Business
Year end and COVID 19 trading update
Year end and COVID 19 trading update.
About this update from James Cropper Plc
[{"type":"text","content":"\n \n \n RNS Number : 5604L\n Cropper(James) PLC\n 01 May 2020\n \n \n \n \n 1 May 2020\n \n \n \n \n \n James Cropper plc\n \n \n (\"James Cropper\" or the \"Company\")\n \n \n Year end and COVID 19 trading update\n \n \n \n \n \n Further to its announcement of 24th March, James Cropper is pleased to provide an update on the expected outturn for the year to 28th March 2020 just ended and on our expectations for trading during the current year. \n \n \n Year ended 28 March 2020\n \n \n As a result of delivering on the growth strategies within each division, the Group produced a strong performance last year with positive growth in both revenue and profits. Market penetration and expansion has been achieved across the divisions. Adjusted pre-tax profits (excluding IAS 19 impact) are expected to be well ahead of market expectations for that period and in excess of £6m.\n \n \n Current trading\n \n \n During the current COVID 19 pandemic, the Company's priorities are the health and well-being of all employees globally, supporting our customers and managing our cash resources. \n \n \n Whilst the Company was on track to continue growing, the impact from COVID 19 will have a negative effect on product demand in each of our divisions:\n \n \n · \n Technical Fibre Products is likely to see a downturn as a result of a decline in the aerospace market; however, growth is continuing in clean technology markets such as fuel cell and wind energy. As a result, we expect demand will not be so significantly affected.\n \n \n · \n James Cropper Paper is likely to be the most affected of our divisions in the short term, as end markets have been directly impacted by the global lockdown. As a niche speciality provider, we expect demand and growth to return to normal levels after markets settle post-pandemic.\n \n \n · \n Despite the impact from COVID-19, we expect Colourform to grow year-on-year, however not to the levels anticipated initially.\n \n \n Given the high levels of uncertainty, we are not reasonably able to forecast the impact on our operations and financial performance for the current fiscal year. The environment is subject to rapid change. Nevertheless, at present we are expecting that the course of the financial year will be as follows: the first quarter to June 2020 to incur a large negative ...