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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% | 345.00 | 330.00 | 360.00 | 345.00 | 345.00 | 345.00 | 3,549 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Paper Mills | 130.45M | 516k | 0.0540 | 63.89 | 32.96M |
TIDMCRPR
RNS Number : 4736W
Cropper(James) PLC
14 November 2017
The following amendment has been made to the announcement of Interim Results released at 7.00 am on 14 November 2017 under RNS No 3786W. The Record Date for the interim dividend is 1 December 2017, and not 30 November 2017 as previously stated. All other details remain unchanged. The full corrected text of the announcement is set out below.
James Cropper plc
(the "Company")
The advanced materials and paper products group, is pleased to announce its
Half year results to 30 September 2017
Half year Half year Full year to 30 September to 1 October to 1 April 2017 2016 2017 GBPm GBPm GBPm Revenue 47.4 45.4 92.4 Adjusted operating profit (excluding IAS19 impact) 3.0 2.6 6.9 Operating profit 2.7 2.3 6.2 Adjusted profit before tax (excluding IAS19 impact) 2.8 2.4 6.6 Impact of IAS19 (0.5) (0.4) (0.9) Profit before tax 2.3 2.0 5.6 Earnings per share - basic 23.1p 17.4p 50.5p Earnings per share - diluted 22.9p 17.2p 50.0p Dividend per share declared 2.5p 2.5p 11.8p Net borrowings (4.7) (6.6) (7.3) Equity shareholders' funds 23.4 16.0 21.9 Gearing % - before IAS 19 deficit 12% 19% 20% Gearing % - after IAS 19 deficit 20% 41% 34% Capital expenditure 1.3 2.1 5.3
Highlights
-- Adjusted PBT (prior to IAS 19 impact) at GBP2.8m, up 17% on prior year comparative -- PBT at GBP2.3m, up 14% on prior year comparative -- EPS (diluted) up 33% to 22.9p from 17.2p on prior year comparative -- Revenue in TFP up 20% on prior year comparative. Total revenue up by 4.5% -- TFP is benefitting from increased activity in the sales of products for fuel cells -- Paper launches CupCycling(TM) and focused on strategy to develop mix -- Paper endures high pulp prices and has remained resilient in the first half -- 3DP launches Colourform(TM) and has commenced commercial orders
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. Although Paper is facing severe headwinds from the price of pulp this year, it has so far remained resilient and I am confident that future growth prospects continue to strengthen. 3DP is still at an early stage but its potential is being proven with commercial contracts and increasing interest in the sustainable and aesthetically superior alternative it offers over plastic packaging.
Within the Group we continue to invest significantly in people, markets, innovation and equipment. 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 is expected to deliver in line with the Board's expectations."
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 year to 30 September to 1 October to 1 April 2017 2016 2017 Summary of results GBP'000 GBP'000 GBP'000 Revenue 47,446 45,397 92,363 Adjusted operating profit (excluding IAS19 impact) 2,973 2,567 6,869 Operating profit 2,688 2,304 6,188 Adjusted profit before tax (excluding IAS19 impact) 2,837 2,432 6,566 Impact of IAS19 (536) (407) (926) Profit before tax 2,301 2,025 5,640 --------------------------------------- ----------------- -------------- ------------ Half year Half year Full year to 30 September to 1 October to 1 April 2017 2016 2017 GBP'000 GBP'000 GBP'000 Revenue James Cropper Paper 35,283 35,279 71,024 James Cropper 3D Products 43 - 7 Technical Fibre Products 12,120 10,118 21,332 ---------------------------------------- ----------------- -------------- ------------ 47,446 45,397 92,363 Adjusted operating profit (excluding IAS19 impact) 2,973 2,567 6,869 Net interest (excluding IAS19 impact) (136) (142) (283) ---------------------------------------- ----------------- -------------- ------------ Adjusted profit before tax (excluding IAS19 impact) 2,837 2,425 6,586 Exceptional costs - 7 (20) ---------------------------------------- ----------------- -------------- ------------ Adjusted profit before tax (excluding IAS19 impact) 2,837 2,432 6,566 IAS19 pension adjustments Net current service charge against operating profits (285) (270) (661) Finance costs charged against interest (251) (137) (265) ---------------------------------------- ----------------- -------------- ------------ (536) (407) (926) ---------------------------------------- ----------------- -------------- ------------ Profit before tax 