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Cropper(James) PLC (CRPR)

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Tuesday 14 November, 2017

Cropper(James) PLC

Half-year Report

RNS Number : 3786W
Cropper(James) PLC
14 November 2017
 

James Cropper plc

(the "Company")

The advanced materials and paper products group, is pleased to announce its

Half year results to 30 September 2017

 

  

Half year to 30 September 2017

Half  year to   1  October    2016

Full  year to       1 April       2017

 

£m

£m

£m

Revenue

47.4

45.4

92.4

Adjusted operating profit (excluding IAS19 impact) 

3.0

2.6

6.9

Operating profit

2.7

2.3

6.2

Adjusted profit before tax (excluding IAS19 impact)

2.8

2.4

6.6

Impact of IAS19

(0.5)

(0.4)

(0.9)

Profit before tax

2.3

2.0

5.6

Earnings per share - basic

23.1p

17.4p

50.5p

Earnings per share - diluted

22.9p

17.2p

50.0p

Dividend per share declared

2.5p

2.5p

11.8p

 

 

 

 

Net borrowings

(4.7)

(6.6)

(7.3)

Equity shareholders' funds

23.4

16.0

21.9

Gearing % - before IAS 19 deficit

12%

19%

20%

Gearing % - after IAS 19 deficit

20%

41%

34%

Capital expenditure

1.3

2.1

5.3

 

 

Highlights

·      Adjusted PBT (prior to IAS 19 impact) at £2.8m, up 17% on prior year comparative

·      PBT at £2.3m, up 14% on prior year comparative

·      EPS (diluted) up 33% to 22.9p from 17.2p on prior year comparative

·      Revenue in TFP up 20% on prior year comparative. Total revenue up by 4.5%

·      TFP is benefitting from increased activity in the sales of products for fuel cells

·      Paper launches CupCycling™ and focused on strategy to develop mix

·      Paper endures high pulp prices and has remained resilient in the first half

·      3DP launches Colourform™ and has commenced commercial orders

 

Mark Cropper, Chairman, commented:

 

"TFP has delivered its best ever sales performance for a half year and is set to continue growth in the second half. Although Paper is facing severe headwinds from the price of pulp this year, it has so far remained resilient and I am confident that future growth prospects continue to strengthen.  3DP is still at an early stage but its potential is being proven with commercial contracts and increasing interest in the sustainable and aesthetically superior alternative it offers over plastic packaging.

Within the Group we continue to invest significantly in people, markets, innovation and equipment. This will ensure that over the long term the Group has the potential to sustain growth across all its businesses. In the nearer term, the full year is expected to deliver in line with the Board's expectations."

Enquiries:

Isabelle Maddock, Group Finance Director

Robert Finlay, Richard Johnson, Henry Willcocks

James Cropper PLC (AIM:CRPR.L)

Stockdale Securities Limited

Telephone: +44 (0) 1539 722002

Telephone: +44 (0) 20 7601 6100

www.cropper.com

www.stockdalesecurities.com

 

 

 

Half  year to 30 September 2017

Half  year to   1  October 2016

Full  year to 1 
April 
  2017

Summary of results

£'000

£'000

£'000

Revenue

47,446

45,397

92,363

 

 

 

 

Adjusted operating profit (excluding IAS19 impact)

2,973

2,567

6,869

 

 

 

 

Operating profit

2,688

2,304

6,188

 

 

 

 

Adjusted profit before tax (excluding IAS19 impact)

2,837

2,432

6,566

 

 

 

 

Impact of IAS19

(536)

(407)

(926)

 

 

 

 

Profit before tax

2,301

2,025

5,640

 

 

Half  year to 30 September 2017

Half  year to   1 October 2016

Full  year to 1 April    2017

 

£'000

£'000

£'000

Revenue

 

 

 

James Cropper Paper

35,283

35,279

71,024

James Cropper 3D Products

43

-

7

Technical Fibre Products

12,120

 

10,118

21,332

 

47,446

45,397

92,363

 

 

 

 

Adjusted operating profit (excluding IAS19 impact)

2,973

2,567

6,869

Net interest (excluding IAS19 impact)

(136)

(142)

(283)

Adjusted profit before tax (excluding IAS19 impact)

2,837

2,425

6,586

Exceptional costs

-

7

(20)

Adjusted profit before tax (excluding IAS19 impact)

2,837

2,432

6,566

 

 

 

 

IAS19 pension adjustments

 

 

 

Net current service charge against operating profits

(285)

(270)

(661)

Finance costs charged against interest

(251)

(137)

(265)

 

(536)

(407)

(926)

Profit before tax

2,301

2,025

5,640

 

