Interim Results

About this update from James Cropper Plc

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE UK'S MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, SUCH INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.   17 November 2025   James Cropper plc ("James Cropper", the "Company" or the "Group")   Interim Results   Strategic and operational delivery driving improved performance, in line with the Board's expectations   James Cropper plc (AIM: CRPR), the Advanced Materials and Paper & Packaging group , announces its unaudited results for the six months ended 27 September 2025 ('H1 FY26').   Financial highlights Group H1 FY26 H1 FY25 Change Revenue £51.8m £49.9m +3.7% Adjusted 1 EBITDA £4.1m £2.7m +51.9% Adjusted 1 Profit / (Loss) Before Tax £2.1m (£0.2m) +£2.3m Statutory Profit / (Loss) Before Tax £2.7m (£0.6m) +£3.3m Basic and diluted Earnings / (Loss) Per Share 21.4p (5.1p) +26.5p Net Debt £10.5m £13.1m -£2.6m Net Debt: Adjusted 1 EBITDA ratio 2 1.3x 3.3x -2.0x Advanced Materials       Revenue £19.0m £16.7m +13.4% Adjusted 1 EBITDA £5.5m £4.1m +34.2% Paper & Packaging       Revenue £32.8m £33.2m -1.2% Adjusted 1 EBITDA (£0.7m) (£1.0m) +£0.3m   Strategic and operational highlights · A period of focused delivery against the strategic objectives outlined at the Capital Markets Event in June. · Advanced Materials:   - Revenue slightly ahead of the Board's expectations with growth from both established and nascent markets. · Paper & Packaging:   - Revenue growth in commodity and core segments offsetting the previously reported loss of a significant merchant customer.   - Substantial progress in delivery of structured business improvement programme, and post-period launch of the Coloursource™ product range with exclusive merchant partner Winter & Co. · Disciplined approach to capital allocation to support long-term shareholder value creation.   Current trading and outlook · Trading since the period end has been robust in both business units. · Full-year Group revenues are anticipated at similar levels to FY25.  · The Board remains focused on disciplined strategic execution and the Paper & Packaging business continues to target break-even run-rate Adjusted EBITDA in the final quarter of FY26. · Full-year expectations for Adjusted EBITDA are unchanged, with significant growth versus the prior year.     David Stirling, Chief Executive Officer, stated: "We are now starting to see benefit from the execution of our revised strategic plan, with performance in the year to date consistent with expectations under our revised strategy. In the longer term, we are targeting underlying double-digit revenue growth in the Advanced Materials business, as we continue to deepen customer relationships and develop opportunities across both established and nascent markets.  Our Paper & Packaging business is making meaningful progress towards its goal of sustainable profitability, with a good performance improvement despite the previously announced customer loss.  We expect Paper & Packaging to achieve run-rate EBITDA break-even in the final quarter of this financial year.  I thank our employees for their continued efforts and remain confident that the delivery of our strategic plan will create significant long-term value for all stakeholders."   Notes 1 Adjusted figures exclude the impact of IAS 19 in respect of the Group's defined benefit pension scheme and exceptional items (per note 8 of the financial statements).  2 Net debt at period end compared to Adjusted EBITDA for the previous 12-month period.   -END- Enquiries   James Cropper plc David Stirling, CEO Andrew Goody, CFO   Tel: +44 (0)1539 722 002 Shore Capital - (Nominated Adviser and Broker) Daniel Bush, David Coaten, Henry Willcocks, Lucy Bowden   Tel: +44 (0)207 408 4090 IFC Advisory - Financial PR Graham Herring, Tim Metcalfe, Zach Cohen Tel: +44 (0) 203 934 6630 [email protected]     About James Cropper   James Cropper plc is globally recognised for its specialist capabilities in the design and manufacture of advanced materials and paper products. Operating through two principal businesses - Advanced Materials and Paper & Packaging - and built upon 180 years of innovation, the Group serves a diverse range of customers with high-performance solutions tailored to specialised applications.   The Advanced Materials business develops cutting-edge nonwoven materials and electrochemical coatings for sectors including aerospace, clean energy, and defence. The Paper & Packaging business offers premium creative papers and bespoke moulded fibre packaging together with leading recycled-fibre capabilities and products, supporting the transition to a circular economy.   Headquartered in Burneside (UK), with additional manufacturing sites in Crewe (UK), Launceston (UK), and Schenectady (USA), James Cropper leverages deep expertise in material science and longstanding partnerships with industry-leading businesses and brands to develop bespoke solutions that meet complex technical and aesthetic specifications.   