Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Mark Cropper, Chairman, commented: "Although the troubles in the Euro-zone economy are a particular challenge, I am confident that our competitiveness will improve over the coming year as a consequence of our specialist capabilities, products and excellent service levels coupled with our recent investments and the restructuring process". "We are also reorganising and strengthening our commercial teams across the Group, not least in response to the significant business development opportunities available to our businesses in spite of the economic climate. Identifying and converting these opportunities are the key to our future prosperity".
CHAIRMAN'S REVIEW Against the background of a challenging economic climate, the Group has made major strategic investments in its capabilities and has announced a significant restructuring of its UK workforce during the year. After allowing for major project expenditure and redundancy costs, profit before tax was £843,000 compared to £1,694,000 in 2010/11 (prior to the IAS 19 pension adjustment). Profit after the IAS 19 pension adjustment but before tax was £971,000 compared to £11,086,000 in 2010/11. Major project expenditure expensed against profit was £1,444,000. This sum included costs associated with the consolidation of Technical Fibre Products ("TFP") US activities onto one site. A provision relating to redundancy costs of £800,000 has been recognised in the financial statements for the year ended 31 March 2012. Group turnover relating to continuing operations for the financial year was £78,223,000, down 6% on last year. Both UK and export sales were down 6%. Exports represented 51% of turnover. The weakening US$ had an adverse impact on the £Sterling value of TFP and Converting sales and a broadly favourable impact on Speciality Papers. The average exchange rate for the year was US$1.60/£ compared to US$1.55/£ in the previous year, a weakening of 3%. Diluted Earnings per Share of the continuing operations, before the adjustment for IAS 19 curtailment was 9.5 pence compared to 33.3 pence in the previous year.
http://www.investegate.co.uk/Article.aspx?id=201206260700130787G
Trading Update James Cropper plc, the niche specialist paper and materials group, provides the following update on trading for the year ended 31 March 2012. In a challenging economic climate, the Company has performed well at the operating level, with pre-exceptional profit before tax (before provision for redundancies and IAS19 pension adjustments) for the year ended 31 March 2012 expected to be in line with market expectations. In late March 2012 the Company advised its employees of its intent to embark on a restructuring process which would lead to changes in working practices. This process, which will reduce the size of the Company's UK workforce by eight per cent. during the course of 2012, is expected to result in cost savings of approximately £1.0m on an annualised basis. The resultant increase in productivity will improve the Company's competitive position. The capacity and capability of the Company's three businesses will be unaffected by this process. Although the redundancy programme is in its early stages, with no severance commitments having been made, the Company's auditors have identified that it is necessary to recognise a provision of approximately £0.8m in the financial statements for the year ended 31 March 2012.
http://www.investegate.co.uk/Article.aspx?id=201204270700091809C
STATEMENT BY THE CHAIRMAN, MARK CROPPER At the AGM to be held at 11.00am today, Mark Cropper, Chairman, will make the following statement: "I am pleased to report that the Group has traded profitably in the opening quarter in line with management expectations." "The strong recovery made by James Cropper Speciality Papers ("Speciality Papers") in the final quarter of last year has continued against the background of high pulp and energy costs. Turnover in the first three months was up 4% on the same period last year, despite volume being down 7%. The price of pulp continued to move upward during the first quarter. Northern Bleached Softwood Kraft pulp opened at US$965 and was US$1020/tonne by mid-July, an increase of 60% since July 2009." "The growing concerns of customers in the USA relating to resurgent recessionary pressures and Federal austerity measures are beginning to be reflected in the order book of Technical Fibre Products ("TFP"). Although it is early in the current financial year and therefore difficult to quantify, it should be anticipated that TFP's profits in 2011/12 will be down on last year's record result." "James Cropper Converting ("Converting") is trading in line with management expectations. As previously reported, sales of digital printing grades into the US retail sectorcontributed significantly to the raised level of operating profit in 2010/11. I stated in the Annual Report that as a proportion of the 2010/11 sales of digital printing grades included customer launch stocks, sales of these products in 2011/12 would be lower. As a consequence, Converting's profit in the current financial year will be below the exceptional result of 2010/11 but ahead of the trend of previous years." "The recovery of Speciality Papers is very pleasing and will offset any potential down turn in TFP, illustrating the strength of our balanced portfolio of businesses. The current financial year opened with a strong balance sheet and low borrowings following the measures we have taken to reduce risk and conserve cash over recent years. This situation provides me with confidence as we approach an exciting period of capital investment which aims to strengthen our platform for growth and to mitigate our risk exposure to raw material and energy costs."
http://www.investegate.co.uk/Article.aspx?id=201108030700116209L
James Cropper’s finance director John Denman has taken advantage of strength in the specialist and coloured paper maker’s share price, pocketing £15,000 from the sale of shares. He sold 6,000 shares at 218p a pop, and now has a beneficial interest in 1,716 shares and a non-beneficial interest in 101,000, which is more than 1% of the company. Non-beneficial interests typically include options that have not yet vested. Denman, whose career has included spells at big companies such as British American Tobacco, drug group GlaxoSmithKline and car parts and bike retailer Halfords, joined James Cropper in 1995.
http://www.investegate.co.uk/Article.aspx?id=201106280700102089J
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