Balance sheet summary

Half  year to 30 September 2017

Half  year to   1  October 2016

Full  year to 1

April    2017

 

£'000

£'000

£'000

Non-pension assets - excluding cash

63,331

56,021

63,374

Non-pension liabilities - excluding borrowings

(20,519)

(15,286)

(18,503)

 

42,812

40,735

44,871

 

 

 

 

Net IAS19 pension deficit (after deferred tax)

(14,728)

(18,072)

(15,620)

 

28,084

22,663

29,251

Net borrowings

(4,685)

(6,621)

(7,364)

 

Equity shareholders' funds

23,399

16,042

21,887

Gearing % - before IAS19 deficit

12%

19%

20%

Gearing % - after IAS19 deficit

20%

41%

34%

Capital expenditure

1,252

2,123

5,315

 

 

 

Dear Shareholders

 

I am pleased to report that James Cropper PLC recorded a 17% increase in adjusted profit before tax (excluding the impact of IAS 19) of £2.8m for the first half of the current financial year. This compares to £2.4m in the prior year.  After the impact of IAS19, profit before tax is £2.3m, up from £2m in the prior comparative period. Meanwhile, Group revenues have increased by 4.5%.

 

The Group continues to experience increased pulp prices as first noted at the AGM in July. Since then prices have continued to rise, with corresponding impacts on margins in the Paper division.  Nevertheless, Paper has so far been able to sustain profit levels compared to the prior year. Meanwhile, TFP profits have grown in the period. Finally, 3DP has commenced full-scale production on receipt of its first commercial contracts.

 

James Cropper Paper ("Paper")

Paper revenues have been maintained compared to the comparable period last year, with the UK experiencing a small planned downturn in sales and the US picking up contracts in digital and packaging, which are delivering growth.

 

The paper division has recently launched CupCycling™, a closed loop system which recycles post-consumer coffee cups into luxury bags. Our launch partner for this new capability was Selfridges and the offer is generating significant interest from industry and customers.

 

As noted above, during the first half and into the second half, pulp prices have placed downward pressure on our margins. Accordingly, profit growth for this business for the full year will be challenging.

 

Technical Fibre Products ("TFP")

TFP grew revenue by 20% over the comparable period last year. Double digit growth was achieved in aerospace, defence and fuel cell markets.

 

With regards to the latter, TFP supplies carbon fibre based substrates, which are used as the basis for manufacturing GDL (Gas Diffusion Layer) parts for fuel cells. TFP supplies substrate for various fuel cell technologies predominantly in Europe and the USA. After many years of development, this market is beginning to deliver commercial products.

 

TFP has over 30 years of experience in designing and manufacturing bespoke advanced non-woven materials for a variety of end uses and market sectors and continues to see significant growth potential through partnerships with corporations and institutions. The group has outstanding technical and marketing expertise and expects continued growth in the second half and beyond.

 

 

James Cropper 3D Products ("3DP")  

3DP has launched Colourform™, a product range offering renewable, recyclable moulded fibre packaging in almost limitless colours, shapes and surface finishes. Colourform™ provides a sustainable alternative to plastic packaging and is beginning to catch the imagination of global and domestic brands.

The production lines are fulfilling a number of commercial contracts which will aid this year's start up performance. The Division has a larger number of projects in the development pipeline. Capacity with existing production equipment is satisfactory to meet initial demand however the Group fully expects to invest further in due course as the attention and demand for the differentiated product offer grows. The Board remains confident that 3DP provides another significant growth platform for the Group.

 

Pension

The Group operates three pension schemes with close to 60% of employees holding a defined contribution personal payment plan. The Group operates two funded pension schemes providing defined benefits, for a decreasing number of its employees. The IAS19 valuations, for the defined benefit schemes as at 30 September 2017, revealed a combined deficit of £18.0m, compared with £18.8m as at 1 April 2017. After deferred taxation the net deficit stands at £14.7m.

 

Earnings per share and Dividend

Diluted earnings per share increased to 22.9 pence, compared to 17.2 pence in the prior year comparative period.

 

The Board have declared an interim dividend of 2.5p per share (2016: 2.5p). The final dividend for the year to 31 March 2018 will be subject to shareholder approval at the AGM on 25 July 2018.

 

 

Outlook

 

TFP has delivered its best ever sales performance for a half year and is set to continue growth in the second half. Although Paper is facing severe headwinds from the price of pulp this year, it has so far remained resilient and I am confident that future growth prospects continue to strengthen.  3DP is still at an early stage but its potential is being proven with commercial contracts and increasing interest in the sustainable and aesthetically superior alternative it offers over plastic packaging.

