15th Nov 2016 10:33
LONDON (Alliance News) - James Cropper PLC on Tuesday reported growth in profit in the first half of its financial year as revenue advanced in both its paper and fibre products divisions, and it said it is on track for the full year.
The paper and fibre products manufacturer said its pretax profit in the six months ended October 1 doubled to GBP2.0 million from GBP1.0 million the year before, as revenue rose to GBP45.4 million from GBP42.1 million.
James Cropper said paper revenue increased by 5% in the half year, driven by more demand from both new and existing customers. Technical fibre products revenue grew by 21%, boosted by strong demand across aerospace, energy and defence markets.
James Cropper increased its interim dividend to 2.5 pence from 2.2p the year before.
"Our investment plans for people, development and equipment remain on track, and independent of political changes such as Brexit. Each business division is expected to grow during the second half, albeit at a higher rate in the TFP division," Chairman Mark Cropper said in a statement.
"The full year is expected to deliver in line with the board's expectations and the outlook for the business this year remains encouraging," he added.
Shares in James Cropper were trading up 1.8% at 1,066.00 pence on Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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