10th Nov 2020 12:03
James Cropper PLC - paper products manufacturer based in Cumbria - For its first half of financial 2021 posts pretax loss of GBP16,000, swinging from a profit of GBP2.0 million the year prior and skips declaring an interim dividend to protect liquidity.
This is as it sees revenue dive 36% year-on-year to GBP34.0 million from GBP52.8 million and books an exceptional charge of GBP1.7 million in relation to its restructuring plans. Expects restructuring to result in annual savings of GBP2 million.
Says it will not pay an interim dividend, compared to 2.5 pence paid the year prior.
Looking ahead Chair Mark Cropper says: "Each division is seeing signs of recovery with sectors moving towards normality. The restructuring plans are nearing completion with a small net cost of GBP200,000 anticipated for the year. The restructuring has affected less than 10% of the workforce but will result in a leaner, stronger group. Capital investment was suspended during the first half of the year and is planned to resume in the second half."
Current stock price: 998.00p
Year-to-date change: down 23%
By Ife Taiwo; [email protected]
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