Sales Up Despite Profit Fall
September 07, 2023
Sales were up 24% to £129.7m. James Cropper said that this recovery was driven by high demand and retained contracts. However, profit before tax fell 53% to £1.1m due to net finance costs and exceptional costs.
James Cropper chief executive 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.”
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