Interim Results
Summary by AI BETAClose X
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
11 November 2026
James Cropper plc
(“James Cropper”, the “Company” or the “Group”)
Interim Results
Strategic and operational delivery driving improved performance with dividend reinstated
James Cropper plc (AIM: CRPR), the Advanced Materials and Paper & Packaging group, announces its unaudited results for the six months ended 26 September 2026 (‘H1 FY27’).
Financial highlights
|
Group |
H1 FY27 |
H1 FY26 |
Change |
|
Revenue |
£61.2m |
£51.8m |
+18.3% |
|
Adjusted1 EBITDA |
£7.8m |
£4.1m |
+90.2% |
|
Adjusted1 Profit Before Tax |
£5.8m |
£2.1m |
+£3.7m |
|
Statutory Profit Before Tax |
£5.0m |
£2.7m |
+£2.3m |
|
Basic Earnings Per Share |
39.8p |
21.6p |
+18.2p |
|
Diluted Earnings Per Share |
38.8p |
21.6p |
+17.2p |
|
Dividend Per Share |
5.0p |
- |
+5.0p |
|
Net Debt |
£2.7m |
£10.5m |
-£7.8m |
|
Net Debt: Adjusted1 EBITDA ratio2 |
0.2x |
1.3x |
-1.1x |
|
Paper & Packaging |
|
|
|
|
Revenue |
£42.2m |
£32.8m |
+28.7% |
|
Adjusted1 EBITDA |
£3.9m |
(£0.7m) |
+£4.6m |
|
Advanced Materials |
|
|
|
|
Revenue |
£19.0m |
£19.0m |
0.0% |
|
Adjusted1 EBITDA |
£5.1m |
£5.5m |
-£0.4m |
Strategic and operational highlights
-
Paper & Packaging:
- Revenue +28.7% ahead of the same period in the prior year with strong growth in added value segments and solid progress in commodity segments, and stable underlying sales in core segments.
- Within added value segments, revenue growth was positively impacted by seasonal factors and also a one-off inventory build by a major customer extending its distribution channels.
- Revenue growth, together with benefits from the operational improvement programme commenced in FY26 and good cost management, resulted in Adjusted EBITDA of £3.9m, an increase of £4.6m on the same period in FY26.
-
Advanced Materials:
- Revenue slightly ahead of the Board’s expectations with growth from established markets and customer trials offsetting the expected decline in revenues in Hydrogen Coatings after a strong performance last year.
- Adjusted EBITDA of £5.1m, £0.4m below the same period in the prior year due to product mix and a small currency related gain in the prior year.
-
Financial strength and balance sheet resilience:
- Further strengthening of the balance sheet with net debt at the period-end of £2.7m, a reduction of £5.4m since the end of the previous financial period on 28 March 2026 and £7.8m below the equivalent date in the prior period.
- On 1 July the Group refinanced its debt facilities with the introduction of a new invoice discounting facility, enabling a reduction in gross debt of £8.5m during the period and access to increased liquidity.
- Strong trading and further strengthening of the balance sheet during the period have enabled the Board to reinstate a dividend, with an interim dividend of 5.0 pence per share declared.
Current trading and outlook
- Trading momentum since the period end has remained strong and in line with the Board’s expectations.
- The Board expects full-year Group revenue to show mid-single-digit growth over FY26.
- As announced on 20 October 2026, the Board expects full-year Group Adjusted EBITDA to be in the range £10.3-£11.3m, being 10-20% higher than market guidance prior to this date and approximately 15-25% above FY26.
- Following a strong six months, trading in Paper & Packaging during the remainder of FY27 is expected to return to more normal seasonally adjusted levels to deliver high-single-digit full-year revenue growth and a mid-single-digit Adjusted EBITDA margin.
- Advanced Materials revenue and Adjusted EBITDA in H2 FY27 are expected to be similar to H1 FY27.
