The Cumbrian manufacturer said its performance over the 18-week period ended 27 July 2024 showed recovery from the challenging market conditions experienced in the second half of FY24.
Trading is in line with the board’s expectations, albeit behind the performance seen over the same period last year where Advanced Materials fuel cell revenue was particularly strong, the company said.
New sales opportunities in the Advanced Materials business remain strong, where investment continues to be made in its hydrogen electrolyser business to build capacity to meet anticipated demand.
While the luxury packaging market remains soft, order intake levels in Paper and Packaging point to continuing recovery over the current financial year, where the business has secured some new key contracts.
The board said it remains confident in the mid-term prospects of both the Advanced Materials and Paper & Packaging business, and its full-year expectations remain unchanged.
James Cropper CEO Steve Adams said: “We have made a positive start to the financial year across both Advanced Materials and Paper & Packaging, with revenue run-rates and profitability improving against the performance seen during difficult market conditions in the second half of FY24.
“We continue to focus on adding value for our customers and remain resolute in the delivery of our accelerated growth strategy under our recently repositioned James Cropper branding.”
The trading update was released to coincide with James Cropper’s Annual General Meeting that was held this morning.
Shares in the business at 260p were unchanged on yesterday's close at the time of writing at lunchtime today but have fallen sharply over the course of the year from a high point of over 800p in January.
Separately, James Cropper has unveiled its latest sustainable offering for the drinks industry – tops and bases for inner bottle packaging made from moulded fibre. Specifically designed for the champagne and whisky market, the tops and bases are made from Colourform – the thermoformed, moulded fibre packaging innovation by James Cropper.
Made from bespoke moulds, the tops and bases fit the bottle shape exactly and are placed within rigid boxes to ensure perfect product protection.
Replacing traditional plastic and foam parts, the business said the advanced fibre products have been developed to support brands in getting ahead of the European Commission’s proposal to regulate packaging waste, which states that all packing shall be recyclable by 2030; and weight and volume of packing are reduced to the minimum necessary while still ensuring functionality.
Scott Jones, business development manager, Moulded Fibre at James Cropper, said: “The new tops and bases have been born out of our partnerships with luxury brands who share our vision for the highest quality packaging that never comprises on functionality or style.
“We are dedicated to inventing packaging that doesn’t cost the earth and helps brands and consumers have the very best product experience whilst contributing to a more sustainable future.”
The new tops and bases became available as of this month and will be offered in white, black, or bespoke shades on request. Customers can also choose to emboss or deboss a logo.
