Shares of Kendal-based paper products and advanced materials firm James Cropper plc rose about 9% on Monday after it said its revenue rose 33% to £104.9 million and is now higher than pre-pandemic levels.

Announcing results for the 52 weeks ended March 26, 2022, Cropper said profit before tax rose to £2.8 million from £1.7 million and that it will pay a total dividend of 10p.

A final dividend has not been paid since 2019 due to the pandemic.

Cropper said its TFP Hydrogen business has been performing better than expectations, with TFP revenue up by 27%.

It said its paper business has been impacted with substantial energy costs with 37% revenue growth but a loss before tax.

Cropper chairman Mark Cropper wrote in his outlook: “Looking forward, the outlook remains positive across the group as we enter the new financial year with a record order book.

“While there are short term challenges in the Paper division due to external factors, we have put in place measures to mitigate these and plans are well underway to transition all of the divisions away from natural gas.

“The geopolitical climate has cemented and accelerated Government support for cleaner and greener hydrogen energy and TFP has the power to help facilitate this energy transition, by reducing costs and improving accessibility.

“Overall the green agenda represents a significant growth opportunity for all our divisions. 

“Colourform will continue to grow year-on-year and Paper’s strategy to enrich margins will also be significantly underpinned by its environmental initiatives.”