- FY27 year-end net debt is expected to be above H1 FY27 but remain below the FY26 year-end level reflecting the timing of capital expenditure, spend on the Group-wide ERP upgrade, corporation tax payments and the interim dividend payment in the second half of FY27.
David Stirling, Chief Executive Officer, stated:
“We are delighted to report an excellent set of interim results as we continue to see the benefit of disciplined execution of our strategic plan. Profit recovery in the Paper & Packaging business is running well ahead of plan. In Advanced Materials, strength in established markets has offset lower revenue as expected in Hydrogen Coatings. The refinancing concluded in the period builds on the significant improvements already made to financial and balance sheet health.
‘Our Paper & Packaging business has made excellent progress towards its goal of sustainable profitability, with improved operational efficiency complemented by successful business development activity that has delivered a number of new customer wins over the last 12 months.
“In the longer term, we are targeting underlying double-digit revenue growth in the Advanced Materials business, as we continue to deepen customer relationships and develop opportunities across both established and nascent markets.
“Reflecting our progress and confidence in the Group’s outlook, the Board is pleased to reinstate the dividend, declaring an interim dividend of 5.0 pence per share.
“I thank our employees for their continued efforts and remain confident that the delivery of our strategic plan will create significant long-term value for all stakeholders.”
Notes
- Adjusted figures exclude the impact of IAS 19 in respect of the cost of the Group’s defined benefit pension schemes and exceptional items. Further details on Alternative Performance Measures are set out in notes 4 and 9 of the Interim Results. EBITDA refers to profit before interest, tax, depreciation and amortisation. Adjusted EBITDA is EBITDA prior to the impact of IAS 19 and exceptional items.
- The Net Debt to Adjusted EBITDA ratio is net debt at the period-end divided by Adjusted EBITDA for the 12 months ending on the period-end date. Net debt includes bank borrowings and lease liabilities, less cash and cash equivalents.
-ENDS-
Enquiries:
|
James Cropper plc David Stirling, Chief Executive Officer Andrew Goody, Chief Financial Officer
|
Tel: +44(0)1539 722002
|
|
Singer Capital Markets – NOMAD and Broker Jen Boorer, Sara Hale, Carl Diebitsch
|
Tel: +44 (0)207 496 3000 |
|
IFC Advisory - Financial PR Graham Herring, Tim Metcalfe, Zach Cohen
|
Tel: +44 (0) 203 934 6633 james.cropper@investor-focus.co.uk |
About James Cropper plc
James Cropper plc is globally recognised for its specialist capabilities in the design and manufacture of advanced materials and paper products. Operating through two principal businesses - Advanced Materials and Paper & Packaging - and built upon over 180 years of innovation, the Group serves a diverse range of customers with high-performance solutions tailored to specialised applications.
The Advanced Materials business develops cutting-edge nonwoven materials and electrochemical coatings for sectors including aerospace, clean energy, and defence. The Paper & Packaging business offers premium creative papers and bespoke moulded fibre packaging together with leading recycled-fibre capabilities and products, supporting the transition to a circular economy.
Headquartered in Burneside (UK), with additional manufacturing sites in Crewe (UK), Launceston (UK), and Schenectady (USA), James Cropper leverages deep expertise in material science and longstanding partnerships with industry-leading businesses and brands to develop bespoke solutions that meet complex technical and aesthetic specifications.
FY27 INTERIM RESULTS
Group Financials
Results for the period were ahead of the Board’s expectations.
Group revenue of £61.2m represented growth of £9.4m or 18% compared to the same period in the prior year (H1 FY26: £51.8m) due to strong revenue growth in the Paper & Packaging business unit.
Adjusted EBITDA increased by £3.7m or 90% to £7.8m (H1 FY26: £4.1m) due to improved profitability in the Paper & Packaging business unit, as a result of revenue growth, disciplined cost management and the operational improvement programme commenced during FY26, and a solid performance from the Advanced Materials business unit.