2,301 2,025 5,640 ---------------------------------------- ----------------- -------------- ------------ Balance sheet summary Half year Half year Full year to 30 September to 1 October to 1 April 2017 2016 2017 GBP'000 GBP'000 GBP'000 Non-pension assets - excluding cash 63,331 56,021 63,374 Non-pension liabilities - excluding borrowings (20,519) (15,286) (18,503) ------------------------------------- ----------------- -------------- ------------ 42,812 40,735 44,871 Net IAS19 pension deficit (after deferred tax) (14,728) (18,072) (15,620) ------------------------------------- ----------------- -------------- ------------ 28,084 22,663 29,251 Net borrowings (4,685) (6,621) (7,364) ------------------------------------- ----------------- -------------- ------------ Equity shareholders' funds 23,399 16,042 21,887 Gearing % - before IAS19 deficit 12% 19% 20% Gearing % - after IAS19 deficit 20% 41% 34% Capital expenditure 1,252 2,123 5,315
Dear Shareholders
I am pleased to report that James Cropper PLC recorded a 17% increase in adjusted profit before tax (excluding the impact of IAS 19) of GBP2.8m for the first half of the current financial year. This compares to GBP2.4m in the prior year. After the impact of IAS19, profit before tax is GBP2.3m, up from GBP2m in the prior comparative period. Meanwhile, Group revenues have increased by 4.5%.
The Group continues to experience increased pulp prices as first noted at the AGM in July. Since then prices have continued to rise, with corresponding impacts on margins in the Paper division. Nevertheless, Paper has so far been able to sustain profit levels compared to the prior year. Meanwhile, TFP profits have grown in the period. Finally, 3DP has commenced full-scale production on receipt of its first commercial contracts.
James Cropper Paper ("Paper")
Paper revenues have been maintained compared to the comparable period last year, with the UK experiencing a small planned downturn in sales and the US picking up contracts in digital and packaging, which are delivering growth.
The paper division has recently launched CupCycling(TM), a closed loop system which recycles post-consumer coffee cups into luxury bags. Our launch partner for this new capability was Selfridges and the offer is generating significant interest from industry and customers.
As noted above, during the first half and into the second half, pulp prices have placed downward pressure on our margins. Accordingly, profit growth for this business for the full year will be challenging.
Technical Fibre Products ("TFP")
TFP grew revenue by 20% over the comparable period last year. Double digit growth was achieved in aerospace, defence and fuel cell markets.
With regards to the latter, TFP supplies carbon fibre based substrates, which are used as the basis for manufacturing GDL (Gas Diffusion Layer) parts for fuel cells. TFP supplies substrate for various fuel cell technologies predominantly in Europe and the USA. After many years of development, this market is beginning to deliver commercial products.
TFP has over 30 years of experience in designing and manufacturing bespoke advanced non-woven materials for a variety of end uses and market sectors and continues to see significant growth potential through partnerships with corporations and institutions. The group has outstanding technical and marketing expertise and expects continued growth in the second half and beyond.
James Cropper 3D Products ("3DP")
3DP has launched Colourform(TM), a product range offering renewable, recyclable moulded fibre packaging in almost limitless colours, shapes and surface finishes. Colourform(TM) provides a sustainable alternative to plastic packaging and is beginning to catch the imagination of global and domestic brands.
The production lines are fulfilling a number of commercial contracts which will aid this year's start up performance. The Division has a larger number of projects in the development pipeline. Capacity with existing production equipment is satisfactory to meet initial demand however the Group fully expects to invest further in due course as the attention and demand for the differentiated product offer grows. The Board remains confident that 3DP provides another significant 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 30 September 2017, revealed a combined deficit of GBP18.0m, compared with GBP18.8m as at 1 April 2017. After deferred taxation the net deficit stands at GBP14.7m.
