Crooper(James) Plc
The advanced materials and paper products Group is pleased to announce its
Preliminary results for the 52 weeks ended 28 March 2020
|
52 weeks ended 28 March 2020 |
52 weeks ended |
|
£'m |
£'m |
Revenue |
104.7 |
101.1 |
Adjusted operating profit (excluding IAS19 impact) |
7.2 |
4.3 |
Operating profit |
6.6 |
3.4 |
Adjusted profit before tax (excluding IAS19 impact) |
6.7 |
4.0 |
Impact of IAS19 |
(1.2) |
(1.4) |
Profit before tax |
5.5 |
2.6 |
Earnings per share – basic and diluted |
50.6p |
24.3p |
Dividend per share declared |
2.5p |
13.5p |
|
|
|
Net borrowings |
(11.1) |
(8.6) |
Net borrowings (excluding IFRS 16 impact) |
(6.7) |
(8.6) |
Equity shareholders' funds |
34.4 |
21.3 |
Gearing % – before IAS 19 deficit |
26% |
21% |
Gearing % – after IAS 19 deficit |
32% |
40% |
Capital expenditure |
9.2 |
5.2 |
Highlights
- Record Group revenues of £105m.
- Record operating profits (excluding IAS 19 impact) at £7.2m
- Paper division return to profits with strong underlying growth.
- Colourform revenues up 800% at £2.6m.
- TFP growth in fuel cell and wind energy mitigating downturn in aerospace.
- Investment in research & development remains strong, supporting innovation.
- Capital investments for future growth started. Paused due to Covid 19 cash preservation, planned restart in Q4.
- No final dividend proposed as part of cash preservation exercise against the impact of Covid 19.
Mark Cropper, Chairman, commented:
“ Against the dramatic background ushered in by Covid 19 towards the end of our financial year, I am especially pleased to report a record year for the Group. Group revenue once again set a new record at £105m while profit before tax more than doubled to £5.5m. “
“ The result was buoyed up by a £5.4m rebound in our Paper division operating profits, moving from a £2m loss to a £3.4m gain. Whilst operating profits were down 13% for TFP, the business experienced good growth in fuel cell and green energy markets which will continue. Colourform saw 800% revenue growth in the year and cut losses by 45% to £1.4m. “
“ Looking beyond the here and now, I believe there are now two additional questions to ask: can we grow our way out of the current economic environment and can we do so in a way that respects our environment, people and communities like never before? I would answer yes and yes.”
“I have no doubt we will rise to the challenge just as we have in recent months. For the year ending March 2021, we expect a break-even profit at least, excluding any impact of pension charges under IAS 19. Looking out further, I have no doubt we will emerge stronger and more resilient than ever”