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Highlights
- In H1 FY24, CRPR delivered a profit before tax of £2.4 million, making a favorable turnaround from a loss before tax of £0.9 million in H1 FY23.
- The company reported a gross margin of 57.7% in H1FY24, outperforming the industry median of 44.5%.
- The company increased its interim dividend per share by 50% YoY in H1 FY24.
James Cropper PLC (LSE:CRPR) is an FTSE AIM All-Share index-listed company with a market cap of GBP 25.33 million. It produces paper, packaging, and advanced materials by using innovative non-woven and electrochemical coatings. It operates across several markets from luxury retail to renewable energy.
In the first half of the financial year 2024 (H1FY24), the company delivered a profit before tax of £2.4 million, making a favorable turnaround from a loss before tax of £0.9 million in H1 FY23. The profit was backed by enhanced margins, a decline in IAS 19 pension adjustments, and exceptional items. The company also increased its interim dividend per share by 50% YoY in the reporting period.
Further, the company reported a gross margin of 57.7% in H1FY24, outperforming the industry median of 44.5%. Its current ratio was also higher (2.85x) compared to the industry median of 1.31x. Moreover, CRPR’s net debt went down from £16.6 million at the end of FY23 to £13.3 million at the end of H1 FY24.
The company is expecting a recovery in volumes in paper and packaging and demand is anticipated to further recover throughout FY25.
Top 10 Shareholders
Approximately 42.37% of the total shareholding in the company is held by its top ten shareholders. Cropper (Mark Alexander James) holds the maximum number of shares with ~20.17% shareholding, followed by Liontrust Investment Partners LLP with ~13.05% shareholding, as depicted in the chart below:
Company outlook
CRPR has expanded its additional capacity for the Future Energy hydrogen offer and initiated investment in the next phase of expansion in UK electrolyzer manufacturing operations. Furthermore, the long-term prospects for the hydrogen business have improved, leading CRPR to expedite its progress on trials and specifications with proton exchange membrane ("PEM") electrolyzer OEMs. Overall, the company claims that it is well-equipped to achieve enhanced profitability in FY24.
Stock performance
Share price of CRPR has declined by ~12.69% in the last one month. Similarly, it has declined by around 64.09% over the last 6 months. The stock’s 52-week low and 52-week high stands at GBX 212.00 & GBX 960.00, respectively. It is currently trading lower than the average of its 52-week high-low.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 15 April 2024. The reference data in this report has been partly sourced from REFINITIV.