Earnings per share and Dividend
Diluted earnings per share increased to 22.9 pence, compared to 17.2 pence in the prior year comparative period.
The Board have declared an interim dividend of 2.5p per share (2016: 2.5p). The final dividend for the year to 31 March 2018 will be subject to shareholder approval at the AGM on 25 July 2018.
Outlook
TFP has delivered its best ever sales performance for a half year and is set to continue growth in the second half. Although Paper is facing severe headwinds from the price of pulp this year, it has so far remained resilient and I am confident that future growth prospects continue to strengthen. 3DP is still at an early stage but its potential is being proven with commercial contracts and increasing interest in the sustainable and aesthetically superior alternative it offers over plastic packaging.
Within the Group we continue to invest significantly in people, markets, innovation and equipment. 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 is expected to deliver in line with the Board's expectations.
Mark Cropper
Chairman
JAMES CROPPER PLC
UN-AUDITED STATEMENT OF COMPREHENSIVE INCOME
26 week period 26 week period 52 week period to 30 September to 1 October to 1 April 2017 2016 2017 ---------------------------------------- ---------------- -------------- -------------- GBP'000 GBP'000 GBP'000 Continuing operations Revenue 47,446 45,397 92,363 ---------------------------------------- ---------------- -------------- -------------- Operating profit 2,688 2,304 6,188 Finance costs Interest payable and similar charges (391) (279) (548) Interest receivable and similar income 4 - - Profit before taxation 2,301 2,025 5,640 Taxation (112) (405) (910) ---------------------------------------- ---------------- -------------- -------------- Profit for the period 2,189 1,620 4,730 Earnings per share - basic 23.1p 17.4p 50.5p Earnings per share - diluted 22.9p 17.2p 50.0p Dividend declared in the period - pence per share 2.5p 2.5p 11.8p OTHER COMPREHENSIVE INCOME Profit for the period 2,189 1,620 4,730 ---------------------------------------- ---------------- -------------- -------------- Items that are or may be reclassified to profit or loss Foreign currency translation 55 189 224 Loss on interest rate hedge - - (9) Items that will never be reclassified to profit or loss Retirement benefit liabilities - actuarial gain/(loss) 689 (14,715) (11,386) Deferred tax on actuarial (gain)/loss on retirement benefit liabilities (124) 2,796 1,847 Income tax on other comprehensive income - - - ---------------------------------------- ---------------- -------------- -------------- Other comprehensive income/(expense) for the year 620 (11,730) (9,324) ---------------------------------------- ---------------- -------------- -------------- Total comprehensive income for the period attributable to equity holders of the Company 2,809 (10,110) (4,594) ---------------------------------------- ---------------- -------------- --------------
JAMES CROPPER PLC
UN-AUDITED STATEMENT OF FINANCIAL POSITION
30 September 1 October 2016 1 April 2017 2017 GBP'000 GBP'000 GBP'000 ------------------------------- ------------- --------------- ---------------- Assets Intangible assets 509 126 569 Property, plant and equipment 26,369 24,932 26,572 Deferred tax assets 2,303 2,901 2,270 ------------------------------- ------------- --------------- ---------------- Total non- current assets 29,181 27,959 29,411 ------------------------------- ------------- --------------- ---------------- Inventories 14,471 14,354 14,097 Trade and other receivables 21,982 16,609 23,066 Cash and cash equivalents 5,911 3,426 1,921 Total current assets 42,364 34,389 39,084 ------------------------------- ------------- --------------- ---------------- Total assets 71,545 62,348 68,495 ------------------------------- ------------- --------------- ---------------- Liabilities Trade and other payables 19,660 13,563 18,493 Other financial liabilities 10 - 9 Loans and borrowings 1,001 792 1,570 Current tax liabilities (81) 385 1 ------------------------------- ------------- --------------- ---------------- Total current liabilities 20,590 14,740 20,073 ------------------------------- ------------- --------------- ---------------- Long-term borrowings 9,595 9,255 7,715 Retirement benefit liabilities 17,961 22,311 18,820 Total non-current liabilities 27,556 31,566 26,535 ------------------------------- ------------- --------------- ---------------- Total liabilities 48,146 46,306 46,608 ------------------------------- ------------- --------------- ---------------- Equity ------------------------------- ------------- --------------- ---------------- Share capital 2,370 2,364 2,367
