{"id":11239,"date":"2023-08-29T05:40:57","date_gmt":"2023-08-29T05:40:57","guid":{"rendered":"https:\/\/cpmirror.com\/?p=11239"},"modified":"2023-09-04T05:01:09","modified_gmt":"2023-09-04T05:01:09","slug":"james-cropper-announces-full-year-results-for-the-year-ended-1st-april-2023","status":"publish","type":"post","link":"https:\/\/cpmirror.com\/index.php\/2023\/08\/29\/james-cropper-announces-full-year-results-for-the-year-ended-1st-april-2023\/","title":{"rendered":"JAMES CROPPER ANNOUNCES FULL YEAR RESULTS FOR THE YEAR ENDED 1ST APRIL 2023"},"content":{"rendered":"\n<p>&nbsp;James Cropper plc, a global market leader in advanced materials, luxury packaging and paper products, today announces a strong financial recovery, including revenue growth across all divisions.<\/p>\n\n\n\n<p>In a transformational year for the Group, the business delivered a resilient performance. For the year ended 1 April 2023 revenue increased 24% to \u00a3129.7million, driven by high demand and retained contracts. Adjusted operating profit also increased, by 4% to \u00a34.8million, despite significant inflationary cost headwinds.<\/p>\n\n\n\n<p><strong>Key headlines: Financial<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strong recovery in a transformational year, with a 24% increase in revenue to \u00a3129.7m (2022: \u00a3104.9m) driven by high demand and retained contracts.<\/li>\n\n\n\n<li>Despite the significant inflationary cost headwinds, adjusted operating profit increased 4% to \u00a34.8m (APM1*) (2022: \u00a34.6m).<\/li>\n\n\n\n<li>\u00a33.2m adjusted profit before tax, 21% lower (2022: \u00a34.0m) (APM2**) due to an increase in net finance costs.<\/li>\n\n\n\n<li>Exceptional costs of \u00a31.1m which reflects outperformance at TFP Hydrogen and consequent reassessment of the value of contingent consideration (2022: \u00a30.4m).<\/li>\n\n\n\n<li>Profit before tax of \u00a31.3m, 53% lower (2022: \u00a32.8m) due to an increase in net finance costs and exceptional costs.<\/li>\n\n\n\n<li>Net debt of \u00a316.6m up 35% (2022: \u00a312.3m).<\/li>\n\n\n\n<li>Earnings per share 5.4p down 62% (2022: 14.2p).<\/li>\n\n\n\n<li>Full year dividend proposal 6.0p per share in line with expectations (2022: 10.0p).<\/li>\n<\/ul>\n\n\n\n<p>*APM1 \u201cAdjusted operating profit\u201d refers to operating profit before interest and prior to the impact of IAS 19 and exceptional items.<br><br>**APM2 \u201cAdjusted profit before tax\u201d refers to profit before tax prior to the impact of IAS 19 and exceptional items.<\/p>\n\n\n\n<p><strong>Key headlines: Operational<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Strong global pipeline in Future Energy sector.<\/li>\n\n\n\n<li>TFP Hydrogen exceeded our expectations.<\/li>\n\n\n\n<li>Well advanced in the transformation of the Paper division post year end.<\/li>\n\n\n\n<li>Significantly tighter scope around decarbonisation project: 40% lower capital investment requirement.<\/li>\n\n\n\n<li>Ongoing energy saving actions contributed to 8% annualised reduction in site fuel consumption.<\/li>\n\n\n\n<li>Strengthened the Board and Executive leadership team.<\/li>\n\n\n\n<li>Strengthened broader organisational leadership to drive strategy.<\/li>\n<\/ul>\n\n\n\n<p><strong>Key headlines: Outlook<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Future Energy and Luxury Packaging to deliver high market growth and value, respectively.\u200b<\/li>\n\n\n\n<li>Integration of Colourform with Paper to drive a unique and compelling Luxury Packaging proposition.<\/li>\n\n\n\n<li>Consolidation across the organisation and estate to reduce costs and improve efficiency.<\/li>\n\n\n\n<li>Streamlined Paper Product offer to drive margin improvements and productivity.<\/li>\n\n\n\n<li>Continued technological leaders in recycled content and responsible sourcing.\u200b<\/li>\n\n\n\n<li>Strengthen our sector leadership in carbon reduction.<\/li>\n\n\n\n<li>Sharper focus with better clarity and assessment of our climate risks.<\/li>\n\n\n\n<li>Strong leadership team to reposition James Cropper. \u200b<\/li>\n\n\n\n<li>Drive brand value, recognition and preference in each market focused segment.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>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 to 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.<\/p>\n<\/blockquote>\n\n\n\n<p>COMMENTING ON THE FULL YEAR RESULTS, JAMES CROPPER CEO STEVE ADAMS SAID:<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp;James Cropper plc, a global market leader in advanced materials, luxury packaging and paper products, today announces a strong financial recovery, including revenue growth across all divisions. In a transformational year for the Group, the business delivered a resilient performance. For the year ended 1 April 2023 revenue increased 24% to \u00a3129.7million, driven by high<\/p>\n","protected":false},"author":1,"featured_media":11240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[243],"class_list":{"0":"post-11239","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-corrugated-folding-carton","8":"tag-james-cropper"},"_links":{"self":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/11239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/comments?post=11239"}],"version-history":[{"count":1,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/11239\/revisions"}],"predecessor-version":[{"id":11241,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/posts\/11239\/revisions\/11241"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media\/11240"}],"wp:attachment":[{"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/media?parent=11239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/categories?post=11239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cpmirror.com\/index.php\/wp-json\/wp\/v2\/tags?post=11239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}