translation reserve 375 419 489
Reserve for own shares (1,407) (1,407) (1,407)
Cash flow hedging reserve 173 527 341
Cost of hedging reserve (60) (178) (119)
Retained earnings 21,177 21,925 17,126
Total shareholders' equity 24,235 25,263 20,407
74,839 85,239 77,082
Total equity and liabilities
UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
26 week 26 week 52 week
period
period
period
to 27
to 28
September
September to 29
2025
2024
March
2025
£'000 £'000 £'000
Cash flows from operating activities
Profit / (loss) for the period 2,041 (488) (5,269)
Adjustments for:
Tax expense / (income) 681 (118) (1,419)
Depreciation and amortisation 1,420 2,297 4,086
Impairment of property, plant and equipment - - 6,914
Impairment of right-of-use assets - - 315
Earn out adjustment on contingent consideration on business acquisition - - (27)
Net IAS 19 pension adjustments within Statement of comprehensive income (39) (36) (25)
Past service pension deficit payments (642) (642) (1,505)
Foreign exchange differences (221) 318 207
Loss on disposal of property, plant and equipment - - 4
Net interest expense 996 1,082 2,092
Share based payments - - 4
Changes in working capital:
Decrease / (increase) in inventories 203 (1,260) 498
(Increase) /decrease in trade and other receivables (357) 824 (573)
(Decrease) / increase in trade and other payables (1,641) 1,798 2,287
Tax received 822 59 57
Net cash generated from operating activities 3,263 3,834 7,646
Cash flows from investing activities
Purchase of intangible assets - - (268)
Purchases of property, plant and equipment (334) (604) (1,742)
Contingent consideration on business acquisition paid - - (1,236)
Net cash used in investing activities (334) (604) (3,246)
Cash flows from financing activities
Repayment of borrowings (1,079) (232) (499)
Repayment of lease liabilities (517) (656) (1,338)
Interest paid (497) (619) (961)
Net cash used in financing activities (2,093) (1,507) (2,798)
Net increase in cash and cash equivalents 836 1,723 1,602
Effect of exchange rate fluctuations on cash held (127) (405) (199)
Net increase in cash and cash equivalents 709 1,318 1,403
Cash and cash equivalents at the start of the period 10,614 9,211 9,211
Cash and cash equivalents at the end of the period 11,323 10,529 10,614
UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share premium Translation Reserve for own shares Cash flow hedging Reserve Retained earnings
reserve Cost of hedging reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 29 March 2025 2,389 1,588 489 (1,407) 341 (119) 17,126 20,407
Comprehensive income for the period - - - - - 2,041 2,041
Total other comprehensive (expense) / income - - (114) - (168) 2,010 1,787
59
Total contributions by and distributions to owners of the Group - - - - - -
-
-
At 27 September 2025 2,389 1,588 375 (1,407) 173 21,177 24,235
(60)
Share capital Share premium Translation Reserve for own shares Cash flow hedging Reserve Retained earnings
reserve Cost of hedging reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 March 2024 2,389 1,588 579 (1,407) 782 (246) 21,882 25,567
Comprehensive expense for the period - - - - - (488) (488)
-
Total other comprehensive (expense) / income - - (160) - (255) 531 184
68
Total contributions by and distributions to owners of the Group - - - - - -
-
-
At 28 September 2024 2,389 1,588 419 (1,407) 527 21,925 25,263
(178)
Share capital Share premium Translation Reserve for own shares Cash flow hedging Reserve Retained earnings
reserve Cost of hedging reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 March 2024 2,389 1,588 579 (1,407) 782 (246) 21,882 25,567
Comprehensive expense for the period - - - - - - (5,269) (5,269)
Total other comprehensive (expense) / income - - (90) - (441) 509 105
127
Share - based payment charge - - - - - 4 4
-
Total contributions by and distributions to owners of the Group - - - - - -
-
-
At 29 March 2025 2,389 1,588 489 (1,407) 341 17,126 20,407
(119)
NOTES TO THE CONDENSED CONSOLIDATED HALF YEAR STATEMENTS
1. Basis of preparation
James Cropper plc (the Company) is a public limited company incorporated and
domiciled in the United Kingdom and listed on the Alternative Investment
Market (AIM) market of the London Stock Exchange. The condensed consolidated
half year financial statements of the Company for the twenty six weeks ended
27 September 2025, which have not been audited or reviewed, comprise the
Company and its subsidiaries (together referred to as the Group).