FY26 INTERIM RESULTS   Strategic Delivery FY26 began with a comprehensive review of the business and the development of a revised Group strategy to rebuild momentum and create long-term value for stakeholders. This was presented to investors at a Capital Markets Event on 18 June 2025 (a recording of the event is available to view at https://jamescropper.com/investors/ ).  The revised Group strategy focuses on the following themes: · Delivering organic revenue growth in the Advanced Materials business over the medium term by strengthening supply-chain relationships, developing opportunities in established markets, and targeting high-potential markets. · Achieving sustainable profitability in the Paper & Packaging business through operational stability and revenue growth to enhance asset utilisation and product mix. · Disciplined capital allocation and cash management to support long-term shareholder value creation. Since the Capital Markets Event, management has focused on the delivery of structured initiatives linked to the above objectives, with initial benefits reflected in the Group's performance during the period.   Group Financials Results for the period were consistent with the Board's expectations. Group revenue of £51.8m represented growth of 3.7% compared to the same period in the prior year (H1 FY25: £49.9m). Adjusted EBITDA increased 51.9% to £4.1m (H1 FY25: £2.7m), with growth in Advanced Materials revenues benefitting from operational gearing, and progress from operational improvements in Paper & Packaging. Adjusted profit before tax of £2.1m was up £2.3m against the same period in the prior year (H1 FY25: Adjusted loss before tax of £0.2m). This was primarily as a result of growth in Adjusted EBITDA augmented by the benefit of lower depreciation following the fixed asset impairment recognised in the period ended 29 March 2025. Statutory profit before tax increased to £2.7m (H1 FY25: loss before tax of £0.6m) which included a net exceptional gain of £1.0m (H1 FY25: exceptional costs of £0.4m) and a net IAS19 cost of £0.4m (H1 FY25: £0.4m). The net exceptional gain comprises £1.5m income from the disposal of non-core intellectual rights less restructuring costs of £0.5m. Earnings per share of 21.4p increased by 26.5p against the same period in the prior year (H1 FY25: loss per share of 5.1p). The IAS 19 deficit on the Group's defined benefit pension schemes improved to £13.0m (H1 FY25: £16.3m; FY25 £15.9m) primarily due to changes in assumptions on UK inflation and interest rates. Net debt at the period end of £10.5m was down £2.6m against the prior year (H1 FY25: £13.1m), and down £2.4m from the end of FY25 (£12.9m).  The improvement was due to cash generation in the period, net exceptional receipts of £1.0m and taxation related refunds of £0.8m. Working capital increased by £1.8m due to the timing of energy payments over FY25 and the increase in revenue, particularly in the latter part of H1 FY26. The ratio of net debt to last 12 months Adjusted EBITDA at the period end was 1.3x (28 September 2024: 3.3x; 30 March 2025: 1.9x). As previously announced, the Board does not intend to pay dividends in respect of the period through to September 2026.   Advanced Materials Advanced Materials revenue grew 13.4% to £19.0m (H1 FY25: £16.7m), slightly ahead of the Board's expectations. The costs of tariffs to customers based in the USA were passed through in price adjustments which were largely offset by less favourable foreign exchange rates, with no material impact on revenue or profitability in the period. Established markets, such as aerospace, defence, construction and medical, which account for around 70% of Advanced Materials business unit revenue, pleasingly delivered high single-digit percentage growth. Nascent markets and trials, predominantly in energy transition applications such as green hydrogen electrolysers and fuel cells, account for around 30% of Advanced Materials business unit revenue.  In these markets, higher growth rates are expected with a commensurately higher risk profile and higher volatility, particularly when compared over short time periods. Revenue from nascent markets and trials grew by 21%; a strong performance against a relatively weaker comparative in the first six months of the prior year. Operational and overhead costs were managed well, with investment in commercial activities and technical development in the period being offset by cost savings elsewhere. Adjusted EBITDA increased by 34% to £5.5m (H1: FY25: £4.1m).   