Cropper, Kendal paper firm, ups revenue 24% to £129m

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.”