TIDMCRPR
RNS Number : 2692K
Cropper(James) PLC
24 August 2023
24 August 2023
James Cropper plc
('James Cropper', the 'Company' or the 'Group')
Full Year Results
Transformational Year with Good Progress Achieved
James Cropper plc (AIM: CRPR), a global market leader in
advanced materials, luxury packaging and paper products, today
announces its results for the year ended 1 April 2023.
Headlines:
Financial
-- Strong recovery in a transformational year, with a 24%
increase in revenue to GBP129.7m (2022: GBP104.9m) driven by high
demand and retained contracts
-- Despite the significant inflationary cost headwinds, adjusted
operating profit increased 4% to GBP4.8m (APM1*) (2022:
GBP4.6m)
-- GBP3.2m adjusted profit before tax, 21% lower (2022: GBP4.0m)
(APM2**) due to an increase in net finance costs
-- Exceptional costs of GBP1.1m which reflects outperformance at
TFP Hydrogen and consequent reassessment of the value of contingent
consideration (2022: GBP0.4m)
-- Profit before tax of GBP1.3m, 53% lower (2022: GBP2.8m) due
to an increase in net finance costs and exceptional costs
-- Net debt of GBP16.6m up 35% (2022: GBP12.3m)
-- Earnings per share 5.4p down 62% (2022: 14.2p)
-- Full year dividend proposal 6.0p per share in line with expectations (2022: 10.0p)
*APM1 "Adjusted operating profit" refers to operating profit
before interest and prior to the impact of IAS 19
and exceptional items
**APM2 "Adjusted profit before tax" refers to profit before tax
prior to the impact of IAS 19 and exceptional items
Operational
-- Strong global pipeline in Future Energy sector
-- TFP Hydrogen exceeded our expectations
-- Well advanced in the transformation of the Paper division post year end
-- Significantly tighter scope around decarbonisation project:
40% lower capital investment requirement
-- Ongoing energy saving actions contributed to 8% annualised reduction in site fuel consumption
-- Strengthened the Board and Executive leadership team
-- Strengthened broader organisational leadership to drive strategy
Outlook
-- Future Energy and Luxury Packaging to deliver high market growth and value, respectively
-- Integration of Colourform with Paper to drive a unique and
compelling Luxury Packaging proposition
-- Consolidation across the organisation and estate to reduce costs and improve efficiency
-- Streamlined Paper Product offer to drive margin improvements and productivity
-- Continued technological leaders in recycled content and responsible sourcing
-- Strengthen our sector leadership in carbon reduction
-- Sharper focus with better clarity and assessment of our climate risks
-- Strong leadership team to reposition James Cropper
-- Drive brand value, recognition and preference in each market focused segment
Commenting on the full year results, James Cropper CEO Steve
Adams said:
"We achieved a good performance for the year with 24% revenue
growth in spite of unprecedented market headwinds. In FY2023,
significant progress was made in repositioning James Cropper t o
capitalise on growth opportunities within its core and emerging
end-markets, such as the fast-growing renewable energy and
decarbonisation markets which are in need of novel high-performance
materials and sustainable fibres.
We will aim to drive increased value for our shareholders
through accelerated growth in each of our market focused segments;
Creative Papers, Luxury Packaging, Technical Fibres and Future
Energy by leveraging our potential as one Company under the James
Cropper name.
I am excited by the many opportunities and have confidence in
our strategy to accelerate growth and in our exceptional team
worldwide to make a real difference. The foundations are in place
to create a greater global presence for James Cropper, by
repositioning ourselves to better serve our existing and target
customers."
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) 207601 6100
Buchanan Communications - Financial PR
Chris Lane, Charles Ryland, Jamie Hooper, Verity Parker
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 carbon neutral by
2030 and to reduce carbon through its entire supply chain to net
zero by 2050.
Chairman's Letter
Dear Shareholders
As I look back over the last year what stands out is less the
circumstances, which were challenging as ever in some quarters, but
more the broad range of positive actions we have taken to
reposition the Company over this period. These actions have
strengthened our foundations for sustained growth in every
corner.
I must thank all our customers for their support in the year.
Even then, at times it was challenging to keep up with the
inflationary environment.
The resulting impact was lessened by outperformance in Technical
Fibre Products and its Hydrogen business unit. Overall, however,
significant credit is due to our workforce who addressed the
unfolding situation with exceptional urgency and dedication.
Adapting to circumstance always leads to change and accordingly
within the year we have comprehensively reviewed our growth plans
and the foundations required to ensure we maximise opportunities
and minimise risks as these roll forwards.
This has enabled us to bring to life our strategy in realigning
the business to be centred around our customers.
Our products and markets will remain broadly the same, but we
will start the journey to reposition ourselves operating as one
Company. To move from three separate divisions (James Cropper
Paper, Technical Fibre Products and Colourform(TM)) into four
market-facing segments, all unified under the Group name, James
Cropper:
-- Creative Papers
-- Luxury Packaging
-- Technical Fibres
-- Future Energy
My greatest desire for James Cropper is that while we remain
proud of our great heritage, we always feel young, and achieve this
balance by seamlessly combining generations of know-how with a
relentless appetite for renewal.
The reorganisation truly encapsulates this blend from our
historic roots in papermaking to cutting edge materials and
components in renewable energy.
Importantly, across this range it is no longer accurate to refer
to us as a paper-mill or paper business, as has been the norm since
our outset in 1845. Today, James Cropper is successfully
transitioning to an advanced materials and paper products group
across everything it does, committed to pioneering innovation in
traditional markets alongside breakthrough areas.
We are determined to stay modern and relevant, which will lead
us to spend more over the coming years as we invest in our
processes and systems. This will enable smarter access to data,
leaner working practices and cost savings.
In the same vein, we will also look to invest further in
innovation to meet the anticipated demands of future markets and
customers, whether technical, environmental or economic.
We have ambitious plans to decarbonise the Group's operations,
the first phase will be to cut natural gas use by 25% by 2025,
keeping us on track to achieve net zero across our entire supply
chain by 2050. This includes novel approaches to heat generation
that we hope can blaze the way for other energy intensive
manufacturers.