Adjusted Group profit before tax of £5.8m was up £3.7m against the same period in the prior year (H1 FY26: £2.1m) due to the growth in Adjusted EBITDA.
Statutory profit before tax increased by £2.3m to £5.0m (H1 FY26: £2.7m) after exceptional costs of £0.4m (H1 FY26: net exceptional gain of £1.0m) and a net IAS19 cost of £0.4m (H1 FY26: £0.4m). The exceptional cost in H1 FY27 related to business restructuring and project costs. The net exceptional gain in H1 FY26 comprised £1.5m income from the disposal of non-core intellectual property rights and restructuring costs of £0.5m.
Basic earnings per share of 39.8p increased by 18.2p against the same period in the prior year (H1 FY26: earnings per share of 21.6p). Diluted earnings per share of 38.8p increased by 17.2p against the same period in the prior year (H1 FY26: diluted earnings per share of 21.6p).
The IAS 19 deficit on the Group’s defined benefit pension schemes improved to £12.2m (H1 FY26: £13.0m; FY26 £14.0m) primarily due to deficit reduction contributions made by the Group and changes in assumptions on UK inflation and interest rates based on market conditions at the period end.
Net debt at the period end of £2.7m was down £7.8m against the prior year (H1 FY26: £10.5m), and down £5.4m against FY26 (£8.1m). The ratio of net debt to Adjusted EBITDA over the preceding 12-month period was 0.2x, a drop of 1.1x since H1 FY26. The further substantial reduction in net debt across H1 FY27 reflects strong trading, continued disciplined cash management and the period end falling four days before the calendar month-end. Adjusting for the payments that consequently fell into the following period gives normalised net debt at 26 September 2026 of £5.5m, 0.4x Adjusted EBITDA over the preceding 12 months.
On 1 July, the Group refinanced its debt facilities with the introduction of a new invoice discounting facility. This enabled a reduction in gross debt during H1 FY27 of £8.5m to £12.6m, £9.2m below the prior year (H1 FY26: £21.8m), as well as access to additional financial flexibility and headroom.
Strong trading and further strengthening of the balance sheet during the period have enabled the Board to reinstate dividend payments, with an interim dividend declared of 5.0 pence per share. The Board intends to reinstate a progressive dividend policy, whilst maintaining appropriate balance sheet strength and taking account of the Group’s investment requirements.
Paper & Packaging
Paper & Packaging revenue increased by £9.4m or 29% to £42.2m (H1 FY26: £32.8m) with strong growth in added value segments, solid progress in commodity segments and stable underlying sales in core segments, excluding the merchant customer loss announced in H1 FY25. Within added value segments, revenue growth was positively impacted by seasonal factors and also a one-off inventory build by a major customer extending their distribution channels.
Strong revenue growth, together with the benefits from our operational improvement programme delivering significant reduction in direct and overhead costs and a streamlining of operational activities, resulted in an Adjusted EBITDA profit of £3.9m in the period, £4.6m above the same period in the prior year (H1 FY26: Adjusted EBITDA loss of £0.7m).
Advanced Materials
Advanced Materials revenue of £19.0m was in line with the same period in the previous year.
Established markets, such as aerospace, defence, construction and medical, which accounted for around 80% of Advanced Materials business unit revenue in the period, delivered low single-digit percentage growth overall. In nascent markets, the Group experienced an anticipated decline in revenues in Hydrogen Coatings against a strong comparative performance in H1 FY26.
Adjusted EBITDA fell by 7% to £5.1m (H1 FY26: £5.5m), with the Adjusted EBITDA margin dropping to 26.8% (H1 FY26: 28.9%) due to product mix and a small currency related gain in the prior year.
Outlook
Trading since the period end has remained strong and in line with the Board’s expectations. The Board expects full-year Group revenue to show mid-single-digit growth over FY26.
