News blog
James Cropper
- BY: Andrew Hore |
- POSTED: 29/07/2009 |
Paper and speciality fibres manufacturer James Cropper has made a better start to this financial year than its previous one.
Volumes have fallen by 12% at the speciality paper business but its financial performance continues to improve in the first quarter. This recovery should continue even though pulp prices are edging up. The loss of the Paper Mill Shop retail business is less than expected.
However, technical fibre products has been hit by destocking. This should be a short-term thing and demand is still rising from core sectors such as aerospace and security.
A stronger second half performance from the loss-making speciality papers business and technical fibre products meant that Cropper reported a profit of £858,000 in the year to March 2009. This prompted Cropper to pay a 4p a share final dividend taking the total for the year to 5.1p a share, compared with 7.3p a share the year before.
At 106p a share, Cropper is valued at £8.98m and the dividend yield is just under 5%.
Net debt was £4.45m at the end of March 2009. Higher capital spending means that borrowings will increase later in the year.
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