We are also investing to enhance our position in hydrogen
electrolysis, fuel cells, carbon capture and other fast-growing
markets. The growth potential is significant, but we will only earn
a share through step changes in performance and cost reduction.
This will involve both technology advances and operational
investments. For example, we have recently commissioned a hydrogen
component line in the United States, taking production closer to a
large share of our customer base whilst at the same time cutting
freight and duty costs.
Our paper and packaging partnerships within luxury and premium
retail sectors remain strong, whether designing new tailor-made
papers or Colourform(TM) products or offering customers more
sustainable options and recycled fibres.
On this note, we are proud to have been involved in the recent
creation of the first-ever 100% plastic-free remembrance poppy for
the British Legion, whom we have proudly partnered with since
1978.
We have also launched our FibreBlend Upcycled Technology
programme, offering a choice of different recovered fibre
categories. This builds on our award-winning CupCycling proposition
which gives used coffee cups a second life as a valuable fibre
source for high quality paper. At present, over 75% of our
custom-made paper products contain a blended fibre source. Our
plans in this area include developing a unique technique to
separate cotton, recyclable into paper, from artificial fibres.
Dividend
In financial terms, the Group reported a profit before tax of
GBP1.3m for the period ended 1 April 2023. This was down by 53%
versus the prior period with the Group revenue rising by 24% split
between Paper (+25%), Colourform(TM) (+29%) and Technical Fibre
Products (+19%).
In line with expectations, the Board is proposing a final
dividend of 4.0 pence per share, making a total dividend for the
year of 6.0 pence per share.
Board changes
This year has seen several changes to our leadership team. In
August 2022, Steve Adams was appointed CEO, following the departure
of Phil Wild.
Since the year end, we have also seen the departure of Isabelle
Maddock, our CFO, who resigned in June 2023. I would like to
personally thank both Phil and Isabelle for their dedicated service
to James Cropper.
Transitioning to a brighter future
As ever, James Cropper continues to earn its future by building
a diversified business across multiple markets and geographies and
by adapting with pace, when required. I am very conscious that this
has included the hard choice to restructure our Paper division from
four machines to three with associated headcount reductions.
The decision was not taken lightly but has been essential to
address years of headwinds and margin pressures and create a more
resilient, profitable business.
Overall, we are blessed with a talented team and a range of
materials and products that have never been more relevant in a
world that rapidly needs to learn to live in greater balance with
nature. Common to all our activities is the opportunity to
accelerate the transition to greener economies and societies, and
grow a vibrant group around this. I am hopeful these actions will
position us better than ever to truly deliver on this.
Everyone in the Company is playing a part in this journey and I
would like to thank all who work for us and with us for their
continued commitment to James Cropper.
Mark Cropper
Chairman
23 August 2023
Chief Executive Officer's Review
I am delighted to report our financial results in my first year
as CEO. Despite a year of unprecedented economic turbulence and
market volatility with high energy and raw material costs still
being prevalent, we have continued to show resilience.
All parts of our business responded with conviction and pace to
implement actions to offset as much of the cost headwinds as
possible. The Group also experienced strong demand and retained
contracts throughout the period across all divisions, with 24%
revenue growth in the year to 1 April 2023, which is ahead of
previous market expectations.
I wish to express my sincerest thanks to all our customers for
their continued loyalty and support and to our employees who have
remained focused on delivering the best outcome possible.
Over this last year, we have made significant progress in our
journey to reposition James Cropper to an advanced materials and
paper products group.
We have defined and introduced our six strategic priorities,
building a solid foundation to drive a strategy for accelerated
growth.
Our customer base is changing and we are putting the right
measures in place to improve both the customer and employee
experience and to truly deliver on our purpose of 'pioneering
materials to safeguard our future'.
We have strengthened our commercial leadership teams to expand
in markets that we currently already operate in, whilst being
constantly curious to explore new opportunities. We are also in the
process of further strengthening our Executive Leadership team with
the skills and knowledge to support our ambitious growth plans.
The fast-growing renewable energy and decarbonisation markets
are creating an ever-greater need for novel and high-performance
materials, while sustainable fibres, and low, or zero, carbon
processing are driving growth within paper and packaging.
After 12 months of planning, I am also pleased to share that the
installation of our new energy-efficient boiler has taken place.
This will dramatically improve our energy efficiency and resilience
as we drive forward with our net zero carbon ambition.
These energy saving investments in upgrades to our paper
machines, along with a small decrease in gross paper production
over the last 12 months, have contributed to an 8% annualised
reduction in site fuel consumption and
we are on track to build our Low Carbon Energy Centre with the
necessary planning application attained and grant application
awarded.
A strategy for accelerated growth:
1. Profitable growth through new customer acquisition:
Opportunities to expand in new and existing markets
2. World class execution: Investment in global systems and functions
3. Technology and Innovation: Centre for Innovation will include
decarbonisation and waste fibres as well as exploring new ideas
4. Leaders in sustainability: Recognising our responsibility to
reduce and ultimately eliminate our emissions
5. Inspiring our people: Building a culture of trust, cooperation and involvement
6. Build the brand: Presenting a more meaningful and relevant
face to our increasingly global customer base
Financial Review
Revenue and adjusted operating profit
Group revenue for the financial period is GBP129.7m, up 24% on
the prior period (2022: GBP104.9m) driven by organic volume growth,
price increases and the energy surcharge applied to counter energy
and raw material cost increases.
Revenue for the Paper division increased by 25% in the period to
GBP88.2m generating an adjusted operating loss of GBP2.8m, compared
to GBP2.3m in the prior period.
Revenue for the TFP division increased by 19% in the period to
GBP37.2m generating an adjusted operating profit of GBP9.2m,
compared to GBP8.7m in the prior period.
Revenue for Colourform(TM) grew by 29% in the period to GBP4.3m,
generating an adjusted operating loss of GBP1.1m, compared to
GBP0.8m in the prior period.
