Cropper (J) Regulatory News (CRPR)

2 Mar 2005 07:30

Cropper(James) PLC02 March 2005 Issued by Citigate Dewe Rogerson Ltd, BirminghamDate: Wednesday, 2 March 2005 Embargoed: 7.30am James Cropper PLC TRADING STATEMENT STATEMENT BY THE CHAIRMAN, J A CROPPER In my Interim Results statement issued on 16th November 2004 I said that theunprecedented rise in the cost of natural gas would inevitably dampen theGroup's profitability in the second half, particularly that of James CropperSpeciality Papers. This statement was based upon forward market projections at the time, suggestingthat the cost in the second half of the current financial year would besubstantially higher than that in the first half. I am however pleased to reportthat, although the cost of gas will be higher this year compared with last year,this projection has proved to be overly cautious. Accordingly the Board expectsthe Group to exceed current market expectations. Furthermore, sales by James Cropper Speciality Papers have continued to grow inthe second half. Since the Interim Statement in November 2004 three new Paper Mill Shop outletshave been opened in Chester, North Shields and Bideford, taking the number ofoutlets to 17 across the UK. Although we have witnessed growth in US$ sales profitability from both TechnicalFibre Products ("TFP") and James Cropper Converting continue to be adverselyaffected by the weak US$. The full year results for these two divisions areexpected to be down on last year. Despite the difficulties in TFP and James Cropper Converting, the outlook forthe full financial year has improved significantly since the Interim Resultsannouncement and as stated above, the Board believes that the Group's resultsfor the full year ended 2 April 2005 will exceed current market forecasts. The Group's Preliminary Results for the year to 2 April 2005 are expected to beannounced on Tuesday 21st June 2005. Enquiries:Alun Lewis, Chief ExecutiveJohn Denman, Group Finance Director Katie Dale, Account ManagerJames Cropper PLC Citigate Dewe RogersonTelephone: 01539 722002 Telephone: 0121 455 8370www.cropper.com Mobile: 07770 778 624 This information is provided by RNS The company news service from the London Stock Exchange