Market slowly reacting to Marks purchase. I think you will see £8.00 here within six months |
great to see Mark buying at this level. |
Westhouse;
Increased target price as interims on track
We have increased our DCF-derived target price to 750p (from 550p) on the back of interim results which suggest the capital investment in Technical Fibre Products (TFP) is beginning to pay off as sales rose 25.2% in the first half. We have maintained our group adj. PBT forecast at £3.9m despite dollar strength and euro weakness impacting profits. We have increased our medium-term cash flow projections and with a more realistic 10% WACC and 2% long-term growth rate assumptions increase the target price to 750. Buy rating. |
Extract from today's half year results - steady as she goes!OutlookIn the remainder of this year, James Cropper Paper is on track to deliver modest growth in a competitive market. Further growth in TFP is expected, while the new 3DP business will set a new course for the Group in 2016 and beyond.It is anticipated that the Group will continue to operate in line with the Board's expectations for this year. I am pleased with the progress we have made in the first half of this financial year and that focused operational and commercial initiatives continue to strengthen our long term prospects.Mark CropperChairman |
sold some at £7.10
Now thinking of buying them back |
Any idea who's buying? We bought from early Sept to early Oct, but not enthusiastically enough (lesson learned), stopping at 625p.
They held a major open day on Wed 16th, opening their new TFP production line - I wonder if this has prompted the surge in interest?
We would be back as buyers, but only on a significant fall back. |
Steady as she goes! |
Nice week to be involved with Cropper! |
I expect you are making a nice return hyb and good on you for that. The f35 story and the possible movement on commercial aerospace e.g. A350 composite wing and forth coming production rate increase on that line is all very positive! |
Have been in these for a very long time. When I went to see the company in 2002 I was told that TFP would take a long time but that it would happen. They were right about both. |
Like to understate things! |
+25% in a month is a bit better than a creep up in my book!! Half year last year was 11th Nov. |
Continues to creep up? |
 See recent news which may explain some of the movement....Celebrating 170 Years of Innovation17th September 2015Celebrating a landmark anniversary, James Cropper PLC looks to the future with the opening of a new production line at Technical Fibre Products and a celebration event for over 800 invited guests.The first sheet of paper emerged from Burneside Mill, Kendal in 1845, 29 years before the first ever telephone call and 89 years before the first tube television was commercially produced. 170 years later and James Cropper PLC embraces the spirit of modern innovation as the company celebrates nearly two centuries of British master papermaking and the opening of a third production line for the advanced nonwoven business, Technical Fibre Products (TFP).James Cropper PLC is a company with its roots firmly planted in the Lake District and with six generations of the Cropper family at its helm. Sir James Cropper, Honorary President of the company, will formally open the production line on Wednesday 16 September 2015.The state of the art line doubles TFP's production capacity and is the latest in a line of improvements for the business, including the world's first commercial nanocoating facility in the US. TFP's advanced nonwovens are exported worldwide and these highly specialised materials provide innovative solutions across a number of growth industries. Applications range from enabling the thermal management of the ESA satellite GAIA to playing a crucial role in facilitating the light weighting of the latest generation of commercial and defence aircraft.Adapting almost two centuries of manufacturing expertise is at the heart of the modern day James Cropper PLC, with TFPs wet-laid, nonwoven materials taking the principles of papermaking in new directions. A decade of investment has seen James Cropper PLC invest heavily in both production and improved sustainability, including the Reclaimed Fibre Plant opened in 2013. Paying tribute to the vision of the first James Cropper and years of success, despite war and economic turbulence, guests will be invited to tour the working mill and TFP facility.Mark Cropper, Chairman of James Cropper PLC, said: "Six generations worth of high standards and values are one of the reasons why we are where we are today, so the past plays a significant part of what we are, what we have become and what we want to be. Needless to say, as a global trading company with manufacturing operations both in the UK and US, the company leads in technological advancements in the materials industry. Our people have the foresight to anticipate changes in demand and use of our products and respond accordingly. This is what I believe to be the essence of our success and leads us to expand the Technical Fibre Products business."Responding to customer requirements as well as adapting to changes in the paper industry, 2014 saw James Cropper Paper strengthen and streamline customer experience, many from the luxury packaging industry, by combining its production and converting businesses. Sharing the traditional site of production in the village of Burneside, as well as having production facilities in Crewe, Cheshire and New York State, USA, TFP is one of the company's youngest and most successful ventures. A knowledge based manufacturing company, TFP has been specialising in developing nonwovens for highly technical and challenging applications for over 25 years. Martin Thompson, Managing Director of TFP, said: "James Cropper PLC develops progressive, ideas-based companies with international reach and we proudly share our history as well as leading in our respective fields. The installation of a third production line at TFP is an exciting and necessary step to meet rapidly increasing demand and facilitate delivery of the company's successful growth strategy. The installation of the new line represents the latest step in an accelerated programme of capacity and capability improvements for the company."Celebrating 170 Years of Innovation |
Only bought in at the end of August on the pullback @ 514p. Bought as a long termer and hadn't expected this recent rally. Any views as to why we are getting the recent rally? |
Break out and a new high! |
Testing previous high..... |
Bit of movement today...... |
I have been watching for over 12 months but mainly due to my knowledge of The F35 programme. The last annual report mentioned this very subtly but also used very definite language about the fact that growth was now coming hence I took plunge. |
Got a few that sit there long term, but not enough 😉 |
Garth, noticed you been around a while, are u still holding? |
Yogi,
You are quite correct to flag that - I had picked up the piece but hadn't read the underlying RNS. Sold for tax settlement.
