James Cropper shares soar on brighter than expected earnings forecast

(Alliance News) - James Cropper PLC on Tuesday said it remains confident in the medium-term prospects of both its divisions after forecasting annual earnings ahead of City hopes.

The Kendal, England-based materials, paper and packaging group expects adjusted earnings before interest, tax, depreciation and amortisation of GBP8.8 million in the financial year to March, around 10% ahead of market expectations, and more than 30% ahead of GBP6.7 million the year prior.

In response, shares in the firm jumped 32% to 370.00 pence each in London on Tuesday.

Advanced Materials delivered high single-digit percentage adjusted Ebitda growth, while Paper & Packaging saw significantly reduced losses for the full year, with the second six months of the year delivering a profit.

Revenue of GBP103 million, was 4% higher than the year prior, with a low double-digit percentage increase in Advanced Materials, and Paper & Packaging broadly in line on-year.

Net debt at the period end of GBP8.3 million was down from GBP12.9 million a year ago, "significantly better than market expectations", reflecting a continued focus on cash and working capital management.

Trading momentum into the new financial year has been positive, although the group continues to monitor the evolving geopolitical situation in the Middle East.

James Cropper said it remains confident in the medium-term prospects of both divisions.

In Advanced Materials, it reaffirmed its medium-term expectation of underlying double-digit growth and in Paper & Packaging, it has an expectation of delivering positive adjusted Ebitda across financial 2027.

By Jeremy Cutler, Alliance News reporter

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Cropper (J)