Share premium 1,472 1,465 1,472 Translation reserve 657 567 602 Reserve for own shares (970) (651) (853) Retained earnings 19,870 12,297 18,299 ------------------------------- ------------- --------------- ---------------- Total shareholders' equity 23,399 16,042 21,887 ------------------------------- ------------- --------------- ---------------- Total equity and liabilities 71,545 62,348 68,495 ------------------------------- ------------- --------------- ----------------
JAMES CROPPER PLC
UN-AUDITED STATEMENT OF CASH FLOWS
26 week period 26 week period 52 week period to 30 September to 1 October to 1 April 2017 2016 2017 --------------------------------------------- ---------------- -------------------------- --------------------- GBP'000 GBP'000 GBP'000 Cash flows from operating activities Net profit 2,189 1,620 4,730 Adjustments for: Tax 112 405 910 Depreciation and amortisation 1,363 1,099 2,297 Net IAS 19 pension adjustments within Statement of comprehensive income 536 407 926 Past service pension deficit payments (706) (681) (1,362) Foreign exchange differences 38 112 84 Loss on disposal of property, plant and equipment - 15 14 Profit on disposal of investments - (178) - Net bank interest expense 136 142 282 Share based payments 186 142 283 Changes in working capital: (Increase) / decrease in inventories (408) (150) 105 Decrease / (increase) in trade and other receivables 408 2,971 (4,113) Increase / (decrease) in trade and other payables 1,363 (1,526) 3,932 Interest received 5 1 2 Interest paid (140) (148) (293) Tax paid (356) (657) (1,081) --------------------------------------------- ---------------- -------------------------- --------------------- Net cash generated from operating activities 4,726 3,574 6,716 Cash flows from investing activities Purchase of intangible assets (19) - (486) Purchases of property, plant and equipment (1,253) (2,123) (4,828) Profit on disposal of investments - 178 - Proceeds from sale of property, plant and equipment - 2 4 Net cash used in investing activities (1,272) (1,943) (5,310) Cash flows from financing activities Proceeds from issue of ordinary shares 3 444 454 Proceeds from issue of new loans 2,456 2,451 2,450 Repayment of borrowings (903) (3,179) (4,115) Purchase of LTIP investments (117) (479) (510) Dividends paid to shareholders (864) (648) (881) --------------------------------------------- ---------------- -------------------------- --------------------- Net cash generated / (used) in financing activities financingactactivitiesactivities 575 (1,411) (2,602) Net increase / (decrease) in cash and cash equivalents 4,029 220 (1,196) Effect of exchange rate fluctuations on cash held (39) 20 (69) --------------------------------------------- ---------------- -------------------------- --------------------- Net increase / (decrease) in cash and cash equivalents 3,990 240 (1,265) Cash and cash equivalents at the start of the period 1,921 3,186 3,186 Cash and cash equivalents at the end of the period 5,911 3,426 1,921 Cash and cash equivalents consists of: Cash at bank and in hand 5,911 3,426 1,921 --------------------------------------------- ---------------- -------------------------- ---------------------
JAMES CROPPER PLC
STATEMENT OF CHANGES IN EQUITY
Share Share Translation capital premium reserve Own shares Retained earnings Total ------------------ ---------- ----------------- ---------------- ------------- ------------------ -------------- GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 ------------------ ---------- ----------------- ---------------- ------------- ------------------ -------------- 2 April 2016 2,306 1,079 378 (343) 23,273 26,693 Profit for the period - - - - 4,730 4,730 Exchange differences - - 224 - - 224 Actuarial losses on retirement benefit liabilities (net of deferred tax) - - - - (9,539) (9,539) Loss on interest rate hedge - - - - (9) (9) ------------------ ---------- ----------------- ---------------- ------------- ------------------ -------------- Total other comprehensive income - - 224 - (9,548) (9,548) Dividends paid - - - - (881) (881) Share based payment charge - - - - 283 283 Tax on share options - - - - 634 634 Proceeds from issue of ordinary