James Cropper Plc
The advanced materials and paper products group, is pleased to announce its Half year results to 28 September 2019
|
|
Half year to 28 September 2019 |
Half year to 29 September 2018 |
Full year to 30 March 2019 |
|
|
£m |
£m |
£m |
|
Revenue |
52.8 |
50.3 |
101.1 |
|
Adjusted operating profit (excluding IAS19 impact)
|
2.8 |
2.0 |
4.3 |
|
Operating profit |
2.6 |
1.8 |
3.4 |
|
Adjusted profit before tax (excluding IAS19 impact) |
2.6 |
1.9 |
4.0 |
|
Impact of IAS 19 |
(0.6) |
(0.5) |
(1.4) |
|
Profit before tax |
2.0 |
1.4 |
2.6 |
|
Earnings per share – basic and diluted |
17.0p |
12.9p |
24.3p |
|
Dividend per share declared |
2.5p |
2.5p |
13.5p |
|
|
|
|
|
|
Net borrowings (excluding IFRS 16) |
(10.8) |
(6.6) |
(8.6) |
|
Net borrowings (including IFRS 16) |
(15.3) |
(6.6) |
(8.6) |
|
Equity shareholders' funds |
21.9 |
23.0 |
21.3 |
|
Gearing % – before IAS 19 deficit and IFRS 16 |
27% |
17% |
21% |
|
Gearing % – after IAS 19 deficit and IFRS 16 |
70% |
29% |
40% |
|
Capital expenditure |
3.3 |
1.9 |
5.2 |
Highlights
- Revenue growth in all divisions with total revenue up 5% on prior period comparative
- Adjusted PBT (excluding IAS 19 impact) at £2.6m, up 31% on prior period comparative
- PBT at £2.0m, up 42% on prior period comparative
- EPS (diluted) 17.0p up 32% on prior period comparative
- Colourform™ revenues exceed £1m in the period
- Mix improvements and pulp price softening returns paper to profitability
- Expansion of TFP non-woven capacity on schedule, increasing capacity by 50% by end of the 2020 calendar year
Mark Cropper, Chairman, commented:
“TFP has delivered its best ever sales performance for a half year and is set to continue growth in the second half. Plans to provide an additional 50% capacity in TFP by the end of the 2020 calendar year are on track. Paper sales are projected to grow year on year with the benefits of an improved mix and a softening of pulp price leading to a return to profit. Continued commercialisation for Colourformä is projected as the business gains further traction in the market. We have instituted an Environmental, Social and Corporate Governance (ESG) sub-committee and will commence formal measurement and reporting in line with ESG objectives in 2020.
We invest significantly in people, innovation and capability. This will ensure that over the long term the Group has the potential to sustain growth across all its businesses. In the nearer term, the full year results are anticipated to be in line with management expectations.”