As announced on 20 October 2026, the Board now expects full-year Group Adjusted EBITDA to be in the range £10.3-£11.3m, being 10-20% higher than previous market guidance and approximately 15-25% above FY26.
Following a strong six months, trading in Paper & Packaging during the remainder of FY27 is expected to return to more normal seasonally adjusted levels to deliver high-single-digit full-year revenue growth and a mid-single-digit Adjusted EBITDA margin.
Advanced Materials revenue and Adjusted EBITDA in H2 FY27 are expected to be similar to H1 FY27.
The Group actively monitors the impact of input costs, most notably the volatility of energy costs which will continue to be managed through customer surcharge arrangements.
FY27 year-end net debt is expected to be above H1 FY27 but remain below the FY26 year-end level reflecting the timing of capital expenditure, spending on the Group-wide ERP upgrade, corporation tax payments and the interim dividend payment in the second half of FY27.
UN-AUDITED CONSOLIDATED INCOME STATEMENT
|
|
26 week
to 26 |
26 week
to 27 |
52 week |
|
|
£'000 |
£'000 |
£'000 |
|
|
|
|
|
|
Revenue |
61,229 |
51,757 |
102,932 |
|
Expected credit loss provision |
(75) |
(174) |
(90) |
|
Other income |
- |
1,465 |
1,666 |
|
Changes in inventories of finished goods and work in progress |
512 |
(68) |
114 |
|
Raw materials and consumables used |
(22,121) |
(17,876) |
(35,126) |
|
Energy costs |
(3,678) |
(3,075) |
(6,097) |
|
Employee benefit costs |
(15,693) |
(16,652) |
(32,492) |
|
Depreciation and amortisation |
(1,467) |
(1,420) |
(3,022) |
|
Other expenses |
(12,800) |
(10,239) |
(21,980) |
|
Operating profit |
5,907 |
3,718 |
5,905 |
|
Interest payable and similar charges |
(994) |
(996) |
(2,033) |
|
Interest receivable and similar income |
88 |
- |
14 |
|
Profit before taxation |
5,001 |
2,722 |
3,886 |
|
Tax expense |
(1,250) |
(681) |
(982) |
|
Profit for the period |
3,751 |
2,041 |
2,904 |
|
Earnings per share - basic |
39.8p |
21.6p |
30.8p |
|
Earnings per share - diluted |
38.8p |
21.6p |
30.8p |
|
|
|
|
|
|
UN-AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|||
|
Profit for the period |
3,751 |
2,041 |
2,904 |
|
Items that are or may be reclassified to profit or loss |
|
|
|
|
Exchange differences on translation of foreign operations |
(10) |
(114) |
9 |
|
Cash flow hedges - effective portion of changes in fair value |
- |
(168) |
(341) |
|
Cash flow hedges – cost of hedging |
- |
59 |
119 |
|
Items that will never be reclassified to profit or loss |
|
|
|
|
Retirement benefit liabilities – actuarial gains |
1,125 |
2,680 |
1,439 |
|
Deferred tax charge on actuarial gains on retirement benefit liabilities |
(281) |
(670) |
(360) |
|
Other comprehensive income |
834 |
1,787 |
866 |
|
Total comprehensive income for the period attributable to equity holders of the Company |
4,585 |
3,828 |
3,770 |
UN-AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|
26 September 2026 |
27 September 2025 |
28 |
|
|
£'000 |
£'000 |
£'000 |
|
Assets |
|
|
|
|
Goodwill |
1,264 |
1,264 |
1,264 |
|
Intangible assets |
905 |
686 |
1,421 |
|
Property, plant and equipment |
18,067 |
18,749 |
18,280 |
|
Right-of-use assets |
5,525 |
5,092 |
5,870 |
|
Deferred tax assets |
1,931 |
4,171 |
2,668 |
|
Total non-current assets |
27,692 |
29,962 |
29,503 |
|
|
|
|
|
|
Inventories |
13,987 |
15,072 |
15,879 |
|
Trade and other receivables |
24,003 |
18,395 |
18,681 |
|
Provision for impairment |
(761) |
(770) |
(686) |
|
Other financial assets |