Within the Group we continue to invest significantly in people, markets, innovation and equipment. This will ensure that over the long term the Group has the potential to sustain growth across all its businesses. In the nearer term, the full year is expected to deliver in line with the Board's expectations.

 

Mark Cropper

Chairman

 

 

 

 

 

JAMES CROPPER PLC

UN-AUDITED STATEMENT OF COMPREHENSIVE INCOME

 

26 week period

to 30 September   2017

26 week period

to 1 October   2016

 

52 week period

   to 1 April  2017

 

 

£'000

£'000

£'000

Continuing operations

 

 

 

Revenue

47,446

45,397

Operating profit

2,688

2,304

6,188

 

 

 

 

Finance costs

 

 

 

Interest payable and similar charges

(391)

(279)

(548)

Interest receivable and similar income

4

-

-

Profit before taxation

2,301

2,025

5,640

 

 

 

 

Taxation

(112)

(405)

(910)

Profit for the period

2,189

1,620

4,730

Earnings per share - basic

23.1p

17.4p

50.5p

Earnings per share - diluted

22.9p

17.2p

50.0p

Dividend declared in the period - pence per share

2.5p

2.5p

11.8p

 

 

 

 

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

Profit for the period

2,189

1,620

4,730

 

Items that are or may be reclassified to profit or loss

 

 

 

Foreign currency translation

55

189

224

Loss on interest rate hedge

-

-

(9)

 

Items that will never be reclassified to profit or loss

 

 

 

Retirement benefit liabilities - actuarial gain/(loss)

689

(14,715)

(11,386)

Deferred tax on actuarial (gain)/loss on retirement benefit liabilities

(124)

2,796

1,847

Income tax on other comprehensive income

-

-

-

Other comprehensive income/(expense) for the year

620

(11,730)

(9,324)

Total comprehensive income for the period attributable to equity holders of the Company

 

2,809

(10,110)

 

(4,594)

 
 

JAMES CROPPER PLC

UN-AUDITED STATEMENT OF FINANCIAL POSITION

 

30 September 2017

1 October 
  2016

 1 April
     2017

 

£'000

£'000

Assets

 

 

 

Intangible assets

509

126

569

Property, plant and equipment

26,369

24,932

26,572

Deferred tax assets

2,303

2,901

2,270

Total non- current assets

29,181

27,959

29,411

Inventories

14,471

14,354

14,097

Trade and other receivables

21,982

16,609

23,066

Cash and cash equivalents

5,911

3,426

1,921

Total current assets

42,364

34,389

39,084

 

Total assets

 

71,545

 

62,348

 

68,495

Liabilities

 

 

 

Trade and other payables

19,660

13,563

18,493

Other financial liabilities

10

-

9

Loans and borrowings

1,001

792

1,570

Current tax liabilities

(81)

385

1

Total current liabilities

20,590

14,740

20,073

 

Long-term borrowings

 

9,595

 

9,255

 

7,715

Retirement benefit liabilities

17,961

22,311

18,820

Total non-current liabilities

27,556

31,566

26,535

 

Total liabilities

 

48,146

 

46,306

 

46,608

Equity

 

 

 

Share capital

2,370

2,364

2,367

Share premium

1,472

1,465

1,472

Translation reserve

657

567

602

Reserve for own shares

(970)

(651)

(853)

Retained earnings

19,870

12,297

18,299

Total shareholders' equity

23,399

16,042

21,887

 

Total equity and liabilities

 

71,545

 

62,348

 

68,495

 

 

 

 

 

JAMES CROPPER PLC

UN-AUDITED STATEMENT OF CASH FLOWS

 

 

26 week period to 30 September        2017

26 week period

to 1 October 2016

 

52 week period

to 1 April      2017

 

 

£'000

£'000

£'000

Cash flows from operating activities

 

 

 

 

Net profit

2,189

1,620

4,730

Adjustments for:

 

 

 

Tax

112

405

910

Depreciation and amortisation

1,363

1,099

2,297

Net IAS 19 pension adjustments within Statement of comprehensive income

536

407

926

Past service pension deficit payments

(706)

(681)

(1,362)

Foreign exchange differences

38

112

84

Loss on disposal of property, plant and equipment

-

15

14

Profit on disposal of investments

-

(178)

-

Net bank interest expense

136

142

282

Share based payments

186

142

283

Changes in working capital:

 

 

 

 (Increase) / decrease in inventories

(408)

(150)

105

Decrease / (increase)  in trade and other receivables

408

2,971

(4,113)

Increase / (decrease)  in trade and other payables

1,363

(1,526)

3,932

Interest received

5

1

2

Interest paid

(140)

