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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cropper (james) Plc | LSE:CRPR | London | Ordinary Share | GB0002346053 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 265.00 | 260.00 | 270.00 | 265.00 | 265.00 | 265.00 | 6,159 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Paper Mills | 130.45M | 516k | 0.0540 | 49.07 | 25.32M |
From Apr 2019 to Apr 2024
TIDMCRPR
RNS Number : 1474P
Cropper(James) PLC
15 November 2016
James Cropper plc
(the "Company")
The advanced materials and paper products group, is pleased to announce its
Half - year results to 1 October 2016
Hot Features
Premium
Half - year Half - year Full - year
to 1 October to 26 September to 2 April
2016 2015 2016
GBPm GBPm GBPm
Revenue* 45.4 42.1 87.9
Operating profit before interest
(excluding IAS 19 and net exceptional
costs)** 2.6 1.8 6.3
Profit before tax (excluding IAS
19) 2.4 1.7 5.2
Impact of IAS 19 (0.4) (0.6) (1.3)
Profit before tax (after IAS 19) 2.0 1.0 3.9
Earnings per share - basic 17.4p 8.5p 32.6p
Earnings per share - diluted 17.2p 8.3p 31.8p
Dividend per share declared 2.5p 2.2p 9.3p
Net borrowings (6.6) (8.9) (7.3)
Equity shareholders' funds 16.0 20.0 26.7
Gearing % - before IAS 19 deficit 19% 29% 22%
Gearing % - after IAS 19 deficit 41% 45% 27%
Capital expenditure 2.1 2.2 4.1
* Includes Business Insurance Income of GBP750,000 in full year to 2 April 2016
** Net exceptional costs of GBP0.77m in full year to 2 April 2016
Highlights
-- Sales in TFP up 21% on comparable period, up 5% in Paper -- PBT (prior to IAS 19) GBP2.4m up 46% on prior comparable period -- EPS (diluted) up 107% to 17.2p from 8.3p on prior period comparative -- 3DP launches business to the market -- Investment remains an important aspect for profitable growth
Mark Cropper, Chairman, commented:
"Innovation, driven from research & development activities, continues to be a major focus across the
Group, delivering new products, solutions and technologies to the market.
The full year is expected to deliver in line with the Board's expectations and the outlook for the business this year remains encouraging."
Enquiries:
Isabelle Maddock, Group Robert Finlay, Richard Johnson,
Finance Director Henry Willcocks
James Cropper PLC (AIM:CRPR.L) Stockdale Securities Limited
Telephone: +44 (0) 1539 Telephone: +44 (0) 20 7601 6100
722002
www.cropper.com www.stockdalesecurities.com
Half - year Half - year Full -
to 1 October to 26 September year to
2016 2015 2 April
2016
Summary of results GBP'000 GBP'000 GBP'000
Revenue* 45,397 42,098 87,920
Operating profit before interest
(excluding IAS 19 and exceptionals)** 2,567 1,814 6,264
Profit before tax (excluding IAS
19 impact) 2,432 1,662 5,173
Impact of IAS 19 (407) (647) (1,305)
Profit before tax (after IAS 19
impact) 2,025 1,015 3,868
---------------------------------------- -------------- ----------------- ----------
* Includes Business Insurance Income of GBP750,000
in full year to 2 April 2016
** Net exceptional costs of GBP765,000 in full year to 2 April 2016
Half - year Full -
Half - year to 26 September year to
to 1 October 2015 2 April
2016 2016
GBP'000 GBP'000 GBP'000
Revenue
James Cropper Paper 35,279 33,711 69,182
Technical Fibre Products 10,118 8,387 18,738
-------------------------------------------- -------------- ----------------- ---------
45,397 42,098 87,920
Operating profit before interest
(excluding IAS19 impact and exceptionals) 2,567 1,814 6,264
Net interest (before IAS19 finance
costs) (142) (152) (326)
-------------------------------------------- -------------- ----------------- ---------
Profit before tax (excluding IAS19
impact) 2,425 1,662 5,938
Exceptional costs 7 - (765)
-------------------------------------------- -------------- ----------------- ---------
Profit before tax (excluding IAS19
impact) 2,432 1,662 5,173
IAS 19 pension adjustments
Net current service charge against
operating profits (270) (413) (839)