- |
212 |
- |
|
Cash and cash equivalents |
9,971 |
11,323 |
13,059 |
|
Current tax assets |
- |
645 |
461 |
|
Total current assets |
47,200 |
44,877 |
47,394 |
|
Total assets |
74,892 |
74,839 |
76,897 |
|
Liabilities |
|
|
|
|
Trade and other payables |
20,016 |
14,218 |
16,877 |
|
Current tax payables |
625 |
- |
- |
|
Provisions |
534 |
- |
534 |
|
Loans and borrowings |
2,776 |
3,161 |
6,132 |
|
Total current liabilities |
23,951 |
17,379 |
23,543 |
|
|
|
|
|
|
Long-term borrowings |
9,848 |
18,673 |
14,979 |
|
Retirement benefit liabilities |
12,158 |
12,987 |
14,025 |
|
Deferred tax liabilities |
- |
1,565 |
- |
|
Total non-current liabilities |
22,006 |
33,225 |
29,004 |
|
Total liabilities |
45,957 |
50,604 |
52,547 |
|
Equity |
|
|
|
|
Share capital |
2,389 |
2,389 |
2,389 |
|
Share premium |
1,588 |
1,588 |
1,588 |
|
Translation reserve |
488 |
375 |
498 |
|
Reserve for own shares |
(1,407) |
(1,407) |
(1,407) |
|
Cash flow hedging reserve |
- |
173 |
- |
|
Cost of hedging reserve |
- |
(60) |
- |
|
Retained earnings |
25,877 |
21,177 |
21,282 |
|
Total shareholders' equity |
28,935 |
24,235 |
24,350 |
|
Total equity and liabilities |
74,892 |
74,839 |
76,897 |
UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
26 week |
26 week |
52 week
to 28 |
|
|
£'000 |
£'000 |
£'000 |
|
Cash flows from operating activities
|
|
|
|
|
Profit for the period |
3,751 |
2,041 |
2,904 |
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
Tax expense |
1,250 |
681 |
982 |
|
Depreciation and amortisation |
1,467 |
1,420 |
3,022 |
|
Net IAS 19 pension adjustments within Statement of comprehensive income |
34 |
(39) |
(28) |
|
Past service pension deficit payments |
(1,170) |
(642) |
(1,284) |
|
Foreign exchange differences |
274 |
(221) |
(187) |
|
Loss / (profit) on disposal of property, plant and equipment |
39 |
- |
(36) |
|
Net interest expense |
906 |
996 |
2,019 |
|
Share based payments |
- |
- |
173 |
|
Purchase of emissions allowances |
- |
(400) |
(2,204) |
|
Surrender of emissions allowances |
381 |
400 |
1,379 |
|
Changes in working capital: |
|
|
|
|
Decrease / (increase) in inventories |
1,894 |
203 |
(592) |
|
Increase in trade and other receivables |
(5,381) |
(357) |
(436) |
|
Increase / (decrease) in trade and other payables |
3,048 |
(1,641) |
685 |
|
Tax received |
290 |
822 |
1,150 |
|
Net cash generated from operating activities |
6,783 |
3,263 |
7,547 |
|
Cash flows from investing activities |
|
|
|
|
Purchase of intangible assets |
- |
- |
- |
|
Purchases of property, plant and equipment |
(761) |
(334) |
(892) |
|
Proceeds from the sale of property, plant and equipment |
- |
- |
38 |
|
Net cash used in investing activities |
(761) |
(334) |
(854) |
|
Cash flows from financing activities |
|
|
|
|
Repayment of borrowings |
(7,833) |
(1,079) |
(2,256) |
|
Repayment of lease liabilities |
(615) |
(517) |
(1,109) |
|
Interest paid |
(387) |
(497) |
(884) |
|
Interest received |
88 |
- |
14 |
|
Transaction fees |
(355) |
- |
- |
|
Net movement in invoice discounting facility |
145 |
- |
- |
|
Net cash used in financing activities |
(8,957) |
(2,093) |
(4,235) |
|
Net (decrease) / increase in cash and cash equivalents before effect of exchange rate fluctuations on cash held |
(2,935) |
836 |
2,458 |
|
Effect of exchange rate fluctuations on cash held |
(153) |
(127) |
(13) |
|
Net (decrease) / increase in cash and cash equivalents |
(3,088) |
709 |
2,445 |
|
Cash and cash equivalents at the start of the period |
13,059 |
10,614 |
10,614 |