(148)

(293)

Tax paid

(356)

(657)

(1,081)

Net cash generated from operating activities

4,726

3,574

6,716

Cash flows from investing activities

 

 

 

Purchase of intangible assets

(19)

-

(486)

Purchases of property, plant and equipment

(1,253)

(2,123)

(4,828)

Profit on disposal of investments

-

178

-

Proceeds from sale of property, plant and equipment

-

2

4

Net cash used in investing activities

(1,272)

(1,943)

(5,310)

Cash flows from financing activities

 

 

 

Proceeds from issue of ordinary shares

3

444

454

Proceeds from issue of new loans

2,456

2,451

2,450

Repayment of borrowings

(903)

(3,179)

(4,115)

Purchase of LTIP investments

(117)

(479)

(510)

Dividends paid to shareholders

(864)

(648)

(881)

Net cash generated / (used) in financing activities financingactactivitiesactivities

575

(1,411)

(2,602)

Net increase / (decrease) in cash and cash equivalents

4,029

220

(1,196)

Effect of exchange rate fluctuations on cash held

(39)

20

(69)

Net increase / (decrease) in cash and cash equivalents

3,990

240

(1,265)

Cash and cash equivalents at the start of the period

1,921

3,186

3,186

Cash and cash equivalents at the end of the period

5,911

3,426

1,921

Cash and cash equivalents consists of:

 

 

 

Cash at bank and in hand

5,911

3,426

1,921

 

 

JAMES CROPPER PLC

STATEMENT OF CHANGES IN EQUITY

 

 

 

Share capital

Share premium

Translation

reserve

Own shares

Retained earnings

 

Total

 

£'000

£'000

£'000

£'000

£'000

£'000

2 April 2016

2,306

1,079

378

(343)

23,273

26,693

Profit for the period

-

-

-

-

4,730

4,730

Exchange differences

-

-

224

-

-

224

Actuarial losses on retirement benefit liabilities (net of deferred tax)

 

-

 

-

 

-

 

-

 

(9,539)

 

(9,539)

Loss on interest rate hedge

-

Total other comprehensive income

-

-

224

-

(9,548)

(9,548)

Dividends paid

-

-

-

-

(881)

(881)

Share based payment charge

-

-

-

-

283

283

Tax on share options

-

-

-

-

634

634

Proceeds from issue of ordinary shares

61

393

-

-

-

454

Distribution of own shares

-

-

-

192

(192)

-

Consideration paid for own shares

-

-

-

(702)

-

(702)

Total contributions by and distributions to owners of the Group

61

 

393

 

-

 

(510)

 

(156)

 

(212)

 

 

At 1 April 2017

 

 

2,367

 

 

1,472

 

602

 

 

(853)

 

 

18,299

 

 

21,887

Profit for the period

-

-

-

-

2,189

2,189

Exchange differences

-

-

55

-

-

55

Actuarial gains on retirement benefit liabilities (net of deferred tax)

 

-

 

-

 

-

 

-

 

565

 

565

Total other comprehensive income

-

-

55

-

565

620

Dividends paid

-

-

-

-

(864)

(864)

Share based payment charge

-

-

-

-

183

183

Proceeds from issue of ordinary shares

3

-

-

-

-

3

Distribution of own shares

-

-

-

324

(502)

(178)

Consideration paid for own shares

-

-

-

(441)

-

(441)

Total contributions by and distributions to owners of the Group

 

3

 

-

 

-

 

(117)

 

(1,183)

 

(1,297)

 

At 30 September 2017

 

2,370

 

1,472

 

657

 

(970)

 

19,870

 

23,399

 

 

JAMES CROPPER PLC

NOTES TO THE UN-AUDITED INTERIM RESULTS

1.     Basis of the preparation of IFRS financial information

 

a.    These interim results have been prepared in accordance with the historical cost convention, as modified by the revaluation of land and buildings, and derivative financial instruments, and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union (with the exception of IAS 34, Interim Financial Reporting) and International Financial Reporting Interpretation Committee ("IFRIC") interpretations and those parts of the Companies Act 2006 applicable to companies reporting under IFRS.

 

All references to:

 Non GAAP measures "(excluding IAS19 impact)" have been used to understand and compare the performance of the Group excluding the volatility of the pension adjustments under IAS19.

 

b.    The Group's policy is to maintain the ability to continue as a going concern, in order to provide returns to the shareholder and benefits to other stakeholders. Accordingly the going concern basis has been adopted in preparing these interim results.