Paper & Packaging Paper & Packaging revenue reduced slightly in the period to £32.8m (H1 FY25: £33.2m), with tonnage sold also at similar levels to previous year. In July 2025, the Company announced that a significant merchant customer of the Paper & Packaging business w ould no longer source certain coloured paper ranges from James Cropper. The impact in H1 2026 is a reduction in sales to this customer, compared to H1 FY2025, of £3.8m. Other merchant customers, graphics and speciality packaging grew by £3.4m. The business has made substantial progress on its operational improvement programme, reducing direct and overhead costs and streamlining operations. As part of this restructuring we reduced indirect headcount, with further reductions linked to a more efficient and effective revised shift pattern currently ongoing. The Colourform moulded fibre operations has been fully absorbed operationally into the main Paper & Packaging business. Adjusted EBITDA improved by £0.3m to a loss of £0.7m (H1: FY25: £1.0m loss). Following the period end, working exclusively with Winter & Co, a long-standing merchant partner, the Company launched the Coloursource™ range of premium coloured paper to continue its legacy in this market, predominantly supplying creative communities and speciality packaging converters globally.   Outlook Trading since the period end has continued to be robust in both business units.  In the second half of the year, revenue in Advanced Materials is expected to continue to grow, although at slightly lower rates than in H1 2026 due to the phasing of demand from customers in established markets and good growth from nascent markets. Revenue from Paper & Packaging is expected to be lower than in the first six months, mainly due to the lower run rate in the coloured paper merchant business, with operational restructuring and other improvement initiatives underway.  The benefits from these improvements in Paper & Packaging are on track, targeting run-rate break-even Adjusted EBITDA in the final quarter of FY26. The Board's expectations for the Group's year-end net debt position are unchanged, reflecting the timing of exceptional costs and capital expenditure in the second half of FY26. The Board remains focused on disciplined strategic execution with full-year revenues anticipated at similar levels to FY25.  Full-year expectations for Adjusted EBITDA are unchanged, with significant growth versus the prior year.   Financial Statements Summary Income statement summary   Half-year to 27  September 2025 Half-year to 28  September 2024 Full-year to 29  March 2025   £'000 £'000 £'000 Revenue Paper & Packaging division 32,784 33,185 63,657 Advanced Materials division 18,973 16,727 35,686   51,757 49,912 99,343   Adjusted EBITDA * 4,097 2,736 6,694 Depreciation and amortisation (1,420) (2,297) (4,086) Adjusted operating profit * 2,677 439 2,608 Adjusted net interest (562) (654) (1,263) Adjusted profit / (loss) before tax * 2,115 (215) 1,345   IAS19 pension adjustments Net current service charge against operating profits 39 36 25 Finance costs charged against interest (434) (427) (829)   1,720 (606) 541 Exceptional items (note 8) 1,002 - (7,229) Profit / (loss) before tax 2,722 (606) (6,688) * excludes the impact of IAS 19 and exceptional items (per note 9 of the financial statements) Balance sheet summary Half-year to 27  September 2025 Half-year to 28 September 2024 Full-year to 29 March 2025 £'000 £'000 £'000 Non-current assets (excluding deferred tax) 25,791 34,519 26,921 Working capital 18,691 16,343 16,865 Current and deferred tax 3,251 3,855 5,424 Net debt (10,511) (13,120) (12,889) IAS19 pension fund deficit (12,987) (16,334) (15,914) Equity shareholders' funds 24,235 25,263 20,407 Net debt to last 12 months' EBITDA 1.3x 3.3x 1.9x     UN-AUDITED CONSOLIDATED INCOME STATEMENT 26 week period to 27 September 2025 26 week period to 28 September 2024 52 week period   to 29 March 2025   £'000 £'000 £'000 Revenue 51,757 49,912 99,343 Expected credit loss provision (174) 94 (83) Other income 1,465 55 310 Changes in inventories of finished goods and work in progress (68) 1,194 502 Raw materials and consumables used (17,876) (19,318) (35,912) Energy costs (3,075) (3,011) (5,982) Employee benefit costs (16,652) (16,376) (32,709) Depreciation and amortisation (1,420) (2,297) (4,086) Impairment of fixed assets - - (7,229) Other expenses (10,239) (9,778) (18,750) Operating profit / (loss) 3,718 475 (4,596) Interest payable and similar charges (996) (1,082) (2,093) Interest receivable and similar income - 1 1 Profit / (loss) before taxation 2,722 (606) (6,688) Tax (expense) / income (681) 118 1,419 Profit / (loss) for the period 2,041 (488) (5,269)   Earnings / (loss) per share - basic and diluted 21.4p (5.1)p (55.1)p   UN-AUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME   Profit / (loss) for the period 2,041 (488) (5,269)   Items that are or may be reclassified to profit or loss Exchange differences on translation of foreign operations (114) (160) (90) Cash flow hedges - effective portion of changes in fair value (168) (255) (441) Cash flow hedges - cost of hedging 59 68 127   Items that will never be reclassified to profit or loss Retirement benefit liabilities - actuarial gains 2,680 708 678 Deferred tax charge on actuarial gains on retirement benefit liabilities (670) (177) (169) Other comprehensive income 1,787 185 105 Total comprehensive income / (expense) for