|
Cash and cash equivalents at the end of the period |
9,971 |
11,323 |
13,059 |
UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
Share capital |
Share premium |
Translation reserve |
Reserve for own shares |
Cash flow hedging Reserve |
Cost of hedging reserve |
Retained earnings |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
|
At 28 March 2026 |
2,389 |
1,588 |
498 |
(1,407) |
- |
- |
21,282 |
24,350 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
- |
- |
- |
- |
- |
- |
3,751 |
3,751 |
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive (expense) / income |
- |
- |
(10) |
- |
- |
- |
844 |
834 |
|
|
|
|
|
|
|
|
|
|
|
Total contributions by and distributions to owners of the Group |
- |
- |
- |
- |
- |
- |
- |
- |
|
At 26 September 2026 |
2,389 |
1,588 |
488 |
(1,407) |
- |
- |
25,877 |
28,935 |
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
Share premium |
Translation reserve |
Reserve for own shares |
Cash flow hedging Reserve |
Cost of hedging reserve |
Retained earnings |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
|
At 29 March 2025 |
2,389 |
1,588 |
489 |
(1,407) |
341 |
(119) |
17,126 |
20,407 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
- |
- |
- |
- |
- |
- |
2,041 |
2,041 |
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive (expense) / income |
- |
- |
(114) |
- |
(168) |
59 |
2,010 |
1,787 |
|
|
|
|
|
|
|
|
|
|
|
Total contributions by and distributions to owners of the Group |
- |
- |
- |
- |
- |
- |
- |
- |
|
At 27 September 2025 |
2,389 |
1,588 |
375 |
(1,407) |
173 |
(60) |
21,177 |
24,235 |
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
Share premium |
Translation reserve |
Reserve for own shares |
Cash flow hedging Reserve |
Cost of hedging reserve |
Retained earnings |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
£'000 |
£'000 |
|
At 29 March 2025 |
2,389 |
1,588 |
489 |
(1,407) |
341 |
(119) |
17,126 |
20,407 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
- |
- |
- |
- |
- |
|
2,904 |
2,904 |
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income / (expense) |
- |
- |
9 |
- |
(341) |
119 |
1,079 |
866 |
|
Share - based payment charge |
- |
- |
- |
- |
- |
- |
173 |
173 |
|
|
|
|
|
|
|
|
|
|
|
Total contributions by and distributions to owners of the Group |
- |
- |
- |
- |
- |
- |
- |
- |
|
At 28 March 2026 |
2,389 |
1,588 |
498 |
(1,407) |
- |
- |
21,282 |
24,350 |
|
|
|
|
|
|
|
|
|
|
NOTES TO THE CONDENSED CONSOLIDATED HALF YEAR STATEMENTS
- Basis of preparation
James Cropper plc (the Company) is a public limited company incorporated and domiciled in the United Kingdom and listed on the Alternative Investment Market (AIM) market of the London Stock Exchange. The condensed consolidated half year financial statements of the Company for the twenty six week periods ended 26 September 2026 and 27 September 2025, comprise the Company and its subsidiaries (together referred to as the Group), are unaudited and were approved by the Directors on 10 November 2026. They do not constitute statutory accounts as defined in s434 of the Companies Act 2006. The financial statements for the year ended 28 March 2026 were prepared in accordance with UK adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS and have been delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified and did not draw attention to any matters by way of emphasis of matter. The Group's financial statements consolidate the financial statements of James Cropper plc and its subsidiaries.