Summary table of results
2023 2022 Change
GBP'000 GBP'000 %
========================================= ===== ====================== ============ ======
Group Revenue 129,664 104,922 24%
================================================ ====================== ============ ======
Adjusted EBITDA APM4 9,045 8,636 5%
========================================= ===== ====================== ============ ======
Profit summary
Paper Products (2,847) (2,338) 22%
Technical Fibre Products (TFP) 9,244 8,684 6%
Colourform (TM) (1,057) (754) 40%
Other Group expenses (573) (1,007) -43%
================================================ ====================== ============ ======
Adjusted operating profit APM1 4,767 4,585 4%
Fair value movement on derivatives (330) - 0%
Net finance costs (excluding exceptional
items and IAS 19 impact) (1,242) (540) 130%
================================================ ====================== ============ ======
Adjusted profit before tax APM2 3,195 4,045 - 21%
========================================= ===== ====================== ============ ======
Exceptional costs (986) (354) 179%
Exceptional finance costs (109) - 0%
================================================ ====================== ============ ======
Adjusted profit before tax after
exceptional items APM3 2,100 3,691 -43%
========================================= ===== ====================== ============ ======
Net IAS 19 pension adjustments
Net current service charge required (442) (547) - 19%
Net interest (345) (367) -6%
================================================ ====================== ============ ======
Net IAS 19 pension impact (787) (914) - 14%
================================================ ====================== ============ ======
Profit before tax 1,313 2,777 -53%
================================================ ====================== ============ ======
The Group monitors adjusted EBITDA as it provides a measure of
the cash generating ability of the Group that is comparable
year-on-year. Despite demand increasing, inflationary pressures on
raw materials, distribution and energy costs have dampened margins,
with an adjusted EBITDA increasing by 5% on the prior year.
Energy costs proved a significant headwind and the unprecedented
price rises saw costs increase 104% year-on-year, from GBP7.4m in
FY2022 to GBP15.2m in FY2023.
Similarly, with inflationary pressures in the pulp, recycled
pulp, chemicals and dyes markets, material costs increased 23%
year-on-year. During the year, the Group also paid a one-off cost
of living payment to employees totalling GBP0.6m in recognition of
the escalating costs that employees were facing.
Depreciation and amortisation charges increased by 6%
year-on-year, mainly due to the timings of capital investment
programmes.
Divisional highlights
While operating under the Group's combined Purpose and Values,
currently each business division acts independently, focusing on
niche markets and growth areas:
Technical Fibre Products
Within Technical Fibre Products demand remains strong with
contracts returning to pre-Covid levels in aerospace, defence and
the industrial sectors.
TFP Hydrogen continues to exceed our expectations and our new
coating line within our Schenectady, New York hub, became
operational, building on our successful UK Hydrogen plant in
Launceston and bringing capability even closer to our US
customers.
This significant investment will provide a more attractive offer
to our existing and potential customers across North America, as
well as providing a blueprint for future James Cropper hydrogen
coating lines worldwide, supporting the electrolyser manufacturing
hubs being established globally as the technology adoption
accelerates.
James Cropper Paper
Within the Paper division, demand in many of our traditional
volume areas such as files and folders, commercial print and
stationery papers has declined as those sectors continued to move
away from paper to digital or they prove to no longer be
economically viable. We are taking this opportunity to right-size
our business, streamlining our portfolio and service offer to be
much more aligned on high value partnerships. In particular, we are
focussing our offer on luxury packaging and premium creative papers
where our customers really value our innovation, expertise and
quality.
This year the Embossing Centre of Excellence was opened. The
installation of an embosser varnisher includes smart eye production
technology for precision-made textured paper.
This multi-million pound investment will allow James Cropper to
meet growing demand for surface aesthetics in luxury packaging and
creative papers, as well as best in class service for bespoke
textural effects alongside the development of individual
colour.
Colourform(TM)
Colourform(TM) continues to disrupt the luxury packaging market,
maintaining a strong pipeline of sales with 29% revenue growth
throughout the year. This was driven by innovative new market
launches in the luxury drinks
and cosmetics sectors.
We celebrated being the overall category winners for the Dieline
award as well as receiving both the Yellow and Wood pencil D&AD
awards. Receiving international acclaim for our creativity and
sustainability in a way that no other product in the global
packaging market has ever been able to achieve.
Overall, while margins are relatively strong, profits were
nevertheless impacted by inflationary pressures in raw materials
and energy prices. Moving forward, the division is expected to
drive ongoing revenue growth in profitable long-term packaging
rebrands, coupled with an improved focus on operational performance
to increase margins and manage costs. The integration of
Colourform(TM) into James Cropper Luxury Packaging will create
greater synergies, build better efficiencies in our operating model
as well as increase relevance and scale in key markets.
Expenses and profit
Other expenses have increased from GBP20,960k in 2022 to
GBP25,471k in the year to 1 April 2023. The business has
experienced widespread cost inflation across an array of overhead
expenditure, with distribution costs and consultancy expenses
increasing materially.
In the first half of the year the Paper division suffered
considerable machine downtime, which resulted in a significant
increase in repairs and maintenance expenditure in the year.
TFP Hydrogen continued to perform above management expectations
in the year to April 2023. Business outlook continues to improve
and at the year end this required the value of the contingent
consideration on the business acquisition to be reassessed. An
exceptional cost of GBP1,095k (2022: GBP354k) has been posted to
the Statement of Comprehensive Income in this regard.
Management considers this adjustment a positive indication on
the future value of the business and the profit that TFP Hydrogen
will deliver.
With strong revenue growth, adjusted operating profit (see APM1
Alternative Performance Measures) was GBP4,767k in the year, up 4%
on prior period, despite the challenging economic environment,
which saw unprecedented raw material and energy prices.
Net finance costs have increased by GBP702k in the year, as the
Group has continued to draw down on its external borrowing
facilities and interest rates have increased notably.
The Group has hedged the first GBP15m drawn down of the external
financing across UKEF and Commercial Facility at a rate of 1.5%
plus margin, which provides assurances and visibility over future
interest payments and limits exposure to increasing interest
rates.
Adjusted profit before tax (see APM 2 Alternative Performance
Measures) was GBP3,195k in the year and ahead of market
expectations, partly due to stronger trading in TFP and the
accounting adjustments of provisions relating to TFP.