the period attributable to equity holders of the Company 3,828 (304)   (5,164)       UN-AUDITED CONSOLIDATED STATEMENT   OF FINANCIAL POSITION   27 September 2025 28 September 2024  29 March 2025   £'000 £'000 £'000 Assets       Goodwill 1,264 1,264 1,264 Intangible assets 686 1,098 819 Property, plant and equipment 18,749 26,376 19,445 Right-of-use assets 5,092 5,563 5,393 Other financial asset - 218 - Deferred tax assets 4,171 5,160 5,155 Total   non-current assets 29,962 39,679 32,076   Inventories 15,072 17,028 15,284 Trade  and other receivables 18,395 16,611 17,854 Provision for impairment (770) (419) (596) Other financial assets 212 344 384 Cash and cash equivalents 11,323 10,529 10,614 Current tax assets 645 1,467 1,466 Total   current assets 44,877 45,560 45,006   Total   assets 74,839 85,239 77,082 Liabilities Trade and other payables 14,218 17,221 16,061 Loans and borrowings 3,161 3,144 3,181 Total   current liabilities 17,379 20,365 19,242  Long-term borrowings 18,673 20,505 20,322 Retirement benefit liabilities 12,987 16,334 15,914 Deferred tax liabilities 1,565 2,772 1,197 Total   non-current liabilities 33,225 39,611 37,433   Total   liabilities 50,604 59,976 56,675 Equity   Share capital 2,389 2,389 2,389 Share premium 1,588 1,588 1,588 Translation reserve 375 419 489 Reserve for own shares (1,407) (1,407) (1,407) Cash flow hedging reserve 173 527 341 Cost of hedging reserve (60) (178) (119) Retained earnings 21,177 21,925 17,126 Total   shareholders' equity 24,235 25,263 20,407   Total equity and liabilities 74,839 85,239 77,082       UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 26 week period to 27 September 2025 26 week period to 28 September 2024 52 week period to 29 March 2025 £'000 £'000 £'000 Cash flows from operating activities         Profit / (loss) for the period 2,041 (488) (5,269)   Adjustments for: Tax expense / (income) 681 (118) (1,419) Depreciation and amortisation 1,420 2,297 4,086 Impairment of property, plant and equipment - - 6,914 Impairment of right-of-use assets - - 315 Earn out adjustment on contingent consideration on business acquisition - - (27) Net IAS 19 pension adjustments within Statement of comprehensive income (39) (36) (25) Past service pension deficit payments (642) (642) (1,505) Foreign exchange differences (221) 318 207 Loss on disposal of  property,   plant   and   equipment - - 4 Net interest expense 996 1,082 2,092 Share based payments - - 4 Changes in working capital:  Decrease / (increase) in inventories 203 (1,260) 498  (Increase) /decrease in trade and other receivables (357) 824 (573) (Decrease) / increase in trade and other payables (1,641) 1,798 2,287 Tax received 822 59 57 Net cash   generated   from   operating   activities 3,263 3,834 7,646 Cash flows from investing activities       Purchase of intangible assets - - (268) Purchases of property, plant and equipment (334) (604) (1,742) Contingent consideration on business acquisition paid - - (1,236) Net cash   used   in   investing   activities (334) (604) (3,246) Cash flows from financing activities   Repayment of borrowings (1,079) (232) (499) Repayment of lease liabilities (517) (656) (1,338) Interest paid (497) (619) (961) Net cash used in financing activities   (2,093) (1,507) (2,798) Net increase   in  cash and cash   equivalents 836 1,723 1,602 Effect of exchange rate fluctuations on cash held (127) (405) (199) Net   increase   in  cash   and   cash   equivalents 709 1,318 1,403 Cash and cash equivalents at the start of the period 10,614 9,211 9,211 Cash   and   cash   equivalents   at  the   end  of  the   period 11,323 10,529 10,614     UN-AUDITED CONDENSED CONSOLIDATED STATEMENT   OF CHANGES IN EQUITY       Share capital Share premium Translation reserve Reserve for own shares Cash flow hedging Reserve   Cost of hedging reserve Retained earnings   Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 29 March 2025 2,389 1,588 489 (1,407) 341 (119) 17,126 20,407                   Comprehensive income for the period - - - - -     2,041 2,041 Total  other comprehensive (expense) / income - - (114) - (168)   59 2,010 1,787 Total  contributions by and distributions to owners of the Group -   - - - -     - - - At 27 September 2025 2,389 1,588 375 (1,407) 173     (60) 21,177 24,235                         Share capital Share premium Translation reserve Reserve for own shares Cash flow hedging Reserve   Cost of hedging reserve Retained earnings   Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 30 March 2024 2,389 1,588 579 (1,407) 782 (246) 21,882 25,567                   Comprehensive expense for the period - - - - -   - (488) (488) Total  other comprehensive (expense) / income - - (160) - (255)   68 531 184 Total  contributions by and distributions to owners of the Group -   - - - -     - - - At 28 September 2024 2,389 1,588 419 (1,407) 527     (178) 21,925 25,263                         Share capital Share premium Translation reserve Reserve for own shares Cash flow hedging Reserve   Cost of hedging reserve Retained earnings   Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 30 March 2024 2,389 1,588 579 (1,407) 782 (246) 21,882 25,567                   Comprehensive expense for the period - - - - - - (5,269) (5,269) Total  other comprehensive (expense) / income - - (90) - (441)   127 509 105 Share - based payment charge - - - - -   - 4 4 Total  contributions by and distributions to owners of the Group -   - - - -     - - - At 29 March 2025 2,389 1,588 489 (1,407) 341     (119) 17,126 20,407                     NOTES TO THE CONDENSED CONSOLIDATED HALF YEAR STATEMENTS 1.     