Applicable standards
These unaudited consolidated interim financial statements have been prepared in accordance with international accounting standards as adopted by the UK, under the historical cost convention except for the revaluation of certain financial instruments to fair value. They have not been prepared in accordance with IAS 34, the application of which is not required to the interim financial statements of companies trading on the Alternative Investment Market (AIM companies).
The consolidated financial statements of the Group for the 52-week period ended 28 March 2026 are available upon request from the Company's registered office: Burneside Mills, Kendal, Cumbria, LA9 6PZ or at www.jamescropper.com.
The half year financial information is presented in Sterling and all values are rounded to the nearest thousand pounds (£'000) except where otherwise indicated.
Going concern
The Directors, at the time of approving these interim statements, have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from the date of approval of the Interim Results.
For the interim going concern review, the Board has reviewed the Group’s financial forecasts for the 15-month period ending 31 December 2027 against which a number of downside scenarios were modelled to assess headroom against facilities and impacts on bank covenants, which showed adequate headroom and no covenant breaches.
Following this review the Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the condensed consolidated financial statements.
Significant accounting policies
The accounting policies applied by the Group in these condensed consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the 52-week period ended 28 March 2026.
- Accounting estimates and judgements
The preparation of half year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the 52-week period ended 28 March 2026.
- Risks and uncertainties
The principal risks and uncertainties which may have the largest impact on performance in the second half of the year are the same as disclosed in the 2026 Annual Report on pages 46-49. The principal and emerging risks set out in the 2026 Annual Report were:
- Principal risks: health and safety; people; finance and treasury; market; customer; security of supply; IT systems and network security; input costs; and legal and regulatory;
- Emerging risks: extreme weather events; climate policy; net zero emissions; and raw material availability.
The Board considers that all principal risks and uncertainties set out in the 2026 Annual Report have not changed and remain relevant for the second half of the financial year.
- Alternative performance measures
The Company uses alternative performance measures to allow users of the financial statements to gain a clearer understanding of the underlying performance of the business.
Profit before tax represents the Group's overall performance, however it contains significant non-operational items relating to exceptional items and IAS 19 that the directors believe make year-on-year comparison of performance challenging.
Measures used to evaluate business performance are 'Adjusted operating profit' (operating profit excluding the impact of IAS 19 and exceptional items) and 'Adjusted profit before tax' (profit before tax excluding the impact of IAS 19 and exceptional items). The alternative performance measures are reconciled in note 9.
The adjustment, which we refer to in these accounts as the "IAS 19 impact" represents the difference between the pension charge as calculated under IAS 19 and the cash contributions for the current service cost only as determined by the latest triennial valuation. The Directors consider that the adjusted pension charge better reflects the actual pension costs for ongoing service compared to the IAS 19 charge. This adjustment is made internally when we assess performance and is also used in the profit and earnings per share targets used in management incentive schemes.
- Earnings per share
|
|
26 week period ended 26 September |
26 week period ended 27 September |
52 week period ended |
|
Basic EPS |
39.8p |
21.6p |
30.8p |
|
Diluted EPS |
38.8p |
21.6p |
30.8p |
|
Profit for the period (£'000) |
3,751 |
2,041 |
2,904 |
|
Weighted average number of shares |
|
|
|
|
Basic |
9,431 |
9,431 |
9,431 |
|
Diluted |
9,656 |
9,431 |
9,438 |
|
|
|
|
|
- Dividends
The Directors have declared an interim dividend of 5.0 pence per ordinary share (H1 FY26: Nil) which will be paid on 11 January 2027 to those shareholders on the register of the Company at the close of business on 4 December 2026, with an ex-dividend date of 3 December 2026.
