11th Apr 2016 07:42
LONDON (Alliance News) - James Cropper PLC on Monday said its full-year results will "materially exceed" market expectations as it achieved good sales growth in the year to April 2.
The paper products company said it experienced "healthy sales growth" in the year, particularly in its technical fibre products division, with growth continuing into the first quarter of 2016.
Back in December, James Cropper warned that it would book a GBP1.0 million exceptional charge in the full year from damage caused to its factory in Cumbria by Storm Desmond, but said underlying trading was in line.
On Monday, James Cropper said the financial impact of this is "yet to be fully quantified" but that it is confident its insurance and "other mitigating factors" will compensate for any adverse financial effects and business interruption.
"The board is confident that, even before recent favourable foreign exchange movements, the company's full year results will materially exceed market expectations. The outlook for the financial year just starting is encouraging," James Cropper said in a statement.
James Cropper will release its full-year results in June.
Shares in James Cropper were trading up 8.3% at 715.00 pence on Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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