Interim Results - 6 Months to September 1999

Cropper(James) PLC
15 November 1999


                       James Cropper PLC
                    Specialist Paper Makers

                        Profit up 116%

         INTERIM RESULTS - 6 MONTHS TO SEPTEMBER 1999


                   6 months to    6 months to        12 months to
                  September 1999  September 1998      March 1999


    Turnover          £26m         £25m      +4%      £53m

    Profit before tax£1.4m        £0.7m     +116%    £2.5m

    Dividend per share1.8p         1.4p      +29%     5.5p

    Earnings per share11.0p        4.9p     +124%    20.3p

    Gearing below 20%


'The  Group has had a much better opening half-year than  last
year with all three businesses trading profitably.

The  Directors  have decided to increase the interim  dividend
from 1.4p to 1.8p to rebalance the interim and final dividend.
No  assumption should be made as to the amount  of  the  final
dividend.

The   second  half-year  will  be  more  challenging  for  the
Papermaking  Division as pulp prices are presently  moving  up
rapidly  and  there will be a lag between the announcement  of
the increases and the resultant extra costs being reflected in
paper prices.

Overall  the Board will continue its efforts to grow  turnover
and  reduce  costs to improve profitability and  thus  enhance
shareholder value.'

                                                 James Cropper
                                                      Chairman

                    FULL STATEMENT ATTACHED

Enquiries:
James Cropper
Chairman
or
John Denman
Group Finance Director
Tel: [phone]
                              


                       James Cropper PLC
                        Interim Results
                  6 months to 2 October 1999


Statement by the Chairman, James Cropper
The  Group  has had a much better opening half-year than  last
year with all three businesses trading profitably.

The Group turnover has increased to £26.2m (1998: £25.1m), the
profit  before tax to £1.4m (1998: £655,000) and earnings  per
share to 11.0p (1998: 4.9p).

The  Directors  have decided to increase the interim  dividend
from  1.4p to 1.8p to rebalance the interim and final dividend
payments.   No assumption should be made as to the  amount  of
the final dividend.

Papermaking Division
The operating profitability has increased through demand being
slightly  up, both at home and abroad, and the more  efficient
running of the paper machines.  This has mitigated the  effect
of  the strength of Sterling and the price of pulp starting to
rise again, after reaching a low point in the Spring.

James Cropper Converting
The   upward   trend  in  operating  profit   has   continued,
underpinned  by the Division's close association with  leading
players  in each of its key market sectors - picture  mounting
boards,  point of sale display boards and specialist converted
products.  Productivity improvements and some increased volume
mitigate recent increases in raw materials.

Technical Fibre Products Limited
An  operating  profit has been made compared to the  operating
loss  for the same period last year as new developments  start
to  move  towards  fruition, particularly in  fire  protection
products.

Finance
Borrowings  continue  to  decrease as  a  result  of  improved
profitability  and  a  moderate level of capital  expenditure.
Gearing is now below 20%.

Year 2000
We  have  completed nearly all of the work to ensure  that  no
Year  2000 problems exist with our operations process  control
and  manufacturing  equipment.  Contingency arrangements  have
been put in place to minimise potential disruption to business
from  external  sources.   We  are  confident  our  commercial
systems are free of Year 2000 problems.

Outlook
The  demand  for  pulp  has  increased  after  two  years   of
oversupply  and the pulp producers are taking the opportunity,
maybe  short-sightedly, to force the price of pulp up  rapidly
over the next few months.

The   second  half-year  will  be  more  challenging  for  the
Papermaking  Division  as there will  be  a  lag  between  the
announcement  of pulp price increases and the resultant  extra
costs  being  reflected in paper prices.  We will continue  to
mitigate  the  effect  of  rising raw material  costs  through
improving productivity and reducing costs wherever possible.

Converting Division continues to be busy and is trading  on  a
better  basis than last year, with service and capacity levels
well supported by the investment decisions of recent years.

We  are  confident that Technical Fibre Products will continue
its  recovery as more new business comes through in  the  next
period.

Overall  the Board will continue its efforts to grow  turnover
and  reduce  costs to improve profitability and  thus  enhance
shareholder  value,  despite a more difficult  period  in  the
second six months for the Papermaking Division.

15 November 1999
                              


                       James Cropper PLC
                        Interim Results
GROUP PROFIT AND LOSS ACCOUNT FOR THE 26 WEEKS ENDED 2 OCTOBER 1999
                         


                             Half-year      Half-year to      Full
                                    to    September 1998   year to
                             September    (as restated -     March
                                  1999      See Note 3 )      1999
                                                   £'000          
                                 £'000                       £'000
                                                                  
Turnover                        26,211            25,091    53,078
                                                                  
Operating Profit                 1,711             1,143     3,229
                                                                  
Profit on sale of freehold           -                 -       232
houses                                                            
Income  from  fixed  asset          13                17        17
investments                                                       
Interest    payable    and       (311)             (506)     (980)
similar charges
                                                                  
Profit     on     ordinary       1,413               654     2,498
activities before taxation                                        
Taxation (Note 4)                (495)             (249)     (800)
                                                                  