Basis of preparation
The condensed consolidated financial statements for the 26-week periods ending
27 September 2025 and 28 September 2024 are unaudited and were approved by the
Directors on 14 November 2025. They do not constitute statutory accounts as
defined in s434 of the Companies Act 2006. The financial statements for the
year ended 29 March 2025 were prepared in accordance with UK adopted
international accounting standards and with those parts of the Companies Act
2006 applicable to companies reporting under IFRS and have been delivered to
the Registrar of Companies. The report of the auditor on those financial
statements was unqualified and did not draw attention to any matters by way of
emphasis of matter. The Group's financial statements consolidate the financial
statements of James Cropper plc and its subsidiaries.
Applicable standards
These unaudited consolidated interim financial statements have been prepared
in accordance with international accounting standards as adopted by the UK,
under the historical cost convention except for the revaluation of certain
financial instruments to fair value. They have not been prepared in
accordance with IAS 34, the application of which is not required to the
interim financial statements of companies trading on the Alternative
Investment Market (AIM companies).
The consolidated financial statements of the Group for the 52-week period
ended 29 March 2025 are available upon request from the Company's registered
office: Burneside Mills, Kendal, Cumbria, LA9 6PZ or at www.jamescropper.com
(https://url.avanan.click/v2/r02/___http:/www.jamescropper.com___.YXAxZTpzaG9yZWNhcDphOm86YTc4MWZkMjRhZTVlZDQ2NDgwNGYwZGRkYjU3YTRkMzk6NzpjOGZlOmMyYzk2NjA0NmEwOTMwZjBiNjlmMGYwMGRiZjg0MGYxMDdiNzFkNzhlMGRkYWZhODgzZTcwZDY5NGUwMTQ2Yjc6cDpGOk4)
.
The half year financial information is presented in Sterling and all values
are rounded to the nearest thousand pounds (£'000) except where otherwise
indicated.
Going concern
The Directors, at the time of approving these interim statements, have a
reasonable expectation that the Group has adequate resources to continue in
operational existence for at least 12 months from this reporting date.
For the interim going concern review, the Board has reviewed the Group's
financial forecasts for the 18-month period ending 31 March 2027 against which
a number of downside scenarios were modelled to assess headroom against
facilities and impacts on bank covenants, which showed adequate headroom and
no covenant breaches.
Following this review the Directors are satisfied that the Group has adequate
resources to continue in operational existence for the foreseeable future.
Accordingly, they continue to adopt the going concern basis in preparing the
condensed consolidated financial statements.
Significant accounting policies
The accounting policies applied by the Group in these condensed consolidated
financial statements are the same as those applied by the Group in its
consolidated financial statements as at and for the 52-week period ended 29
March 2025.
2. Accounting estimates and judgements
The preparation of half year financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expenses. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those applied to the consolidated financial statements as at and for
the 52-week period ended 29 March 2025.
3. Risks and uncertainties
The principal risks and uncertainties which may have the largest impact on
performance in the second half of the year are the same as disclosed in the
2025 Annual Report on pages 42-45. The principal and emerging risks set out in
the 2025 Annual Report were:
· Principal risks: health and safety; people; finance and treasury;
market; customer; security of supply; IT systems and network security; input
costs; and legal and regulatory;
· Emerging risks: extreme weather events; climate policy; net zero
emissions; and raw material availability.
The Board considers that all principal risks and uncertainties set out in the
2025 annual report have not changed and remain relevant for the second half of
the financial year.
4. Alternative performance measures
The Company uses alternative performance measures to allow users of the
financial statements to gain a clearer understanding of the underlying
performance of the business.
Profit before tax represents the Group's overall performance, however it
contains significant non-operational items relating to exceptional items and
IAS 19 that the directors believe make year-on-year comparison of performance
challenging.
Measures used to evaluate business performance are 'Adjusted operating profit'
(operating profit excluding the impact of IAS 19 and exceptional items) and
'Adjusted profit before tax' (profit before tax excluding the impact of IAS 19
and exceptional items). The alternative performance measures are reconciled in
note 9.
The adjustment, which we refer to in these accounts as the "IAS 19 impact"
represents the difference between the pension charge as calculated under IAS
19 and the cash contributions for the current service cost only as determined
by the latest triennial valuation. The Directors consider that the adjusted
pension charge better reflects the actual pension costs for ongoing service
compared to the IAS 19 charge. This adjustment is made internally when we
assess performance and is also used in the profit and earnings per share
targets used in management incentive schemes.
