James Cropper plc (LON:CRPR), the Advanced Materials and Paper & Packaging group, has announced its audited results for the year ended 28 March 2026.
Financial highlights
| Group | FY26 | FY25 | Change |
| Revenue | £102.9m | £99.3m | +3.6% |
| Adjusted1 EBITDA | £8.9m | £6.7m | +33.0% |
| Adjusted1 Profit Before Tax | £4.7m | £1.3m | +£3.4m |
| Statutory Profit / (Loss) Before Tax | £3.9m | £(6.7)m | +£10.6m |
| Basic Earnings / (Loss) Per Share | 30.8p | (55.9)p | +86.7p |
| Net Debt | £8.1m | £12.9m | -£4.8m |
| Net Debt: Adjusted1 EBITDA ratio | 0.9x | 1.9x | -1.0x |
| Advanced Materials | |||
| Revenue | £39.8m | £35.7m | +11.5% |
| Adjusted1 EBITDA | £11.4m | £10.6m | +7.0% |
| Paper & Packaging | |||
| Revenue | £63.1m | £63.7m | -0.9% |
| Adjusted1 EBITDA | £(0.5)m | £(2.1)m | +£1.6m |
Strategic and operational highlights
· Delivered FY26 performance ahead of the Board’s expectations, reflecting disciplined execution of the Group’s revised strategy.
· Advanced Materials:
o Record revenues, with sales increasing 11.5% to £39.8m, supported by strong customer-specific growth and demand in Hydrogen Coatings.
o Launched UNIMAT®, an aligned nonwoven fibre mat designed to enable recycled fibres to be used in high-performing composite materials.
· Paper & Packaging:
o Consistent revenue despite a significant customer loss with a return to EBITDA profitability in the second half, reflecting progress from restructuring, cost reduction, raw material utilisation and energy efficiency initiatives.
o Launched Coloursource® premium papers with Winter & Co, maintaining customer access to coloured paper ranges and supporting the Paper & Packaging recovery strategy.
· Operational and overhead cost base reset during the year, including restructuring of support functions and the move to a 5-day manufacturing shift pattern in Paper & Packaging.
· Balance sheet materially strengthened, with net debt reduced from £12.9m to £8.1m, net debt to Adjusted EBITDA improved to 0.9x, and a new debt finance facility committed early in FY27.
Current trading and outlook
· Trading momentum into FY27 has been positive with a strong start in the first quarter underpinning the Board’s expectations for the full year.
o In Paper & Packaging the Group has positive momentum in its operational improvement programme, supported by a strong order book.
o In Advanced Materials, the Group remains confident in the medium-term opportunity, with an expected short-term decline in Business Unit Revenues, primarily related to revenues in Hydrogen Coatings following a strong performance in FY26.
· The Group remains focused on improving asset utilisation and product mix in accordance with our previously communicated plan.
· The strengthened balance sheet, disciplined approach to capital allocation and the recently agreed refinancing provide a strong platform for continued execution of the Group’s strategy.
Commenting on the full year results, James Cropper CEO David Stirling said:
“I am pleased at the progress being made, particularly on strengthening our Balance Sheet and the significant positive momentum in Paper & Packaging, which we expect to continue into the current year. We also delivered ahead of our revenue expectations in Advanced Materials in the year. Our challenges are to maintain the financial discipline shown within the business and to build a platform for future growth which is supported by a solid operational base and strong business development pipeline.”
1 Adjusted figures exclude the impact of IAS 19 in respect of the Group’s defined benefit pension scheme and exceptional items (per note 9 of this announcement).