After the impact of IAS 19 the Group reports a profit before tax
of GBP1,313k, a 53% decrease on prior year (2022: GBP2,777k).
The Group's profit after tax for the period is GBP516k (2022:
GBP1,358k) which calculates to earnings per share of 5.4p (2022:
14.2p).
Alternative performance measures
These accounts contain two main adjusting factors being the
impact of IAS 19 pension adjustments which is separated out and
exceptional items. These APM measures are used internally to
evaluate business performance and are used in this report;
APM 1 "Adjusted operating profit"
Adjusted operating profit refers to operating profit before
interest and prior to the impact of IAS 19 and exceptional
items.
APM2 "Adjusted profit before tax"
Adjusted profit before tax refers to profit before tax prior to
the impact of IAS 19 and exceptional items.
APM3 "Adjusted profit before tax after exceptional items"
Adjusted profit before tax refers to profit before tax prior to
the impact of IAS 19.
APM4 "Adjusted EBITDA"
EBITDA is a common term that refers to operating profit before
interest, tax, depreciation and amortisation. Adjusted EBITDA is
EBITDA prior to the impact of IAS 19 and exceptional items. The
impact of IAS 19 and exceptional items are presented in the summary
tables of results.
IAS 19 pension adjustment is separated out from operating profit
measures as the impact of IAS 19 varies from one reporting period
to another which makes year-on-year comparison of performance
challenging. Over the last 12 years, the average impact is a charge
to profit before tax of GBP1,052k. This year the charge is GBP787k
(2022: charge of GBP914k).
Currency
US$ EUR
===================== ====================== =============
Opening Rate v. GBP 1.3165 1.1998
Closing Rate v. GBP 1.2333 1.1370
GBP weakened against
currency (%) (6.32%) (5.23%)
===================== ====================== =============
This table compares the opening and closing exchange rates for
the financial period. Sterling weakened against the Dollar and Euro
over the year. 59% of the Group's revenue is earned from customers
outside of the UK (2022: 61%) bringing in Dollars and Euros to the
Group. Euros are used to purchase Euro priced pulp and raw
materials and Dollar receipts are used to fund the purchase of
Dollar priced pulp, creating a natural hedge across the Group.
Potential exposure to any foreign currency surpluses, or deficits,
are dealt with via foreign currency trades using forward selling or
forward purchasing contracts. Currency movements had a 3% impact on
revenue increasing revenues by GBP3,884k for the period.
Statement of financial position (SFP)
Non-pension assets have increased largely due to capital
expenditure, an increase in trade debtors and the recognition of
the interest rate cap in other financial assets.
Capital investment in the period was GBP5,779k (2022:
GBP6,761k). Investments are driven largely to enable growth in the
form of increasing capacity, improving capability or generating
cost savings.
We have concluded the build of additional embossing varnishing
capability in the Paper division and new energy technologies have
been introduced in Paper to facilitate the path towards the Group's
net zero goals.
The Group experienced a greater level of revenue in the period
compared to the prior period, and, inevitably with this, an
increase within trade and other receivables of GBP2,857k and
inventory of GBP711k.
After deferred tax the Net IAS 19 deficit has increased by
GBP2,258k to GBP12,105k (2022: GBP9,847k), the reasons for which
are detailed in the Pension Report in the 2023 Annual Report.
As a result of these movements on the pension scheme deficits,
shareholders' funds show an overall decrease of GBP2,449k to
GBP32,065k.
2023 2022
SFP Restated*
GBP'000 GBP'000
======================== ========= ============
Non-pension assets
- excluding cash 86,754 81,568
Non-pension liabilities
- excluding borrowings (25,990) (24,913)
======================== ========= ============
60,764 56,655
Net IAS 19 pension
deficit (after
deferred tax) (12,105) (9,847)
======================== ========= ============
48,659 46,808
Net debt (16,594) (12,294)
======================== ========= ============
Equity shareholders'
funds 32,065 34,514
======================== ========= ============
Gearing % - before
IAS 19 deficit 38% 28%
Gearing % - after
IAS 19 deficit 52% 36%
Capital expenditure
GBP'000 5,779 6,761
* see note 11 for details of the restatements.
2023 2022
Restated*
Cash Flow GBP'000 GBP'000
====================================== ======= ==========
Net cash inflow from operating
activities 5,550 4,029
Net cash outflow from investing
activities (6,643) (6,598)
====================================== ======= ==========
(1,093) (2,569)
Net cash inflow from financing
activities 622 3,436
====================================== ======= ==========
Net (decrease) / increase in
cash and cash equivalents (471) 867
Effects of exchange rate fluctuations
on cash held 400 118
====================================== ======= ==========
Net (decrease) / increase in
cash and cash equivalents (71) 985
Opening cash and cash equivalents 7,750 6,765
====================================== ======= ==========
Closing cash and cash equivalents 7,679 7,750
====================================== ======= ==========
* see note 11 for details of the restatements.
In the period the Group's net cash outflow was GBP71k (2022:
inflow GBP985k).
The Group continued to invest in capital expenditure throughout
the year in order to facilitate future revenue growth by building
capacity and capability.
There was also an increased demand for working capital following
the improved demand in the year.
Net debt
The Group incorporates GBP3,791k (2022: GBP3,949k) of
right-of-use leases in its 2023 borrowings figure. The Group's
banking arrangements monitor net debt excluding IFRS 16.
On this basis net debt has increased over the year from
GBP8,345k to GBP12,803k, an increase of GBP4,458k. Net debt
including right of use lease liabilities is GBP16,594k, an increase
of GBP4,300k on the prior period.
2023 2022
Net debt before RoU leases Restated*
GBP'000 GBP'000
===================================== ============= ============
Cash and cash equivalents 7,679 7,750
All borrowings excluding RoU
leases (20,482) (16,095)
===================================== ============= ============
Net debt on an equivalent comparison
basis (12,803) (8,345)
===================================== ============= ============
* see note 11 for details of the restatements.
Funding and facilities
The Group funds its operations and investments from operating
cash flow and from borrowings and leases.
