James Cropper (CRPR) investor relations material

Executive summary

• H1 FY27 revenue rose 18% YoY to £61.2m; Adjusted EBITDA increased 90% to £7.8m and adjusted profit before tax rose to £5.8m.

• Paper & Packaging returned to profitability, while Advanced Materials’ established-market growth offset expected weakness in Hydrogen Coatings.

• Refinancing and cash generation strengthened the balance sheet; the 5.0p-per-share interim dividend was reinstated and FY27 Adjusted EBITDA guidance was raised to £10.3m–£11.3m.

Financial highlights

• Revenue was £61.2m versus £51.8m; Adjusted EBITDA was £7.8m versus £4.1m.

• Adjusted profit before tax was £5.8m versus £2.1m; statutory profit before tax was £5.0m versus £2.7m, with H1 FY26 including a £1.0m net exceptional gain.

• Statutory operating profit rose to £5.9m from £3.7m; profit for the period was £3.75m versus £2.04m.

• Basic EPS increased to 39.8p from 21.6p; diluted EPS was 38.8p versus 21.6p.

• Net cash generated from operating activities was £6.8m versus £3.3m in H1 FY26.

Outlook and guidance

• FY27 revenue is expected to show mid-single-digit growth over FY26; Adjusted EBITDA guidance is £10.3m–£11.3m, 15–25% above FY26.

• Trading momentum after the period end remained strong and in line with expectations.

• Paper & Packaging is expected to deliver high-single-digit FY27 revenue growth and a mid-single-digit Adjusted EBITDA margin, with H2 returning to more normal seasonality.

• Advanced Materials H2 revenue and Adjusted EBITDA are expected to be similar to H1; FY27 year-end net debt is expected above H1 but below FY26 year-end.