Finance costs charged against interest (137) (234) (466)
-------------------------------------------- -------------- ----------------- ---------
(407) (647) (1,305)
-------------------------------------------- -------------- ----------------- ---------
Profit before tax 2,025 1,015 3,868
-------------------------------------------- -------------- ----------------- ---------
Balance sheet summary Half - year Half - year Full -
to 1 October to 26 September year to
2016 2015 2 April
2016
GBP'000 GBP'000 GBP'000
Non-pension assets - excluding
cash 56,021 54,168 57,470
Non-pension liabilities - excluding
borrowings (15,286) (14,525) (17,019)
------------------------------------- -------------- ----------------- ---------
40,735 39,643 40,451
Net IAS 19 pension deficit (after
deferred tax) (18,072) (10,728) (6,453)
------------------------------------- -------------- ----------------- ---------
22,663 28,915 33,998
Net borrowings (6,621) (8,906) (7,305)
------------------------------------- -------------- ----------------- ---------
Equity shareholders' funds 16,042 20,009 26,693
Gearing % - before IAS 19 deficit 19% 29% 22%
Gearing % - after IAS 19 deficit 41% 45% 27%
Capital expenditure 2,123 2,173 4,086
Dear Shareholders
I am pleased to report that, in the first half of this financial year, James Cropper PLC made a 46% increase in profit before tax (excluding the impact of IAS 19), delivering GBP2.4m, compared to GBP1.7m in the prior year comparative. After the impact of IAS 19, profit before tax is GBP2m, up on GBP1m in the prior comparative period. Group revenues have increased by 8% compared to the prior year comparative, with sterling's depreciation only enriching revenues from export markets in the latter months. Sales, and profit have increased in both trading divisions.
James Cropper Paper ("Paper")
Paper revenues grew by 5% compared to the comparable period last year, driven by growing demand from both new and existing customers. In line with our growth plans, the domestic and overseas markets continue to offer opportunities for our packaging and photo quality papers. This year, the paper division brought several new products and solutions to market, making full use of exhibition presence and marketing media to launch. These include: Dolcelicious, Tailor - Made and Wall Ready Media, each a specialist and niche offering. During the second half, James Cropper Paper will continue to drive these initiatives as well as targeting continued growth.
Technical Fibre Products ("TFP")
TFP grew revenue by 21% compared to the comparable period last year, with demand across aerospace, energy and defence markets continuing to be strong. Commercial opportunities continue to rise in line with our aspirations. These include: providing materials for fuel cell technologies, fire protection, aircraft primary structure solutions and supporting advances in key areas of defence. Our R&D teams are well resourced, with both pilot and production scale equipment, and they are driving innovation internally as well as supporting customer driven developments. TFP expects continued growth in the second half.
James Cropper 3D Products ("3DP")
3DP was formally launched at the London Packaging Innovations show in September 2016. 3DP showcased its range of sustainable moulded fibre products for use in packaging, an offer that is beginning to capture the attention of domestic and global brands. Subsequently, a number of exciting development projects and prototyping activities have commenced. The first phase of our investment, earlier this calendar year, facilitated the development and has proven a standout ability to create moulded paper packaging in vibrant colour. The second phase of investment, planned for early 2017, will deliver greater capacity with additional production equipment. This safeguards the business's ability to meet initial demand from future customers. The business remains confident that 3DP provides another growth platform for the Group.