Basis of preparation James Cropper plc (the Company) is a public limited company incorporated and domiciled in the United Kingdom and listed on the Alternative Investment Market (AIM) market of the London Stock Exchange. The condensed consolidated half year financial statements of the Company for the twenty six weeks ended 27 September 2025, which have not been audited or reviewed, comprise the Company and its subsidiaries (together referred to as the Group). Basis of preparation The condensed consolidated financial statements for the 26-week periods ending 27 September 2025 and 28 September 2024 are unaudited and were approved by the Directors on 14 November 2025. They do not constitute statutory accounts as defined in s434 of the Companies Act 2006. The financial statements for the year ended 29 March 2025 were prepared in accordance with UK adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS and have been delivered to the Registrar of Companies. The report of the auditor on those financial statements was unqualified and did not draw attention to any matters by way of emphasis of matter. The Group's financial statements consolidate the financial statements of James Cropper plc and its subsidiaries.   Applicable standards These unaudited consolidated interim financial statements have been prepared in accordance with international accounting standards as adopted by the UK, under the historical cost convention except for the revaluation of certain financial instruments to fair value.  They have not been prepared in accordance with IAS 34, the application of which is not required to the interim financial statements of companies trading on the Alternative Investment Market (AIM companies).   The consolidated financial statements of the Group for the 52-week period ended 29 March 2025 are available upon request from the Company's registered office: Burneside Mills, Kendal, Cumbria, LA9 6PZ or at  www.jamescropper.com .   The half year financial information is presented in Sterling and all values are rounded to the nearest thousand pounds (£'000) except where otherwise indicated.   Going concern The Directors, at the time of approving these interim statements, have a reasonable expectation that the Group has adequate resources to continue in operational existence for at least 12 months from this reporting date.   For the interim going concern review, the Board has reviewed the Group's financial forecasts for the 18-month period ending 31 March 2027 against which a number of downside scenarios were modelled to assess headroom against facilities and impacts on bank covenants, which showed adequate headroom and no covenant breaches.   Following this review the Directors are satisfied that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the condensed consolidated financial statements.   Significant accounting policies The accounting policies applied by the Group in these condensed consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the 52-week period ended 29 March 2025.     2.     Accounting estimates and judgements The preparation of half year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements as at and for the 52-week period ended 29 March 2025. 3.     Risks and uncertainties The principal risks and uncertainties which may have the largest impact on performance in the second half of the year are the same as disclosed in the 2025 Annual Report on pages 42-45. The principal and emerging risks set out in the 2025 Annual Report were:   ·      Principal risks: health and safety; people; finance and treasury; market; customer; security of supply; IT systems and network security; input costs; and legal and regulatory;   ·      Emerging risks: extreme weather events; climate policy; net zero emissions; and raw material availability.   The Board considers that all principal risks and uncertainties set out in the 2025 annual report have not changed and remain relevant for the second half of the financial year.   4.     Alternative performance measures The Company uses alternative performance measures to allow users of the financial statements to gain a clearer understanding of the underlying performance of the business.   Profit before tax represents the Group's overall performance, however it contains significant non-operational items relating to exceptional items and IAS 19 that the directors believe make year-on-year comparison of performance challenging.   