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James Cropper (CRPR) investor relations material
James Cropper H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary19 Nov, 2025
Executive summary
Revenue grew 3.7% year-over-year to £51.8m in H1 FY26, with significant improvement in profitability and cash generation.
Two main divisions: Paper and Packaging (70% of revenue) and Advanced Materials (30%).
Strategic priorities include growing Advanced Materials, returning Paper and Packaging to profitability, and reducing debt.
Significant progress made on all three priorities in the first half.
No interim dividend is proposed, with capital allocation focused on long-term value creation.
Financial highlights
Adjusted EBITDA rose 51.9% to £4.1m, and statutory profit before tax reached £2.7m, up from a £0.6m loss in H1 FY25.
Group revenue just over £50 million, similar to previous year.
Adjusted profit before tax improved by £2.3 million year-over-year.
Net debt reduced to £10.5m from £13.1m year-over-year, and net debt to adjusted EBITDA improved to 1.3x from 3.3x.
Earnings per share increased to 21.4p from a loss of 5.1p per share in H1 FY25.
Outlook and guidance
Trading remains robust post-period in both business units.
Full-year revenue expected to be similar to FY25, with significant growth in adjusted EBITDA versus prior year.
Paper & Packaging targets break-even run-rate adjusted EBITDA in the final quarter of FY26.
Advanced Materials aims for underlying double-digit revenue growth over the longer term.
Market forecast for EBITDA to increase by 20% to £8 million for the year.
Advanced Materials double-digit growth drivers?
P&P customer loss offset strategy?
H2 capital expenditure plans?
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