Pension
The Group operates three pension schemes with close to 60% of employees holding a defined contribution personal payment plan. The Group operates two funded pension schemes providing defined benefits, for a decreasing number of its employees. The IAS19 valuations, for the defined benefit schemes as at 1 October 2016, revealed a combined deficit of GBP22.3m, compared with GBP7.9m as at 2 April 2016. The increase of GBP14.4m was principally caused by the drop in discount rates from 3.55% to 2.4% in the period. The overall value of the schemes' assets increased by 15% over the period, whilst the schemes' liabilities increased by 28%. The schemes are 83% funded at 1 October 2016 and after deferred taxation the net deficit stands at GBP18m.
Earnings per share and Dividend
Diluted earnings per share (after the adjustment for IAS19) increased to 17.2 pence, compared to 8.3 pence in the prior year comparative period.
The Board has agreed an interim dividend of 2.5 pence per share, up 13.6% on the prior year interim. The final dividend for the year to 1 April 2017 will be subject to shareholder approval at the AGM on 26 July 2017.
Outlook
Innovation, driven from research & development activities, continues to be a major focus across the Group, delivering new products, solutions and technologies to the market.
Our investment plans for people, development and equipment remain on track, and independent of political changes such as Brexit.
Each business division is expected to grow during the second half, albeit at a higher rate in the TFP division.
The full year is expected to deliver in line with the Board's expectations and the outlook for the business this year remains encouraging.
Mark Cropper
Chairman
JAMES CROPPER PLC
UN-AUDITED STATEMENT OF COMPREHENSIVE INCOME
26 week period 26 week period 53 week period
to 1 October to 26 September to 2 April
2016 2015 2016
---------------------------------------- -------------- ---------------- --------------
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue* 45,397 42,098 87,920
---------------------------------------- -------------- ---------------- --------------
Operating profit** 2,304 1,402 4,660
Finance costs
Interest payable and similar charges (279) (389) (793)
Interest receivable and similar
income - 1 1
Profit before taxation 2,025 1,014 3,868
Taxation (405) (233) (874)
---------------------------------------- -------------- ---------------- --------------
Profit for the period 1,620 781 2,994
Earnings per share - basic 17.4p 8.5p 32.6p
Earnings per share - diluted 17.2p 8.3p 31.8p
Dividend declared in the period
- pence per share 2.5p 2.2p 9.3p
OTHER COMPREHENSIVE INCOME
Profit for the period 1,620 781 2,994
---------------------------------------- -------------- ---------------- --------------
Items that are or may be reclassified
to profit or loss
Foreign currency translation 189 48 114
Items that will never be reclassified
to profit or loss
Retirement benefit liabilities -
actuarial (loss)/gain (14,715) 1,037 6,554
Deferred tax on actuarial loss/gain
on retirement benefit liabilities 2,796 (206) (1,488)
Income tax on other comprehensive
income - - 77
---------------------------------------- -------------- ---------------- --------------
Other comprehensive expense for
the year (11,730) 879 5,257
---------------------------------------- -------------- ---------------- --------------
Total comprehensive income for the
period attributable to equity holders
of the Company (10,110) 1,660 8,251
---------------------------------------- -------------- ---------------- --------------
* Includes Business Insurance Income of GBP750,000 for the 53 week period to 2 April 2016
