THE INFORMATION CONTAINED WITHIN
THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED
UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
14 June 2024
James Cropper plc
('James Cropper',
the 'Company' or the 'Group')
Agreement of Bank Covenant
Amendments
James Cropper PLC (AIM: CRPR), the Advanced
Materials and Paper & Packaging group, is pleased to announce
that it has agreed amendments to the covenants on its UK banking
facility with its lenders for the period up to and including 31
December 2024, after which the covenants will revert to previously
agreed levels.
The Group announced on 30 April 2024 that it
has continued to operate in compliance with its banking covenants
but was seeking temporary covenant adjustments on its
UK banking facility to ensure sufficient headroom is retained going
forwards. The Group's lenders have
confirmed their support for James Cropper and, recognising the
trading conditions experienced in the second half of FY2024, have
agreed with the Group to amend the covenants through to 31 December
2024. A further covenant relating to liquidity has been agreed for
the period to 31 December 2024.
The Group expects to announce its audited
results for the year ended 30 March 2024 in July 2024.
ENDS
|
Enquiries:
James Cropper
plc
Andrew Goody, CFO
Stephen Adams, CEO
Tel: +44 (0)1539 818 202
Shore Capital
- (Nominated Adviser and Broker)
Daniel Bush, David Coaten, Henry Willcocks,
Lucy Bowden
Tel: +44 (0)207 408 4090
Buchanan
Communications - Financial PR
Chris Lane, Charles Ryland, Jamie Hooper,
Verity Parker
jamescropper@buchanancomms.co.uk
Tel: +44 (0) 207 466 5000
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Notes for editors:
James Cropper is a market leader in
Advanced Materials and Paper Products, centred
around four
market audiences: Future Energy, Technical Fibres, Luxury
Packaging and Creative Papers.
A purpose-led business, built upon
six generations of the Cropper family, James Cropper has a 500+
international workforce and an operational reach in over 50
countries.
Established in 1845, the Group
manufactures creative papers, luxury packaging and advanced
materials incorporating pioneering non-wovens and electrochemical
coatings.
James Cropper is a specialist
provider of niche solutions tailored to a unique customer
specification, ranging from substrates and components in hydrogen
electrolysis and fuel cells to bespoke colours and textures in
paper and moulded fibre packaging designed to replace single use
plastics.
The Group operates across multiple
markets from luxury retail to renewable energy. It is renowned
globally for service, capability, pioneering and multi
award-winning commitment to the highest standards of
sustainability.
James Cropper's goal is to be
operationally net zero by 2030 and to reduce carbon through its
entire supply chain to net zero by 2050.