Business
Q1 Trading Update and AGM Statement
Q1 Trading Update and AGM Statement.
About this update from James Cropper Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n Q1 Trading Update and AGM Statement\n \n \n \n \n \n \n \n \n \n 'Excellent start to the year; the Group's prospects remain very attractive'\n \n \n \n \n \n \n \n \n James Cropper plc ('CRPR', the 'Company' or the 'Group'), the leading advanced materials and paper products group is pleased to announce its first quarter trading update and AGM Statement.\n \n \n \n \n \n \n Financial performance\n \n \n \n The Group has experienced a strong start to its financial year, with sales in Q1 up 36% on the prior year (Q1 2021). While demand across all three divisions is ahead of the prior-year quarter, TFP has started the year with very strong sales and has seen particularly high demand across TFP Hydrogen. The Paper division has secured new luxury packaging contracts and Colourform has also continued to win new contracts across the premium wine, spirits, and beauty markets.\n \n \n \n \n \n Profits for the group are currently tracking ahead of plan and significantly ahead of the prior-year quarter, with management expectations for FY23 presently unchanged. The Paper division has started the year profitably, however, it is the TFP division that is delivering the majority of the benefit to the Group.\n \n \n \n \n \n \n Investment to support growth\n \n \n \n The Paper division is extending its embossing and varnishing capacity in Q3, of the current financial year, providing additional capability to meet demand in the luxury packaging market.\n Coating capacity for TFP Hydrogen will be extended with an additional line operational in the USA by the end of Q2. The Group remains committed to its ESG Committee goals. In Q1 the Group completed its Decarbonisation Study, which indicates that the technical solutions identified in the prior year's feasibility study, can be scaled up. The Group is now moving into the engineering analysis\n stage and expects this to be completed as planned this financial year.\n \n \n \n \n \n \n \n \n Outlook\n \n \n \n Mark Cropper, Chairman of James Cropper, said: \"We are pleased to report an excellent start to the financial year, with every division within the Group outperforming the same period last year.\n \n \n \n \n \n \"TFP has made a very strong start to the year which has positively impacted profits. With the new hydrogen coatin...