5. Earnings per share
26 week period ended 27 September 26 week period ended 28 September 52 week period ended
2025
2024
29 March
2025
Earnings / (loss) per share - basic and diluted 21.4p (5.1)p (55.1)p
Profit / (loss) for the period (£'000) 2,041 (488) (5,269)
Weighted average number of shares - 9,554,803 9,554,803 9,554,803
basic and diluted
6. Dividends
The Directors are not proposing an interim dividend (H1 FY25: Nil).
7. Retirement benefit obligations
26 week period ended 27 September 2025 26 week period ended 28 September 2024 52 week period ended 29 March 2025
£'000 £'000 £'000
Obligation brought forward (15,914) (17,293) (17,293)
Expense recognised in the income statement (539) (561) (1,126)
Contributions paid to the schemes 786 812 1,827
Actuarial gains recognised in Other Comprehensive Income 2,680 708 678
Obligation carried forward (12,987) (16,334) (15,914)
8. Exceptional items
26 week period ended 27 September 2025 26 week period ended 28 September 2024 52 week period ended 29 March 2025
£'000 £'000 £'000
Included in operating profit / (loss):
Restructuring costs (463) - -
Impairment of property, plant and equipment - - (6,914)
Impairment of right-of-use assets - - (315)
Income from disposal of non-core Intellectual Property rights 1,465 - -
Exceptional gain / (loss) 1,002 - (7,229)
9. Alternative performance measures
26 week period ended 27 September 2025 26 week period 52 week period ended 29 March 2025
ended 28
September 2024
£'000 £'000 £'000
Adjusted EBITDA 4,097 2,736 6,694
Depreciation and amortisation (1,420) (2,297) (4,086)
Adjusted operating profit 2,677 439 2,608
Net IAS 19 pension adjustments - current service costs 39 36 25
Exceptional items 1,002 - (7,229)
Operating profit / (loss) 3,718 475 (4,596)
26 week period ended 27 September 2025 26 week period 52 week period ended 29 March 2025
ended 28
September 2024
£'000 £'000 £'000
Adjusted profit / (loss) before tax 2,115 (215) 1,345
Net IAS 19 pension adjustments
- current service costs 39 36 25
- finance costs (434) (427) (829)
Exceptional items 1,002 - (7,229)
Profit / (loss) before tax 2,722 (606) (6,688)
10. Related parties
There have been no significant changes in the nature of related party
transactions in the period ended 27 September 2025 from that disclosed in the
2025 annual report.
Statement of Directors' responsibilities
The Directors confirm that these condensed consolidated interim financial
statements have not been prepared in accordance with IAS 34 as adopted by the
UK and that the interim management report includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8, namely:
(i) An indication of important events that have occurred during the first six
months and their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and
(ii)Material related party transactions in the first six months and any
material changes in the related party transactions described in the last
Annual report.
The Directors of James Cropper Plc are detailed on our Group
website www.jamescropper.com
(https://url.avanan.click/v2/r02/___http:/www.jamescropper.com/___.YXAxZTpzaG9yZWNhcDphOm86YTc4MWZkMjRhZTVlZDQ2NDgwNGYwZGRkYjU3YTRkMzk6NzoxM2VkOjU3ZTA2ZmUxYzlkODRjMzhkMjllYTM3MGI2N2JmMDcyYjc3YzY3NTVhN2Q5YmU4NDdiNzUwYWZiZDU2MmM1NmY6cDpGOk4)
Forward-looking statements
Sections of this half-yearly financial report may contain forward-looking
statements with respect to the Group's plans and expectations relating to its
future performance, results, strategic initiatives, objectives and financial
position, including liquidity and capital resources. These forward-looking
statements are not guarantees of future performance. By their very nature, all
forward-looking statements involve risks and uncertainties because they relate
to events that may or may not occur in the future and are or may be beyond the
Group's control. Accordingly, the Group's actual results and financial
condition may differ materially from those expressed or implied in any
forward-looking statements. Forward-looking statements in this half-yearly
financial report are current only as of the date on which such statements are
made. The Group undertakes no obligation to update any forward-looking
statements, save in respect of any requirement under applicable law or
regulation. Nothing in this announcement shall be construed as a profit
forecast.
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. END IR FFWFULEISELF
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