James Cropper plc ('CRPR', the 'Company' or the 'Group'), the leading advanced materials and paper products group is pleased to announce its
Preliminary results for the 52 weeks ended 26 March 2022
Revenue achieves new high, entering new financial year with a strong order book projection.
|
|
52 weeks ended 26 March 2022 |
52 weeks ended 27 March 2021 |
|
£'m |
£'m |
|
|
Revenue |
104.9 |
78.8 |
|
Adjusted operating profit (excluding IAS19 and exceptional items)
|
4.6 |
4.5 |
|
Operating profit |
3.7 |
2.4 |
|
Adjusted profit before tax (excluding IAS19 and exceptional items) |
4.0 |
4.0 |
|
Impact of IAS19 on income statement |
(0.9) |
(0.8) |
|
Exceptional items |
(0.3) |
(1.5) |
|
Profit before tax |
2.8 |
1.7 |
|
Earnings per share – basic and diluted |
14.2p |
16.4p |
|
Proposed final dividend per share |
7.5p |
Nil |
|
Total dividend for the year |
10.0p |
Nil |
|
|
|
|
|
Net borrowings |
(12.6) |
(7.5)
|
|
Net borrowings (excluding right-of-use leases) |
(8.6) |
(3.7) |
|
Equity shareholders' funds |
34.8 |
29.9 |
|
Gearing % – before IAS 19 deficit |
28% |
17% |
|
Gearing % – after IAS 19 deficit |
36% |
25% |
|
Capital expenditure |
6.8 |
3.1 |
Highlights
- Revenues up by 33% and higher than pre-pandemic levels, with growth in all divisions.
- Profit before tax up by 62%.
- TFP Hydrogen performing better than expectations. TFP revenue up by 27%.
- Colourform achieves a positive EBITDA and 19% revenue growth.
- Paper impacted with substantial energy costs with 37% revenue growth but a loss before tax.
- New loan facility of £25m under UK Export Finance to support sustainable strategic growth plans.
- Investment expenditure doubled to £6.7m, to support growth plans.
- Return to dividend payments with a proposed 7.5p final dividend, making a total of 10.0p per share (2021: nil pence per share).
- The Group board strengthened with two new NEDs and appointment of TFP Managing Director complete.
Mark Cropper, Chairman, commented:
” The green agenda represents a significant growth opportunity for all our divisions. Looking forward the outlook remains positive across the Group. Our mantra since the earliest days of the Covid crisis has been to “emerge stronger” and I am confident that this has truly been the case”.