James Cropper shares rise as launches plan to improve performance

(Alliance News) - James Cropper PLC on Wednesday announced a revised strategy aimed at improving the performance of its Advanced Materials and Paper & Packaging arms.

Shares in the Cumbria, England-based materials, paper and packaging group rose 8.7% to 250.00 pence on Wednesday morning in London.

The company expects growth in established and high-potential "nascent" markets for Advanced Materials.

James Cropper said it is focused on delivering sustained profitability in Paper & Packaging.

For that unit, the company aims to enhance asset utilisation and customer value, including a rebalancing of production between commodity, core and, over the longer-term, technical papers.

Further, the company anticipates a "disciplined capital allocation" aimed at proving larger balance sheet headroom.

Chief Executive Officer David Stirling said: "Since being appointed as chief executive officer in February, my focus has been the development of a credible and structured plan to reset the business for long-term success. While trading in recent years has been disappointing, we now have a clear and actionable plan to improve performance, supported by disciplined capital management. Today's capital markets event, and the launch of the group's revised strategy, marks an important step towards rebuilding momentum and creating long-term value for our stakeholders."

The company expects to release its results for the financial year that ended March 31 in July.

By Tom Budszus, Alliance News slot editor

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