The Group has a core banking facility in the UK and further loan
support in the US, along with some lease arrangements, all with
high street banks. The Group has a core GBP25m banking facility
under UKEF's Export Development Guarantee scheme which is aimed at
enabling additional bank liquidity to support exporters.
This finance arrangement is available for general corporate
purposes and will be used to support strategic growth and
innovation, capital expenditure and decarbonisation programmes. The
facility has an availability period of a further 2 years and an
overall tenure of 8 years from inception, repayments are on a
straight line basis from years 4 to 8. The Group's key financial
covenants are EBITDA: net Interest 4x, and the Net Debt: EBITDA
3.5x. The Group is in compliance with all its banking covenants at
the period end.
Cash and cash equivalents decreased marginally from GBP7,750k to
GBP7,679k in the year. Long term borrowings (falling due after more
than a year) increased by GBP4,066k to GBP22,515k. Facilities
comprise of unused overdraft facilities of GBP3,500k plus the total
unused credit facilities of GBP12,000k, this means a total of
GBP15,500k remains unutilised at the year-end date. Having taken
account of current borrowings to be paid within 12 months of the
reporting period the Group has GBP21,421k available to the Group
beyond 12 months.
Funding 2023 2022
GBP'000 Restated*
GBP'000
--------------------------------- --------- -----------
Facilities 39,773 40,544
Less: Undrawn facilities (15,500) (20,500)
--------------------------------- --------- -----------
Total Borrowings 24,273 20,044
Less: Cash and cash equivalents (7,679) (7,750)
--------------------------------- --------- -----------
Net debt 16,594 12,294
Cash and cash equivalents 7,679 7,750
Undrawn facilities 15,500 20,500
--------------------------------- --------- -----------
Funds available at year
end 23,179 28,250
Borrowings: repayable
within one year (1,758) (1,595)
--------------------------------- --------- -----------
Funds available at year
end 21,421 26,655
--------------------------------- --------- -----------
* see note 11 for details of the restatements.
Inspiring our people
We recognise that it is the passionate, committed and talented
people we employ that will help us navigate through the business
changes and opportunities we have before us to deliver long term
sustainable business growth.
Our online employee opinion survey is in its second year and saw
a marked increase in employee participation as well as increased
engagement.
Whilst this is pleasing to see, we will work even harder to
deliver an improved proposition for our employees with continued
focus on upgrading our policies, updating our working practices and
reviewing our remuneration and career opportunities for all.
We have concluded the first year of our LEAP leadership
development programme with 50 leaders - from first line leaders to
Executive Committee members - having benefited from the course. A
further cohort of approximately 40 employees will be invited to
participate in the coming year.
We have committed to invest in creating a great place to work
and will continue with our pledge across all our sites to improve
the workplace environment, providing more facilities and amenities
for our employees.
Over the next three years it is our intention to invest in a
multi-million pound programme to update our IT systems and
infrastructure. This will drive significant efficiency and
productivity improvements as well as improving resilience. The
investment will equip our teams to make smarter, data driven
decisions and improve our response times and agility in dealing
with our customers.
Looking forward with confidence
I am excited by the many opportunities we have in front of us as
a Company but certainly do not underestimate the external
challenges that we continue to face.
I have confidence in our strategy to accelerate growth and in
our exceptional team worldwide to make a real difference.
We will create a greater global presence for James Cropper, by
repositioning ourselves to better serve our existing and target
customers.
We will also drive increased value for our shareholders through
accelerated growth in each of our market focused segments; Creative
Papers, Luxury Packaging, Technical Fibres and Future Energy by
leveraging our potential as one Company under the James Cropper
name.
Building on our foundations, we aim to redefine ourselves and
become - what we believe - will be a different organisation with a
very bright future.
Steve Adams
Chief Executive Of cer
23 August 2023
James Cropper PLC
Group Statement of Comprehensive Income
53 week period 52 week period
to to
Note 1 April 2023 26 March 2022
GBP'000 GBP'000
------------------------------------------- ------ -------------- --------------
Revenue 6 129,664 104,922
Provision for impairment reversal 134 184
Other income 650 744
Changes in inventories of finished
goods and work in progress 817 385
Raw materials and consumables used (48,556) (39,577)
Energy costs (15,162) (7,428)
Employee benefit costs (34,459) (30,535)
Depreciation and amortisation (4,278) (4,051)
Other expenses (25,471) (20,960)
------------------------------------------- ------ -------------- --------------
Operating Profit 9 3,339 3,684
Fair value movement on derivatives (330) -
Interest payable and similar charges (1,697) (924)
Interest receivable and similar income 1 17
------------------------------------------- ------ -------------- --------------
Profit before taxation 9 1,313 2,777
Tax expense (797) (1,419)
------------------------------------------- ------ -------------- --------------
Profit for the period 516 1,358
------------------------------------------- ------ -------------- --------------
Earnings per share - basic and diluted 5.4p 14.2p
------------------------------------------- ------ -------------- --------------
Other comprehensive income
Profit for the period 516 1,358
------------------------------------------- ------ -------------- --------------
Items that are or may be reclassified
to profit or loss
Exchange differences on translation
of foreign operations 222 49
Pulp hedge fair value adjustment - (501)
Cash flow hedges - effective portion
of changes in fair value 1,040 10
Cash flow hedges - cost of hedging (355) -
Foreign tax adjustment - (13)
Items that will never be reclassified
to profit or loss
Retirement benefit liabilities - actuarial
(losses) / gains (3,888) 4,777
Deferred tax on actuarial losses /
(gains) on retirement benefit liabilities 972 (179)
------------------------------------------- ------ -------------- --------------
Other comprehensive (expense) / income
for the period (2,009) 4,143
------------------------------------------- ------ -------------- --------------
Total comprehensive (expense) / income
for the period attributable to equity
holders of the Company (1,493) 5,501
------------------------------------------- ------ -------------- --------------
James Cropper PLC
Statement of Financial Position
Group as Company
at as at
Group as at 26 March Company as 26 March
2022 at 2022