Measures used to evaluate business performance are 'Adjusted operating profit' (operating profit excluding the impact of IAS 19 and exceptional items) and 'Adjusted profit before tax' (profit before tax excluding the impact of IAS 19 and exceptional items). The alternative performance measures are reconciled in note 9.   The adjustment, which we refer to in these accounts as the "IAS 19 impact" represents the difference between the pension charge as calculated under IAS 19 and the cash contributions for the current service cost only as determined by the latest triennial valuation. The Directors consider that the adjusted pension charge better reflects the actual pension costs for ongoing service compared to the IAS 19 charge. This adjustment is made internally when we assess performance and is also used in the profit and earnings per share targets used in management incentive schemes. 5.     Earnings per share   26 week period ended 27 September 2025 26 week period ended 28 September 2024   52 week period ended 29 March  2025 Earnings / (loss) per share      - basic and diluted 21.4p (5.1)p (55.1)p Profit / (loss) for the period (£'000) 2,041 (488) (5,269) Weighted average number of shares   - basic and diluted 9,554,803 9,554,803 9,554,803 6.       Dividends The Directors are not proposing an interim dividend (H1 FY25: Nil).   7.     Retirement benefit obligations 26 week period ended 27 September 2025 26 week period ended 28 September 2024 52 week period ended 29 March 2025 £'000 £'000 £'000 Obligation brought forward (15,914) (17,293) (17,293) Expense recognised in the income statement (539) (561) (1,126) Contributions paid to the schemes 786 812 1,827 Actuarial gains recognised in Other Comprehensive Income 2,680 708 678 Obligation carried forward (12,987) (16,334) (15,914)   8.     Exceptional items   26 week period ended 27 September 2025 26 week period ended 28 September 2024 52 week period ended 29 March 2025   £'000 £'000 £'000 Included in operating profit / (loss): Restructuring costs (463) - - Impairment of property, plant and equipment - - (6,914) Impairment of right-of-use assets - - (315) Income from disposal of non-core Intellectual Property rights 1,465 - - Exceptional gain / (loss) 1,002 - (7,229)   9.     Alternative performance measures 26 week period ended 27 September 2025 26 week period ended 28 September 2024 52 week period ended 29 March 2025 £'000 £'000 £'000 Adjusted EBITDA 4,097 2,736 6,694 Depreciation and amortisation (1,420) (2,297) (4,086) Adjusted operating profit 2,677 439 2,608 Net IAS 19 pension adjustments - current service costs 39 36 25 Exceptional items 1,002 - (7,229) Operating profit / (loss) 3,718 475 (4,596)   26 week period ended 27 September 2025 26 week period ended 28 September 2024 52 week period ended 29 March 2025 £'000 £'000 £'000 Adjusted profit / (loss) before tax 2,115 (215) 1,345 Net IAS 19 pension adjustments   - current service costs 39 36 25   - finance costs (434) (427) (829) Exceptional items 1,002 - (7,229) Profit / (loss) before tax 2,722 (606) (6,688)     10.  Related parties There have been no significant changes in the nature of related party transactions in the period ended 27 September 2025 from that disclosed in the 2025 annual report. Statement of Directors' responsibilities The Directors confirm that these condensed consolidated interim financial statements have not been prepared in accordance with IAS 34 as adopted by the UK and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely: (i) An indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and (ii)Material related party transactions in the first six months and any material changes in the related party transactions described in the last Annual report. The Directors of James Cropper Plc are detailed on our Group website  www.jamescropper.com Forward-looking statements Sections of this half-yearly financial report may contain forward-looking statements with respect to the Group's plans and expectations relating to its future performance, results, strategic initiatives, objectives and financial position, including liquidity and capital resources. These forward-looking statements are not guarantees of future performance. By their very nature, all forward-looking statements involve risks and uncertainties because they relate to events that may or may not occur in the future and are or may be beyond the Group's control. Accordingly, the Group's actual results and financial condition may differ materially from those expressed or implied in any forward-looking statements. Forward-looking statements in this half-yearly financial report are current only as of the date on which such statements are made. The Group undertakes no obligation to update any forward-looking statements, save in respect of any requirement under applicable law or regulation. Nothing in this announcement shall be construed as a profit forecast.

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