AGM Statement and Trading Update

RNS Number : 7029V

Cropper(James) PLC

25 July 2018

 

For release at 11:00am

25 July 2018

 

James Cropper PLC ("James Cropper", "Group" or the "Company")

AGM Statement and Trading Update

James Cropper, the advanced materials and paper products group, held its Annual General Meeting at 1100 today. At the meeting Mark Cropper, Chairman, read the following statement on current trading which covers the first quarter of the financial year ending 31 March 2019.

"I am pleased to report that the Group has traded profitably since the start of the current financial year with sales for the quarter up 7% on the prior year first quarter.

Group results for the quarter are in line with management expectations. The Paper business continues to experience high pulp prices but growth is being realised from our focus on higher value niche markets, in particular luxury packaging. TFP growth has come from energy, aerospace and industrial markets.

The commercialisation of James Cropper 3D Products (3DP) remains on track, with increasing sales levels and order books, and our expectation is that this will continue to build over the year.

As mentioned in my Letter in the Annual Report, we are looking forward to welcoming Dr Andrew Hosty as a Non-Executive Director. Andrew will be joining the Board on 1 August, and brings a wealth of relevant experience and acumen to the Group.

Overall, the outlook for the Group remains in line with management expectations. TFP will continue to utilise available manufacturing capacity to accelerate sales into aerospace, fuel cells and defence markets.  Paper will be aiming to mitigate increased pulp prices by continued focus on high value segments and upcycling of coffee cup waste.  3DP will be focused on commercialising the sales pipeline.   I am pleased with the progress we are making and confident the Group will continue to strengthen in the coming year."

Mark Cropper

Chairman

Enquiries:
Isabelle Maddock, Group Finance Director	Robert Finlay,  Richard Johnson, Henry Willcocks
James Cropper Plc	Stockdale Securities Limited
Tel: [phone]	[phone]
www.cropper.com	www.stockdalesecurities.com

 

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