19th Nov 2019 10:22
(Alliance News) - Paper and advanced materials maker James Cropper PLC held its interim dividend Tuesday amid rising profit and revenue, as its technical fibre products units achieves record sales.
For the six months ended September 28, pretax profit jumped 43% to GBP2.0 million from GBP1.4 million the year prior. This was after revenue rose 5.0% to GBP52.8 million from GBP50.3 million the year before.
"TFP has delivered its best ever sales performance for a half year and is set to continue growth in the second half," Chair Mark Cropper said. "Plans to provide an additional 50% capacity in TFP by the end of the 2020 calendar year are on track. Paper sales are projected to grow year on year with the benefits of an improved mix and a softening of pulp price leading to a return to profit."
James Cropper proposed a 2.5 pence interim dividend per share, unchanged on year prior.
"Continued commercialisation for Colourforma is projected as the business gains further traction in the market," Mark Cropper added, referring to its 3D printing products unit.
"We invest significantly in people, innovation and capability," Mark Cropper added. "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 results are anticipated to be in line with management expectations."
Shares in James Cropper were 3.3% higher at 1,420.00 pence in London on Tuesday.
By Ahren Lester; [email protected]
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