** The 53 week period to 2 April 2016 includes GBP765,000 net exceptional costs.
JAMES CROPPER PLC
UN-AUDITED STATEMENT OF FINANCIAL POSITION
1 October 26 September 2 April
2016 2015 2016
GBP'000 GBP'000 GBP'000
------------------------------- ------------- --------------- ----------------
Assets
Intangible assets 126 246 123
Property, plant and equipment 24,932 22,737 23,650
Deferred tax assets 4,239 2,682 1,417
------------------------------- ------------- --------------- ----------------
Total non- current assets 29,297 25,665 25,190
------------------------------- ------------- --------------- ----------------
Inventories 14,354 14,448 14,102
Trade and other receivables 16,609 16,737 19,595
Cash and cash equivalents 3,426 - 3,186
Total current assets 34,389 31,185 36,883
------------------------------- ------------- --------------- ----------------
Total assets 63,686 56,850 62,073
------------------------------- ------------- --------------- ----------------
Liabilities
Trade and other payables 13,563 12,696 15,067
Loans and borrowings 792 1,963 3,886
Current tax liabilities 385 114 613
------------------------------- ------------- --------------- ----------------
Total current liabilities 14,740 14,773 19,566
------------------------------- ------------- --------------- ----------------
Long-term borrowings 9,255 6,943 6,605
Retirement benefit liabilities 22,311 13,410 7,870
Deferred tax liabilities 1,338 1,715 1,339
------------------------------- ------------- --------------- ----------------
Total non-current liabilities 32,904 22,068 15,814
------------------------------- ------------- --------------- ----------------
Total liabilities 47,644 36,841 35,380
------------------------------- ------------- --------------- ----------------
Equity
------------------------------- ------------- --------------- ----------------
Share capital 2,364 2,296 2,306
Share premium 1,465 1,036 1,079
Translation reserve 567 312 378
Reserve for own shares (651) (277) (343)
Retained earnings 12,297 16,642 23,273
------------------------------- ------------- --------------- ----------------
Total shareholders' equity 16,042 20,009 26,693
------------------------------- ------------- --------------- ----------------
Total equity and liabilities 63,686 56,850 62,073
------------------------------- ------------- --------------- ----------------
JAMES CROPPER PLC
UN-AUDITED STATEMENT OF CASH FLOWS
26 week period 26 week period 53 week period
to 1 October to 26 September to 2 April
2016 2015 2016
---------------------------------------------- -------------- -------------------- ---------------------
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Net profit 1,620 781 2,994
Adjustments for:
Tax 405 233 874
Depreciation and amortisation 1,099 1,139 2,306
Net IAS 19 pension adjustments within
SCI 407 647 1,305
Past service pension deficit payments (681) (642) (1,323)
Foreign exchange differences 112 (106) (166)
Loss on disposal of property, plant and 15 - -
equipment
Profit on disposal of investments (178) - -
Net bank interest expense 142 152 326
Share based payments 142 137 274
Changes in working capital:
(Increase) in inventories (150) (1,368) (1,021)
Decrease / (increase) in trade and other
receivables 2,971 (968) (3,861)
(Decrease) / increase in trade and other
payables (1,526) 255 2,770
Interest received 1 1 2
Interest paid (148) (162) (333)
Tax paid (657) (247) (429)
---------------------------------------------- -------------- -------------------- ---------------------
Net cash generated from / (used by) operating
activities 3,574 (148) 3,718
Cash flows from investing activities
Purchase of intangible assets - - (133)
Purchases of property, plant and equipment (2,123) (2,173) (3,953)
Profit on disposal of investments 178 - -
Proceeds from sale of property, plant
and equipment 2 - -
Net cash used in investing activities (1,943) (2,173) (4,086)
Cash flows from financing activities
Proceeds from issue of ordinary shares 444 6 59
Proceeds from issue of new loans 2,451 1,692 4,790
Repayment of borrowings (3,179) (2,450) (3,284)
Purchase of LTIP investments (479) - (74)
Dividends paid to shareholders (648) (571) (772)
---------------------------------------------- -------------- -------------------- ---------------------
Net cash (used in) / generated from financing
activities financingactactivitiesactivities (1,411) (1,323) 719
Net (decrease) / increase in cash and
cash equivalents 220 (3,644) 351
Effect of exchange rate fluctuations
on cash held 20 8 114
---------------------------------------------- -------------- -------------------- ---------------------
Net (decrease) / increase in cash and
