Cropper(James) PLC AGM Statement and Trading Update (7588G)
July 28 2021 - 5:00AM
UK Regulatory
TIDMCRPR
RNS Number : 7588G
Cropper(James) PLC
28 July 2021
28 July 2021
James Cropper PLC ("James Cropper", "Group" or the
"Company")
AGM Statement and Trading Update
"I am pleased to report that the Group has enjoyed a promising
start to the current financial year and has traded profitably in
the first quarter and in line with management expectations.
Group sales for the first quarter are up 50% on the prior-year
quarter, as the Group continues to see the impact of the pandemic
shrink and demand is returning to pre-pandemic levels. The Paper
division sales are up 70% on the same period in the previous year.
All Paper division end markets have seen recovery from the impact
of the pandemic, as the division continues to focus on higher-value
niche markets, particularly luxury packaging. Pulp prices have
risen in the quarter, though the increase in costs has been
softened by the pulp hedging arrangements put in place by the
Company in the last financial year.
TFP is benefiting from a continued focus on the green energy
markets such as wind and hydrogen, plus defence, industrial,
medical and aerospace markets, with sales up 23% on the prior-year
quarter. The new production line providing an additional 50%
capacity is now installed and will commence production later this
summer. TFP Hydrogen has had a slower start to the year but has a
healthy order book that is expected to continue to build over the
year.
The Colourform division sales are up 56% on the prior-year
quarter following the commercialisation of a number of pipeline
opportunities within the premium and luxury beauty, wine and
spirits market.
Overall, the outlook for the Group remains positive and in line
with management expectations. TFP will start to utilise the
additional manufacturing capacity to accelerate sales and will
benefit from the recent acquisition. Paper is benefitting from the
restructure last year, which removed cost and added
customer-focused resources. It will continue to focus on high-value
segments and provide increased independence from pulp price with
the expanded use of recycled content such as CupCycling(TM) .
Colourform will be focused on accelerating the commercialisation of
the sales opportunity pipeline. I am pleased with the progress we
are making, as the group's trading strengthens following the impact
of the pandemic, and I am confident the Group will perform in line
with management expectations for the year."
Mark Cropper
Chairman
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END
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