G. |
Worth reading specifics of sales as mentioned by Garth......
RNS Number : 6101W
Cropper(James) PLC
21 August 2015
21 August 2015
JAMES CROPPER PLC ('THE COMPANY')
Directors' Shareholdings
Long-Term Incentive Plan Award
The Company announces that on 20 August 2015, under the terms of The James Cropper PLC 2008 Long Term Incentive Plan (the "Plan"), an aggregate of 29,000 ordinary shares of 25 pence each ("Ordinary Shares") in the Company were awarded to the following Directors of the Company:
Director No. of Ordinary
Shares Awarded
----------------- ----------------
Patrick Willink 16,000
----------------- ----------------
Martin Thompson 13,000
----------------- ----------------
The share awards were the maximum award available under the Plan. The performance targets satisfied were based on the increase in the Company's adjusted earnings per share between the financial period ended 31 March 2012 and the financial period ended 28 March 2015. The performance target was satisfied as the Company's adjusted earnings per share figure increased at more than RPI plus 2.5% over the three year period.
In order to satisfy the award of the shares the Company has issued and allotted 16,000 new ordinary shares of 25p each in the Company to Patrick Willink, and James Cropper EBT Ltd has transferred 13,000 ordinary shares of 25p each to Martin Thompson.
Application will be made to the London Stock Exchange for 16,000 new ordinary shares to be admitted to trading on AIM ("Admission"), and it is expected that Admission will become effective and trading will commence at 8.00am on 1 September 2015.
Following Admission of the Shares, the Company's enlarged issued share capital will comprise 9,184,205 ordinary shares, with voting rights.
In order to settle the income tax and national insurance liabilities on the award, Patrick Willink and Martin Thompson have each sold 50% of the ordinary shares awarded to them to James Cropper EBT Ltd, the trustees of the James Cropper Employee Trust, at a price of GBP5.425 per ordinary share. Patrick Willink has sold 8,000 shares, and Martin Thompson has sold 6,500 shares.
As a result of the shares awarded and sold under the LTIP Scheme, the beneficial interest and outstanding LTIP share options of Patrick Willink and Martin Thompson in the Company are:
Beneficial % of Issued Total outstanding
Shareholding Share Capital LTIP Share
Options
----------- -------------- --------------- ------------------
Patrick
Willink 52,210 0.57 % 24,913
----------- -------------- --------------- ------------------
Martin
Thompson 39,932 0.43 % 26,117
----------- -------------- --------------- ------------------
The ordinary shares purchased by James Cropper EBT Ltd will be used to satisfy future releases under the James Cropper PLC 2008 Long Term Incentive Plan. As a result of the above transactions James Cropper EBT Ltd is now interested in 102,755 Ordinary Shares representing 1.12% of the issued share capital of the Company.
As a result of the movement in the holding of shares in James Cropper EBT Ltd the non-beneficial interest of the following non-executive directors of the Company are:
Non-beneficial % of Issued Share
Shareholding Capital
--------------- --------------- ------------------
Doug Mitchell 102,755 1.12 %
--------------- --------------- ------------------
Jim Sharp 102,755 1.12 %
--------------- --------------- ------------------
David Wilks 102,755 1.12 %
--------------- --------------- -------------- |
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