shares 61 393 - - - 454 Distribution of own shares - - - 192 (192) - Consideration paid for own shares - - - (702) - (702) ------------------ ---------- ----------------- ---------------- ------------- ------------------ -------------- Total contributions by and distributions to owners of the Group 61 393 - (510) (156) (212) ------------------ ---------- ----------------- ---------------- ------------- ------------------ -------------- At 1 April 2017 2,367 1,472 602 (853) 18,299 21,887 Profit for the period - - - - 2,189 2,189 Exchange differences - - 55 - - 55 Actuarial gains on retirement benefit liabilities (net of deferred tax) - - - - 565 565 Total other comprehensive income - - 55 - 565 620 Dividends paid - - - - (864) (864) Share based
payment charge - - - - 183 183 Proceeds from issue of ordinary shares 3 - - - - 3 Distribution of own shares - - - 324 (502) (178) Consideration paid for own shares - - - (441) - (441) ------------------ ---------- ----------------- ---------------- ------------- ------------------ -------------- Total contributions by and distributions to owners of the Group 3 - - (117) (1,183) (1,297) ------------------ ---------- ----------------- ---------------- ------------- ------------------ -------------- At 30 September 2017 2,370 1,472 657 (970) 19,870 23,399 ------------------ ---------- ----------------- ---------------- ------------- ------------------ --------------
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:
Non GAAP measures "(excluding IAS19 impact)" have been used to understand and compare the performance of the Group excluding the volatility of the pension adjustments under IAS19.
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 30 September 2017, which have not been audited or reviewed, have been prepared in accordance with the accounting policies adopted in the accounts for the 52 week year ended 1 April 2017.
b. The financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. The figures for the 52 week year ended 1 April 2017 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 30 September 2017 have been calculated by dividing the profits attributable to ordinary shareholders by 9,470,339 (2016: 9,284,126) 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 (2016: 2.5p per share) will be paid on 12 January 2018 to holders on the register at the close of business on 1 December 2017, with the last day for DRIP elections being 15 December 2017. The dividend relating to the 52 week year to 1 April 2017 was made up of an interim payment of GBP233,000 (2.5p per share) and a final dividend payment of GBP864,000 (9.3p 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
IAS19 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 IAS19 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 30 September 2017 1 October 2016 1 April 2017 ------------------------------------------------- ----------------- --------------------- ----------------- GBP'000 GBP'000 GBP'000 Current service charge (587) (534) (1,190) Future service contributions paid 302 264 529 Net impact on operating profit (285) (270) (661) Finance costs (251) (137) (265) Net impact on profit and loss account (536) (407) (926) Past service deficit contributions paid 706 681 1,362 Actuarial (losses) / gains 689 (14,715) (11,386) Opening deficit (18,820) (7,870) (7,870) Closing deficit (17,961) (22,311) (18,820) Deferred taxation 3,233 4,239 3,200 Net deficit (14,728) (18,072) (15,620) ------------------------------------------------- ----------------- --------------------- -----------------
It should be noted that the assumptions underlying the IAS19 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 30 September 2017 1 October 2016 1 April 2017 --------------------------------------------- ---------------- --------------------- ---------------- GBP'000 GBP'000 GBP'000 Adjusted profit before tax prior to IAS 19 2,837 2,432 6,566 Net pension adjustment Current service charge (587) (534) (1,190) Future service contributions paid 302 264 529 Net impact on operating profit (285) (270) (661) Finance costs (251) (137) (265) Net impact on profit before tax (536) (407) (926) Profit before tax 2,301 2,025 5,640 --------------------------------------------- ---------------- --------------------- ----------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGGQWGUPMGPC
(END) Dow Jones Newswires
November 14, 2017 07:41 ET (12:41 GMT)
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