 

2.    Interim Statement

 

a.    The summarised results for the half-year to 30 September 2017, which have not been audited or reviewed, have been prepared in accordance with the accounting policies adopted in the accounts for the 52 week year ended 1 April 2017.

b.    The financial information set out above does not constitute statutory accounts within the meaning of the Companies Act 2006. The figures for the 52 week year ended 1 April 2017 are an extract of the full accounts for that year, which have been filed with the Registrar of Companies and on which the auditors gave an unqualified opinion.

c.    A copy of the interim statement is available on our website (www.cropper.com).

  

3.    Earnings per share

 

Basic earnings per share for the half year to 30 September 2017 have been calculated by dividing the profits attributable to ordinary shareholders by 9,470,339 (2016: 9,284,126) ordinary shares, being the weighted average number of ordinary shares during the period.

 

4.    Dividend

 

A net interim dividend of 2.5p per Ordinary Share (2016: 2.5p per share) will be paid on 12 January 2018 to holders on the register at the close of business on 30 November 2017, with the last day for DRIP elections being 15 December 2017. The dividend relating to the 52 week year to 1 April 2017 was made up of an interim payment of £233,000 (2.5p per share) and a final dividend payment of £864,000 (9.3p per share). The dividend is payable in cash. Shareholders have the opportunity to elect to reinvest their cash dividend and purchase existing shares in the Company through a Dividend Reinvestment Plan.

  

5.    Pensions

 

IAS19 regards a sponsoring company and its pension schemes as a single accounting entity rather than two or more separate legal entities. The actuarial valuation is the starting point for the creation of the IAS19 accounting entity. The valuation determines the net position of a pension scheme, i.e. the difference between its assets and liabilities. The net position, surplus or deficit, is brought onto the sponsoring company's statement of financial position such that Reserves are immediately adjusted by the net position reduced by deferred tax. This obviously results in either an increase or decrease in the net asset value of the sponsoring company. At subsequent period-ends the movement in value from the previous valuation is expressed in the following component parts:

Statement of comprehensive income

Operating costs

Current service charge, being the cost of benefits earned in the current period shown net of employees' contributions.

 

§ Past service costs, being the costs of benefit improvements.

§ Curtailment and settlement costs.

Finance costs, being the net of

§ Expected return on pension scheme assets.

§ Interest cost on the accrued pension scheme liabilities.

 

Other comprehensive income

Actuarial gains and losses arising from variances against previous actuarial assumptions.

The above items are offset by actual contributions paid by the employer in the period.

 

IAS19 deficits are shown below at the corresponding financial position dates.

IAS19 Deficit

Half year to

Half year to

Full year to

 

  
30 September 2017

 
1 October 
2016

  1 April       2017

 

£'000

£'000

£'000

Current service charge

 

(587)

(534)

(1,190)

 

 

 

 

Future service contributions paid

302

264

529

 

 

 

 

Net impact on operating profit

(285)

(270)

(661)

 

 

 

 

Finance costs

(251)

(137)

(265)

 

 

 

 

Net impact on profit and loss account

(536)

(407)

(926)

 

 

 

 

Past service deficit contributions paid

706

681

1,362

 

 

 

 

 

Actuarial (losses) / gains

 

689

(14,715)

(11,386)

 

 

 

 

Opening deficit

(18,820)

(7,870)

(7,870)

 

 

 

 

 

Closing deficit

(17,961)

(22,311)

(18,820)

 

 

 

 

Deferred taxation

3,233

4,239

3,200

 

 

 

 

Net deficit

(14,728)

(18,072)

(15,620)

 

 

 

 

 

 It should be noted that the assumptions underlying the IAS19 valuation are based on financial conditions at the financial position date. As market values of the scheme assets and the discount factors applied to the scheme liabilities will fluctuate, this method of valuation will often lead to large variations in the "pension balance" from period to period. Pension liabilities are discounted at the current rate of return on an AA rated quality corporate bond of equivalent currency and term. The actual contributions paid by the Group to its two final salary schemes are determined by the actuaries' "on-going" valuation.

 

Profit before tax

Half year to

Half year to

Full year to

 

 30
September 2017

        1 October 2016

1 April         2017

 

£'000

£'000

£'000

Adjusted profit before tax prior to IAS 19

 

2,837

2,432

6,566

 

 

 

 

Net pension adjustment

 

 

 

 

 

 

 

Current service charge

(587)

(534)

(1,190)

 

 

 

 

Future service contributions paid

302

264

529

 

 

 

 

Net impact on operating profit

(285)

(270)

(661)

 

 

 

 

Finance costs

(251)

(137)

(265)

 

 

 

 

Net impact on profit before tax

(536)

(407)

(926)

 

 

 

 

Profit before tax

2,301

2,025

5,640

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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