1 April 2023 Restated 1 April 2023 Restated
Note GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------------------------------------------------------------------- -------- ------------ --------
Assets
Goodwill 1,264 1,264 - -
Intangible assets 1,524 1,584 788 769
Property, plant and equipment 32,717 30,551 1,758 1,630
Right-of-use assets 6,765 7,358 402 343
Investments in subsidiary
undertakings - - 7,350 7,350
Other financial assets 654 - 654 -
Deferred tax assets 4,198 3,534 4,118 3,459
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Total non-current assets 47,122 44,291 15,070 13,551
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Inventories 18,304 17,593 - -
Trade and other receivables 24,763 21,906 53,991 54,749
Provision for impairment (643) (777) - -
Other financial assets 428 - 428 -
Cash and cash equivalents 7,679 7,750 3,506 4,011
Corporation tax 815 1,838 582 968
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Total current assets 51,346 48,310 58,507 59,728
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Total assets 98,468 92,601 73,577 73,279
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Liabilities
Trade and other payables 21,106 20,936 7,465 16,324
Other financial liabilities 58 6 58 6
Loans and borrowings 1,758 1,595 217 133
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Total current liabilities 22,922 22,537 7,740 16,463
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Long-term borrowings 22,515 18,449 13,019 7,904
Retirement benefit liabilities 8 16,140 13,130 16,140 13,130
Contingent consideration
on business acquisition 1,423 578 - -
Deferred tax liabilities 3,403 3,393 112 123
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Total non-current liabilities 43,481 35,550 29,271 21,157
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Total liabilities 66,403 58,087 37,011 37,620
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Equity
Share capital 2,389 2,389 2,389 2,389
Share premium 1,588 1,588 1,588 1,588
Translation reserve 775 553 - -
Reserve for own shares (1,407) (1,407) (1,407) (1,407)
Cash flow hedging reserve 1,040 - 1,092 -
Cost of hedging reserve (355) - (355) -
Retained earnings 28,035 31,391 33,259 33,089
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Total shareholders' equity 32,065 34,514 36,566 35,659
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
Total equity and liabilities 98,468 92,601 73,577 73,279
---------------------------------------------------------------- -------- ------------------------ -------- ------------ --------
The Parent Company reported a profit for the period ended 1
April 2023 of GBP4,042k (2022: GBP4,554k).
James Cropper PLC
Statement of Cash Flows
For the period ended 1 April 2023 (2022:
for the period ended 26 March 2022)
Group 2022
Group 2023 Restated
GBP'000 GBP'000
------------------------------------------------- ------------ ----------
Cash flows from operating activities
Profit for the period 516 1,358
Adjustments for:
Tax expense 797 1,419
Depreciation and amortisation 4,278 4,051
Earn out adjustment on contingent consideration
on business acquisition 986 -
Net IAS 19 pension adjustments within profit 442 914
Past service pension deficit payments (1,665) (1,443)
Foreign exchange differences (136) -
Profit on disposal of property, plant and
equipment and intangible assets (589) -
Interest receivable and similar income (1) (17)
Interest payable and similar charges 1,697 926
Share based payments (59) (107)
Fair value movements on derivatives 330 -
Changes in working capital:
Increase in inventories (696) (2,103)
Increase in trade and other receivables (3,614) (5,942)
Increase in trade and other payables 2,396 5,945
Tax received 868 (972)
-------------------------------------------------- ------------ ----------
Net cash generated from operating activities 5,550 4,029
-------------------------------------------------- ------------ ----------
Cash flows from investing activities
Purchase of intangible assets (1,126) (56)
Purchase of property, plant and equipment (5,267) (6,142)
Deferred consideration on business acquisition
paid - (400)
Contingent consideration on business acquisition
paid (250) -
-------------------------------------------------- ------------ ----------
Net cash used in investing activities (6,643) (6,598)
-------------------------------------------------- ------------ ----------
Cash flows from financing activities
Proceeds from issue of new loans 5,050 9,191
Repayment of borrowings (288) (3,123)
Fees paid on raising finance - (278)
Repayment of lease liabilities (1,561) (1,170)
Interest received 1 17
Interest paid (858) (709)
Non-deliverable forward contract payment (330) -
Payments on interest rate cap (495) -
Purchase of own shares - (256)
Dividends paid to shareholders (897) (236)
-------------------------------------------------- ------------ ----------
Net cash generated from financing activities 622 3,436
-------------------------------------------------- ------------ ----------
Net (decrease) / increase in cash and cash
equivalents (471) 867
Effects of exchange rate fluctuations on
cash held 400 118
-------------------------------------------------- ------------ ----------
Net (decrease) / increase in cash and cash
equivalents (71) 985
Cash and cash equivalents at the start of
the period 7,750 6,765
-------------------------------------------------- ------------ ----------
Cash and cash equivalents at the end of
the period 7,679 7,750
-------------------------------------------------- ------------ ----------
Cash and cash equivalents consists of:
Cash at bank and in hand 7,679 7,750
-------------------------------------------------- ------------ ----------
Cash and cash equivalents at the end of
the period 7,679 7,750
-------------------------------------------------- ------------ ----------
James Cropper PLC
Statement of Changes in Equity
- Group
Reserve Cost of Cash flow
Share Share Translation for Own Hedging Hedging Retained
All figures in GBP'000 capital reserve Shares reserve reserve earnings Total
premium
======================================== ============= ======== ========= ========= ========== =======
At 27 March 2021 - As
previously reported 2,389
1,588 504 (1,151) - 501 26,070 29,901
Restatement - note 11 - - - - - - (300) (300)
At 27 March 2021 - Restated
2,389 1,588 504 (1,151) - 501 25,770 29,601
Comprehensive income - - - - - - 1,358 1,358
for the period
Total other comprehensive
income - - 49 - - (501) 4,595 4,143
Dividends paid - - - - - - (236) (236)
Purchase of own shares - - - (256) - - - (256)
Share based payment charge
- - - - - - (96) (96)
======================================== ============= ======== ========= ========= ========== =======
Total contributions
by and - - - (256) - - (332) (588)
distributions to
owners of the Group
========================== ===== ===== ============= ======== ========= ========= ========== =======
At 26 March 2022
- Restated 2,389 1,588 553 (1,407) - - 31,391 34,514
Comprehensive income - - - - - - 516 516
for the period
Total other comprehensive
income - - 222 - (355) 1,040 (2,916) (2,009)