Profit     on     ordinary         918               405     1,698
activities after taxation                                         
Dividend                         (150)             (117)     (460)
                                                                  
Amount   set   aside    to         768               288     1,238
reserves
                                                                  
Earnings  per share  (Note 5)    11.0p              4.9p     20.3p

Dividend  pence per  share        1.8p              1.4p      5.5p
(Note 6)



                       James Cropper PLC
                        Interim Results
           GROUP BALANCE SHEET AS AT 2 OCTOBER 1999


                                     £'000   £'000   £'000
                                                          
Tangible assets                     27,560  30,908  28,380
Investments                            738     738     738
                                                          
Fixed assets                        28,298  31,646  29,118
                                                          
Stocks                               5,622   5,810   5,275
Debtors                             11,038  10,220  11,579
Cash at bank and in hand               181       5     641
                                                          
Current assets                      16,841  16,035  17,495
Creditors  (Amounts  falling  due  (10,309)(11,571)(10,822)
within 1 year)                        
                                                          
Net current assets                   6,532   4,464   6,673
Total    assets   less    current   34,830  36,110  35,791
liabilities
Creditors  (Amounts  falling  due  (4,365)  (7,736) (6,161)
after more than 1 year)                       
Deferred taxation                    (911)   (534)   (840)
                                    29,554  27,840  28,790
                                                          
Called up share capital              2,090   2,090   2,090
Share premium account                  454     454     454
Revaluation reserve                    471   1,640     471
Profit and loss account             26,539  23,656  25,775
                                                          
Capital and reserves                29,554  27,840  28,790




                       James Cropper PLC
                        Interim Results
  GROUP CASH FLOW STATEMENT FOR THE 26 WEEKS ENDED 2 OCTOBER 1999
                     

                                       Half-year   Half-year     Full
                                              to          to  year to
                                       September   September    March
                                            1999        1998     1999
                                           £'000       £'000    £'000
                                                                     
Operating Profit                           1,711       1,143    3,229
   Depreciation charges                    1,641       1,596    3,259
   Profit on fixed asset disposals             -        (60)     (51)
   (Increase)/Decrease in stocks           (347)          43      579
   Decrease in debtors                       541         938       60
   Decrease in creditors                   (436)       (594)    (709)
Cash flow from operating activities        3,110       3,066    6,367
   Interest received                          27           2       14
   Interest paid (including interest       (205)       (313)  (1,013)
     element of finance leases)
   Dividends received                         13          17       17
   Tax (paid)/received                      (42)         176    (609)
   Purchase of tangible fixed assets       (943)     (2,669)  (4,631)
   Proceeds on disposal of tangible         118         115    3,047
     fixed assets
   Equity dividends paid                   (343)       (301)    (418)
Net cash inflow before financing           1,735          93    2,774
Financing                                                            
   Debt due beyond 1 year                      -         750      750
   Repayment of bank loans               (2,119)      (1,073)  (2,207)
   Capital element of finance lease           -           -      (710)
   payments
(Decrease)/Increase   in   cash   in       (384)       (230)      607
period
                                  
       Reconciliation of net cash flow to movement in net debt
                                  
                                           £,000       £,000    £,000
                                                                     
(Decrease)/Increase in cash for  the       (384)       (230)      607
period
Decrease in debt and finance leases        2,119         323    2,167
Movement in net debt in the period         1,735          93    2,774
Net debt at start of period              (7,281)    (10,055)  (10,055)
Net debt at end of period                (5,546)     (9,962)  (7,281)




                       James Cropper PLC
                        Interim Results
                             NOTES


1.   The  summarised results for the half-year ended 2 October
     1999, which are unaudited, have been prepared in accordance
     with the accounting policies adopted in the accounts for the
     year ended 3 April 1999.
2.   The  accounts  for the year ended 3 April  1999  set  out
     above are an abridgement of the full accounts for that year.
     The Auditors of the Company made an unqualified report on
     these accounts, which were then delivered to the Registrar of
     Companies.
3.   In the accounts for the half-year ended 26 September 1998
     and for the year to 3 April 1999 the Group's interest in
     Pacofa has been restated following the introduction of
     Financial Reporting Standard 9, 'Associates and Joint
     Ventures'.  This represented a change in accounting policy for
     the interest in Pacofa, as the directors consider the Group
     does not exercise a significant influence over the operating
     and financial policies of Pacofa.  The interest has therefore
     been reflected as a trade investment rather than an associated
     undertaking.  The carrying value and income received in
     respect of the investment have been restated in the 1998
     comparative figures.
4.   The taxation provision is 35% which represents the
     expected taxation rate for the full year.
5.   Earnings per share for the six months ended 2 October
     1999 has been calculated on the profit available for
     distribution and on 8,359,114 (1998: 8,359,114) Ordinary
     Shares, being the weighted average number of shares in issue
     during the period.
6.   The interim dividend of 1.8p per Ordinary Share will be
     paid on 14 January 2000 to holders on the register at the
     close of business on 24 December 1999.
7.   The interim report has been neither audited nor reviewed.
8.   The above information is being sent to all holders of
     securities and is available from the Company's registered
     office: Burneside Mills, Kendal, Cumbria, LA9 6PZ.