Kendal-based paper products and advanced materials firm James Cropper plc reported a 24% increase in revenue to £129.7 million and a 53% drop in profit before tax to £1.3 million “due to an increase in net finance costs and exceptional costs.”

Full year dividend will fall to 6p per share from 10p.

James Cropper CEO Steve Adams said: “We achieved a good performance for the year with 24% revenue growth in spite of unprecedented market headwinds.  

“In FY2023, significant progress was made in repositioning James Cropper to capitalise on growth opportunities within its core and emerging end-markets, such as the fast-growing renewable energy and decarbonisation markets which are in need of novel high-performance materials and sustainable fibres.  

“We will aim to drive increased value for our shareholders through accelerated growth in each of our market focused segments; Creative Papers, Luxury Packaging, Technical Fibres and Future Energy by leveraging our potential as one company under the James Cropper name.

“I am excited by the many opportunities and have confidence in our strategy to accelerate growth and in our exceptional team worldwide to make a real difference. 

“The foundations are in place to create a greater global presence for James Cropper, by repositioning ourselves to better serve our existing and target customers.”