Dividends paid - - - - - - (897) (897)
Share based payment
charge - - - - - - (59) (59)
-------------------------- ----- ----- ------------- -------- --------- --------- ---------- -------
Total contributions
by and - - - - - - (956) (956)
distributions to
owners of the Group
-------------------------- ----- ----- ------------- -------- --------- --------- ---------- -------
At 1 April 2023 2,389 1,588 775 (1,407) (355) 1,040 28,035 32,065
-------------------------- ----- ----- ------------- -------- --------- --------- ---------- -------
James Cropper PLC
Statement of Changes in Equity - Company
Reserve Cost of Cash flow
All figures in GBP'000 Share Share for Own Hedging Hedging Retained Total
capital premium Shares reserve reserve earnings
========================== ========== ============= ======== ======== ========= ============== =======
At 27 March 2021 2,389 1,588 (1,151) - - 24,253 27,079
Comprehensive income
for the period - - - - - 4,554 4,554
Total other comprehensive
income - - - - - 4,614 4,614
Dividends paid - - - - - (236) (236)
Share based payment
charge - - - - - (96) (96)
Purchase of own shares - - (256) - - - (256)
========================== ========== ============= ======== ======== ========= ============== =======
Total contributions
by and distributions
to owners of the Group - - (256) - - (332) (588)
========================== ========== ============= ======== ======== ========= ============== =======
At 26 March 2022 2,389 1,588 (1,407) - - 33,089 35,659
Comprehensive income
for the period - - - - - 4,042 4,042
Total other comprehensive
income - - - (355) 1,092 (2,916) (2,179)
Dividends paid - - - - - (897) (897)
Share based payment
charge - - - - - (59) (59)
-------------------------- ---------- ------------- -------- -------- --------- -------------- -------
Total contributions
by and distributions
to owners of the Group - - - - - (956) (956)
-------------------------- ---------- ------------- -------- -------- --------- -------------- -------
At 1 April 2023 2,389 1,588 (1,407) (355) 1,092 33,259 36,566
-------------------------- ---------- ------------- -------- -------- --------- -------------- -------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL 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). The condensed consolidated
financial statements of the Company for the 53 weeks ended 1 April
2023, comprise the Company and its subsidiaries (together referred
to as the Group).
Statement of compliance
The condensed consolidated financial statements have been
prepared in accordance with UK adopted international accounting
standards and with those parts of the Companies Act 2006 applicable
to companies reporting under IFRS. As required by the Disclosure
and Transparency Rules of the Financial Services Authority, the
condensed consolidated set of financial statements have been
prepared applying the accounting policies and presentation that
were applied in the preparation of the Group's published
consolidated financial statements for the 53 week period ended 1
April 2023. They do not include all the information required for
full annual financial statements, and should be read in conjunction
with the consolidated financial statements of the Group for the 53
week period ended 1 April 2023.
The consolidated financial statements of the Group for the 53
week period ended 1 April 2023 are available upon request from the
Company's registered office Burneside Mills, Kendal, Cumbria, LA9
6PZ or at www.jamescropper.com .
The financial information is presented in Sterling and all
values are rounded to the nearest thousand pounds (GBP'000) except
where otherwise indicated.
Going concern
The Directors have performed a rigorous assessment of the
financial forecasts for the 2-year period ending 31 March 2025,
including consideration of the principal risks faced by the Group
and the Company, as detailed in the 2023 Annual Report. Following
this review the Directors are satisfied that the Company and the
Group have 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 53 week period ended 1 April 2023.
2 Accounting estimates and judgements
The preparation of the 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 53 week period ended 1 April
2023.
3 Risks and uncertainties
The principal risks and uncertainties which may have the largest
impact on performance are disclosed in the 2023 Annual Report and
are namely:
Pandemic risk; fire; net zero emissions; pension; cyber risk;
flood; water abstraction; energy price volatility and pulp price
volatility.
The Board considers that the principal risks and uncertainties
set out in the 2023 Annual Report remain relevant for the current
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 and
financial position, however it contains significant non-operational
items relating to 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 costs), and 'Adjusted profit before tax' (profit
before tax excluding the impact of IAS 19 and exceptional costs).
The alternative performance measures are reconciled in note 9.
5 Earnings per share
The calculation of basic earnings per share is based on earnings
attributable to ordinary shareholders divided by the weighted
average number of shares in issue during the year. The calculation
of diluted earnings per share is based on the basic earnings per
share adjusted to assume conversion of all dilutive options.
6 Segmental information
IFRS 8 Operating Segments requires that entities adopt the
'management approach' to reporting the financial performance of its
operating segments. Management has determined the segments that are
reported in a manner consistent with the internal reporting
provided to the chief operating decision maker, identified as the
Executive Committee that makes strategic decisions. The committee
considers the business principally via the four main operating
segments, principally based in the UK:
-- James Cropper Paper Products (Paper): comprising James
Cropper Speciality Papers, a manufacturer of specialist paper and
boards, and James Cropper Converting , a converter of paper.
-- James Cropper 3D Products (Colourform(TM) ) - a manufacturer
of moulded fibre products.
-- Technical Fibre Products (TFP) - a manufacturer of advanced
materials.
-- Group Services - comprises central functions providing
services to the subsidiary companies.
Adjusted operating
Revenue profit / (loss)
2023 2022 2023 2022
GBP'000 GBP'000 GBP'000 GBP'000
Paper 88,151 70,350 (2,847) (2,338)
Colourform(TM) 4,326 3,363 (1,057) (754)
TFP 37,187 31,209 9,244 8,684
Group services and
other - - (573) (1,007)
-------------------- -------- -------- ---------- ---------
129,664 104,922 4,767 4,585
-------------------- -------- -------- ---------- ---------
7 Dividend
An interim dividend of 2.0p per share was paid in the period.
The Board is proposing a final dividend of 4.0p per share, making a
total declared dividend for the period of 6.0p per share. (2022:
10.0p per ordinary share).
If approved by members at the Annual General Meeting, the final
dividend will be paid to all shareholders on the register on or
before 20 October 2023.
