DJ Cropper(James) PLC AGM Statement & Trading Update
“I am pleased to report that the Group has enjoyed a promising start to the current financial year and has traded profitably in the first quarter and in line with management expectations.
Group sales for the quarter are up 9% on the prior year quarter. Both James Cropper Paper (“Paper”), the paper business, and Technical Fibre Products (“TFP”) are enjoying year on year growth. Paper business growth is being realised from our focus on higher value niche markets such as packaging, creative papers and digital. TFP growth has come from our energy, aerospace and industrial markets.
Developments at our new subsidiary James Cropper 3D Products remain on track. The first moulding machines were successfully commissioned in the quarter and customer trials are underway. Initial feedback from the market, in the main retailers and brands, has been positive. We hope to begin commercialising our unique, sustainable alternative to plastic in the remainder of the financial year.
Our plans for the year will not be materially impacted by the UK’s vote to exit from the European Union. Our capital investment plans remain unchanged as do our recruitment and R&D activities. The Group’s exposure to currency is mitigated by growing exports. Continuing the export drive is a core strategic focus for management.
Overall, the outlook for the Group remains positive. TFP will make use of available manufacturing capacity to accelerate sales into aerospace, green technologies and defence markets. Paper will continue to develop its product portfolio in profitable niche markets. 3DP is primed to become a reputable supplier of high quality coloured moulded paper packaging. I am pleased with the progress we are making and confident that the Group will perform in line with the Board’s expectations for the year.”