30th Jul 2014 10:37
LONDON (Alliance News) - James Cropper PLC said that the group had a positive first quarter and that pretax profits will be in line with management expectations and against the comparable period last year.
In a statement released ahead of its annual general meeting on Wednesday, the paper company, which is heavily weighted towards export markets - representing 50% of total turnover in the past financial year - said sales in the US were up 15%, offsetting a 2% decline in Continental Europe.
The group said it was hedging its exposure to the US dollar by purchasing more of its raw materials in the currency.
The company added its plans to restructure its management team are at an advanced stage. The changes have involved the merging of its Speciality Papers and Converting teams into James Copper Paper Products.
James Cropper shares were trading 0.2% lower at 366.8 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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