8 Retirement benefit obligations
Movements during the period in the Group's defined benefit
pension schemes are set out below:
2023 2022
----------------------------------- ------------ ------------
GBP'000 GBP'000
Net obligation brought forward (13,130) (18,436)
Expense recognised in the
income statement (1,319) (1,570)
Contributions paid to the
schemes 2,197 2,099
Actuarial (losses) and gains (3,888) 4,777
----------------------------------- ------------ ------------
Net obligation carried forward (16,140) (13,130)
----------------------------------- ------------ ------------
9 Alternative performance measures
2023 2022
GBP'000 GBP'000
Adjusted operating profit 4,767 4,585
Net IAS 19 pension adjustments:
current service costs (974) (1,203)
future service contributions
paid 532 656
Exceptional Items:
Increase in earn out provisions (986) (354)
Operating profit 3,339 3,684
------------------------------------ ----------- -----------
2023 2022
GBP'000 GBP'000
Adjusted profit before tax 3,195 4,045
Net IAS 19 pension adjustments:
current service costs (974) (1,203)
future service contributions
paid 532 656
finance costs (345) (367)
Exceptional items:
Increase in earn out provisions (1,095) (354)
Profit before tax 1,313 2,777
--------------------------------------------------------- ----------- -----------
10 Related parties
There have been no significant changes in the nature of related
party transactions in the period ended April 2023 from that
disclosed in the 2022 Annual report.
11 Prior period restatement
The comparatives detailed below have been restated. No
adjustment impacts prior year profit. Net assets have reduced by
GBP300k.
Statement of Financial Position
- Group
As previously Restatement Restated
reported
All figures in GBP'000 2022 2022 2022
-------------- ------------ ---------
Trade and other receivables(1) 22,184 (278) 21,906
Long-term borrowings(1) 18,727 (278) 18,449
Deferred tax liability(2) 3,093 300 3,393
Retained earnings(2) 31,691 (300) 31,391
================================== ============== ============ =========
Statement of Financial Position
- Company
As previously Restatement Restated
reported
All figures in GBP'000 2022 2022 2022
-------------- ------------ ---------
Trade and other receivables(1) 55,027 (278) 54,749
Long-term borrowings(1) 8,182 (278) 7,904
Statement of Cashflows - Group
As previously Restatement Restated
reported
All figures in GBP'000 2022 2022 2022
-------------- ------------ ---------
Increase in trade and other
receivables(1) (6,220) 278 (5,942)
Increase in trade and other
payables(3) 5,545 400 5,945
Net cash generated from operating
activities 3,351 678 4,029
------------------------------------- -------------- ------------ ---------
Purchase of property, plant
and equipment(4) (6,705) 563 (6,142)
Deferred consideration on business
acquisition paid(3) - (400) (400)
Net cash used in investing
activities (6,761) 163 (6,598)
------------------------------------- -------------- ------------ ---------
Proceeds from issue of new loans(4) 9,754 (563) 9,191
Fees paid on raising finance(1) - (278) (278)
Net cash used in financing
activities 4,277 (841) 3,436
===================================== ============== ============ =========
1 Fees paid on raising finance previously allocated to
prepayments within trade and other receivables have been
reallocated against borrowings in the statement of financial
position and the related cash flow has been separately disclosed
under financing activities. There is no impact on net assets or
cash and cash equivalents.
2 The opening balance of the deferred tax liability for FY2022,
has been increased by GBP300k, following the finalisation of
previous years computations due to errors identified at the tax
provisioning stage. This results in a corresponding reduction in
retained earnings.
3 The deferred consideration on business acquisition paid
previously disclosed within increase in trade and other payables
has been separately disclosed under investing activities to more
appropriately reflect the nature of the cash flow. There is no
impact on net assets or cash and cash equivalents.
4 The cash flow relating to additions to property, plant and
equipment previously included additions to right-of-use assets
which are financed via lease and are therefore non-cash. The
correction has resulted in a decrease in purchase of property,
plant and equipment and a decrease in proceeds from issue of new
loans.
Retirement benefit liabilities
The gross amount of the Works scheme fair value of assets has
been increased by GBP521k to account for the annuities held but not
previously recognised. The defined benefit obligation has been
increased by the corresponding amount resulting in a nil impact on
the retirement benefit liabilities disclosed.
Group and Company
As previously Restatement Restated
reported
All figures in GBP'000 2022 2022 2022
-------------- ------------ ---------
Fair value assets 109,388 521 109,909
Defined benefit obligation 121,130 521 121,651
================================ ============== ============ =========
Retirement benefit liabilities (11,742) - (11,742)
Effect of limit on recoverable
surplus (1,388) - (1,388)
-------------------------------- -------------- ------------ ---------
Retirement benefit liabilities (13,130) - (13,130)
================================ -------------- ------------ ---------
Statement of Directors' responsibilities
The Directors confirm that these condensed consolidated
financial statements have been prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union and that the preliminary 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 period and their impact on the condensed set of financial
statements, and a description of the principal risks and
uncertainties for the financial period; and
(ii) Material related party transactions in the period 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
Forward-looking statements
Sections of this 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 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.
Annual General Meeting
The Annual General Meeting will be held on 26 September 2023.
The notice of Annual General Meeting will be mailed to shareholders
on or around 4 September 2023 together with a copy of the 2023
Annual Report.
Content of this report
The financial information set out above does not constitute the
Group's statutory accounts for the 12 months ended 1 April 2023 or
26 March 2022 but is derived from those accounts.
Statutory accounts for the 12 months ended 26 March 2022 have
been delivered to the Registrar of Companies. The auditor, BDO LLP,
has reported on the 2022 accounts; the report (i) was unqualified,
(ii) did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying their
report, and (iii) did not contain a statement under section 498 (2)
or (3) of the Companies Act 2006.
The statutory accounts for the 12 month period ended 1 April
2023 will be delivered to the Registrar of Companies following the
Annual General Meeting. The auditor, Grant Thornton UK LLP, has
reported on these accounts; their report (i) is unqualified, (ii)
does not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying their report,
and (iii) does not include a statement under either section 498 (2)
or (3) of the Companies act 2006.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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