- Retirement benefit obligations
|
|
26 week period ended 26 September 2026 |
26 week period ended 27 September 2025 |
52 week period ended 28 March 2026 |
|
|
£'000 |
£'000 |
£'000 |
|
Obligation brought forward |
(14,025) |
(15,914) |
(15,914) |
|
Expense recognised in the income statement |
(510) |
(539) |
(1,109) |
|
Contributions paid to the schemes |
1,252 |
786 |
1,559 |
|
Actuarial gains recognised in Other Comprehensive Income |
1,125 |
2,680 |
1,439 |
|
Obligation carried forward |
(12,158) |
(12,987) |
(14,025) |
- Exceptional items
|
|
26 week period ended 26 September 2026 |
26 week period ended 27 September 2025 |
52 week period ended 28 March 2026 |
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Included in operating profit / (loss): |
|
|
|
|
|
Restructuring costs |
(339) |
(463) |
(1,227) |
|
|
Income from disposal of non-core Intellectual Property rights |
- |
1,465 |
1,465 |
|
|
Dilapidation costs |
- |
- |
(245) |
|
|
ERP project costs |
(45) |
- |
- |
|
|
Exceptional (costs) / income |
(384) |
1,002 |
(7) |
|
- Alternative performance measures
|
|
26 week period ended 26 September 2026 |
26 week period ended 27 September 2025 |
52 week period ended 28 March 2026 |
|
|
£'000 |
£'000 |
£'000 |
|
Adjusted EBITDA |
7,792 |
4,097 |
8,906 |
|
Depreciation and amortisation |
(1,467) |
(1,420) |
(3,022) |
|
Adjusted operating profit |
6,325 |
2,677 |
5,884 |
|
Net IAS 19 pension adjustments - current service costs |
(34) |
39 |
28 |
|
Exceptional items |
(384) |
1,002 |
(7) |
|
Operating profit |
5,907 |
3,718 |
5,905 |
|
|
26 week period ended 26 September 2026 |
26 week period ended 27 September 2025 |
52 week period ended 28 March 2026 |
|
|
£'000 |
£'000 |
£'000 |
|
Adjusted profit before tax |
5,815 |
2,115 |
4,727 |
|
Net IAS 19 pension adjustments |
|
|
|
|
- current service costs |
(34) |
39 |
28 |
|
- finance costs |
(396) |
(434) |
(862) |
|
Exceptional items |
(384) |
1,002 |
(7) |
|
Profit before tax |
5,001 |
2,722 |
3,886 |
- Related parties
There have been no significant changes in the nature of related party transactions in the period ended 26 September 2026 from that disclosed in the 2026 annual report.
Statement of Directors' responsibilities
The Directors confirm, to the best of their knowledge, that:
(i) this half-yearly financial report has been prepared in accordance with AIM Rule 18, using accounting policies consistent with those expected to be adopted in the Group’s annual financial statements;
(ii) the condensed consolidated interim financial statements have not been prepared in accordance with IAS 34 as adopted by the UK.
The Directors of James Cropper Plc are detailed on our Group website www.jamescropper.com
Forward-looking statements
Sections of this half-yearly financial report may contain forward-looking statements with respect to the Group's plans and expectations relating to its future performance, results, strategic initiatives, objectives and financial position, including liquidity and capital resources. These forward-looking statements are not guarantees of future performance. By their very nature, all forward-looking statements involve risks and uncertainties because they relate to events that may or may not occur in the future and are or may be beyond the Group's control. Accordingly, the Group's actual results and financial condition may differ materially from those expressed or implied in any forward-looking statements. Forward-looking statements in this half-yearly financial report are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this announcement shall be construed as a profit forecast.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 hour ago Tertiary Minerals
- 1 hour ago Hargreaves Services
- 14 hours ago ASOS
- 15 hours ago MJ Gleeson
- 15 hours ago Rolls-Royce Holdings