cash equivalents 240 (3,636) 465
Cash and cash equivalents at the start
of the period 3,186 2,721 2,721
Cash and cash equivalents at the end
of the period 3,426 (915) 3,186
Cash and cash equivalents consists of:
Cash at bank and in hand 3,426 (915) 3,186
---------------------------------------------- -------------- -------------------- ---------------------
JAMES CROPPER PLC
STATEMENT OF CHANGES IN EQUITY
Share Translation Retained
capital Share premium reserve Own shares earnings Total
-------------------- ----------- ------------------ ---------------- ------------- --------------- -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- ----------- ------------------ ---------------- ------------- --------------- -------------
28 March 2015 2,292 1,034 264 (269) 15,541 18,862
Profit for the
period - - - - 2,994 2,994
Exchange differences - - 114 - - 114
Actuarial gains on
retirement
benefit liabilities
(net
of deferred tax) - - - - 5,066 5,066
Other comprehensive
income
tax - - - - 77 77
-------------------- ----------- ------------------ ---------------- ------------- --------------- -------------
Total other
comprehensive
income - - 114 - 5,143 5,257
Dividends paid - - - - (772) (772)
Share based payment
charge - - - - 274 274
Tax on share options - - - - 135 135
Proceeds from issue
of
ordinary shares 14 45 - - - 59
Distribution of own
shares - - - 42 (42) -
Consideration paid
for
own shares - - - (116) - (116)
-------------------- ----------- ------------------ ---------------- ------------- --------------- -------------
Total contributions
by
and distributions
to owners
of the Group 14 45 - (74) (405) (420)
-------------------- ----------- ------------------ ---------------- ------------- --------------- -------------
At 2 April 2016 2,306 1,079 378 (343) 23,273 26,693
Profit for the
period - - - - 1,620 1,620
Exchange differences - - 189 - - 189
Actuarial losses on
retirement
benefit liabilities
(net
of deferred tax) - - - - (11,919) (11,919)
Total other
comprehensive
income - - 189 - (11,919) (11,730)
Dividends paid - - - - (648) (648)
Share based payment
charge - - - - 142 142
Proceeds from issue
of
ordinary shares 58 386 - - - 444
Distribution of own
shares - - - 171 (171) -
Consideration paid
for
own shares - - - (479) - (479)
-------------------- ----------- ------------------ ---------------- ------------- --------------- -------------
Total contributions
by
and distributions
to owners
of the Group 58 386 - (308) (677) (541)
-------------------- ----------- ------------------ ---------------- ------------- --------------- -------------
At 2 October 2016 2,364 1,465 567 (651) 12,297 16,042
-------------------- ----------- ------------------ ---------------- ------------- --------------- -------------
JAMES CROPPER PLC
NOTES TO THE UN-AUDITED INTERIM RESULTS
1. Basis of the preparation of IFRS financial information
a. These interim results have been prepared in accordance with the historical cost convention, as modified by the revaluation of land and buildings, and derivative financial instruments, and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union (with the exception of IAS 34, Interim Financial Reporting) and International Financial Reporting Interpretation Committee ("IFRIC") interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
All references to:
"Net IAS 19 pension adjustment" refer to the net impact on the statement of comprehensive income of the pension schemes' operating costs and finance costs.
b. The Group's policy is to maintain the ability to continue as a going concern, in order to provide returns to the shareholder and benefits to other stakeholders. Accordingly the going concern basis has been adopted in preparing these interim results.
2. Interim Statement
a. The summarised results for the half-year to 2 October 2016, which have not been audited or reviewed, have been prepared in accordance with the accounting policies adopted in the accounts for the 53 week year ended 2 April 2016.
b. The financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. The figures for the 53 week year ended 2 April 2016 are an extract of the full accounts for that year, which have been filed with the Registrar of Companies and on which the auditors gave an unqualified opinion.
c. A copy of the interim statement is available on our website (www.cropper.com). 3. Earnings per share
Basic earnings per share for the half year to 1 October 2016 have been calculated by dividing the profits attributable to ordinary shareholders by 9,284,126 (2015: 9,171,153) ordinary shares, being the weighted average number of ordinary shares during the period.
