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News


JAMES CROPPER REPORTS REVENUE BOOST BUT PROFITS FALL

News by Richard Stuart-Turner
24 August 2023
Business

The Paper division is at the centre of James Cropper’s transformation strategy

Cumbrian paper maker James Cropper has reported a strong recovery in sales in
its full-year results, including revenue growth for its Paper division, although
its pre-tax profit was down.

In the results released today (24 August) for the year ended 1 April 2023, group
revenue increased by 24% to £129.7m (2022: £104.9m), driven by high demand and
retained contracts.

Its adjusted operating profit increased by 4% to £4.8m (2022: £4.6m), despite
significant inflationary cost headwinds, but its adjusted pre-tax profit (prior
to the impact of IAS 19 and exceptional items) fell by 20% from £4m in 2022 to
£3.2m due to an increase in net finance costs.

Pre-tax profit fell by 53% from £2.8m to £1.3m due to an increase in net finance
costs and exceptional costs.

The Paper division, which is at the centre of James Cropper’s transformation
strategy, reported revenue growth of 25% to £88.2m, despite a challenging cost
base, the company said.

A “multi-million pound” Embossing Centre of Excellence has been installed with
embosser varnisher and smart eye production technology to meet growing demand
for surface aesthetics.

Additionally, the company said that moving from four to three paper machines,
with two operating on a 24-hour basis, would allow for improved operational
efficiencies, effective scheduling of maintenance cycles, and more focused
investment on papermaking assets.

In his chairman’s statement, Mark Cropper said the decision to restructure to
three machines, with the associated headcount reductions, “was not taken lightly
but has been essential to address years of headwinds and margin pressures and
create a more resilient, profitable business”.

The Paper division has also seen the launch of James Cropper’s FibreBlend
Upcycled Technology programme, which offers a wide choice of different recovered
fibre categories. This builds on the company’s CupCycling proposition, which was
established to give a second life to used coffee cups.

Challenges in the division included unprecedented increases in raw material and
energy prices alongside a sales decrease in certain traditional volume areas,
“necessitating a right-sizing of the business”.

This streamlining is part of the group’s repositioning to capitalise on growth
opportunities, which includes reorganising three divisions into four
market-facing segments under the group name: Creative Papers, Luxury Packaging,
Technical Fibres, and Future Energy.

Having led James Cropper’s transformation programme, Richard Bracewell has
recently been appointed managing director of Paper Products, responsible for the
Creative Papers and Luxury Packaging segments.

He commented: “Today, the business is transitioning to an advanced materials and
paper products group, committed to creating a greater global presence for James
Cropper and better serving our existing and new customers.

“In particular, within Paper Products, we are focusing our offer on luxury
packaging and premium creative papers where our customers really value our
innovation, expertise, and quality.

“The integration of Colourform into James Cropper Luxury Packaging will drive a
unique and compelling proposition, building better efficiencies in our operating
model and increasing relevance and scale in key markets.”

James Cropper said Colourform maintained a strong sales pipeline and saw revenue
growth of 29%, driven by new market launches in the luxury drinks and cosmetics
sector with brands such as Perrier-Jouët and Lancôme.

Elsewhere, Technical Fibre Products (TFP) generated an adjusted operating profit
of £9.2m compared with £8.7m in the prior period. The company said TFP Hydrogen
continues to exceed expectations with a new Hydrogen plant in New York
replicating the successful UK site.

Meanwhile, following a comprehensive feasibility study, a 40% lower capital
investment is now required to deliver James Cropper’s decarbonisation programme
that will result in being operationally carbon neutral by 2030 and net zero
across the entire supply chain by 2050.

The business has achieved a 16% reduction in its carbon footprint in the last
year and said it is also making progress on the ambition to use 25% less natural
gas by 2025.

James Cropper also reported net debt of £16.6m, up 35% from £12.3m in 2022.

The company’s earnings per share were down 62% to 5.4p (2022: 14.2p), while its
full-year dividend proposal of 6.0p per share (2022: 10.0p) was in line with
expectations.

Its share price was effectively flat, down by 1% to 712.60p at the time of
writing this morning (52-week high: £10.98, low: 560p).

Business Results Companies & suppliers Print buying Substrates Paper
Business


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JAMES CROPPER APPOINTS MD AT PAPER PRODUCTS


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JOBS TO GO AS JAMES CROPPER CUTS PAPER PRODUCTION


LATEST COMMENTS

"Wow! He’s only gone and done it! Charlie boy for PM!"


VIEW COMMENTS FOR: IPIA URGES CHANCELLOR TO HEED CALLS FOR BUSINESS SUPPORT

"The Pensions Regulator and Pensions Ombudsman are toothless for the likes of a
small group of employees. It took the Ombudsman over two years to advise that as
my previous employer entered into a CVA..."


VIEW COMMENTS FOR: WORKERS LEFT IN LIMBO AT PFI SUBSIDIARY

"Great news for the Cestrian staff and hopefully they all transfer over and stay
in gainful full time employment. What a shame and disgrace for the poor people
left wondering what’s going on at..."


VIEW COMMENTS FOR: WORKERS LEFT IN LIMBO AT PFI SUBSIDIARY


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