4. Dividend
A net interim dividend of 2.5p per Ordinary Share (2015: 2.2p per share) is proposed and will be paid on 13 January 2017 to holders on the register at the close of business on 16 December 2016. The dividend relating to the 53 week year to 2 April 2016 was made up of an interim payment of GBP201,000 (2.2p per share) and a final dividend payment of GBP648,000 (7.1p per share). The dividend is payable in cash. Shareholders have the opportunity to elect to reinvest their cash dividend and purchase existing shares in the Company through a Dividend Reinvestment Plan.
5. Pensions
IAS 19 regards a sponsoring company and its pension schemes as a single accounting entity rather than two or more separate legal entities. The actuarial valuation is the starting point for the creation of the IAS 19 accounting entity. The valuation determines the net position of a pension scheme, i.e. the difference between its assets and liabilities. The net position, surplus or deficit, is brought onto the sponsoring company's statement of financial position such that Reserves are immediately adjusted by the net position reduced by deferred tax. This obviously results in either an increase or decrease in the net asset value of the sponsoring company. At subsequent period-ends the movement in value from the previous valuation is expressed in the following component parts:
Statement of comprehensive income
Operating costs
Current service charge, being the cost of benefits earned in the current period shown net of employees' contributions.
-- Past service costs, being the costs of benefit improvements.
-- Curtailment and settlement costs.
Finance costs, being the net of
-- Expected return on pension scheme assets.
-- Interest cost on the accrued pension scheme liabilities.
Other comprehensive income
Actuarial gains and losses arising from variances against previous actuarial assumptions.
The above items are offset by actual contributions paid by the employer in the period.
IAS19 deficits are shown below at the corresponding financial position dates.
Half year Full year
IAS19 Deficit to Half year to to
1 October 26 September
2016 2015 2 April 2016
------------------------------------------------- ----------------- ------------------- -----------------
GBP'000 GBP'000 GBP'000
Current service charge (534) (676) (1,363)
Future service contributions paid 264 263 524
Net impact on operating profit (270) (413) (839)
Finance costs (137) (234) (466)
Net impact on profit and loss account (407) (647) (1,305)
Past service deficit contributions paid 681 642 1,323
Actuarial (losses) / gains (14,715) 1,037 6,554
Opening deficit (7,870) (14,442) (14,442)
Closing deficit (22,311) (13,410) (7,870)
Deferred taxation 4,239 2,682 1,574
Net deficit (18,072) (10,728) (6,296)
------------------------------------------------- ----------------- ------------------- -----------------
It should be noted that the assumptions underlying the IAS 19 valuation are based on financial conditions at the financial position date. As market values of the scheme assets and the discount factors applied to the scheme liabilities will fluctuate, this method of valuation will often lead to large variations in the "pension balance" from period to period. Pension liabilities are discounted at the current rate of return on an AA rated quality corporate bond of equivalent currency and term. The actual contributions paid by the Group to its two final salary schemes are determined by the actuaries' "on-going" valuation.
Half year Full year
Profit before tax to Half year to to
2 October 26 September
2016 2015 2 April 2016
------------------------------------------- ---------------- ------------------- ----------------
GBP'000 GBP'000 GBP'000
Trading profit 2,432 1,662 5,173
Net pension adjustment
Current service charge (534) (676) (1,363)
Future service contributions paid 264 263 524
Net impact on operating profit (270) (413) (839)
Finance costs (137) (234) (466)
Net impact on profit before tax (407) (647) (1,305)
As reported 2,025 1,015 3,868
------------------------------------------- ---------------- ------------------- ----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFVDLRLSLIR
(END) Dow Jones Newswires
November 15, 2016 02:00 ET (07:00 GMT)
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