James Cropper (CRPR) H2 2026 earnings summary

Executive summary

• Achieved a 4% increase in turnover for the year ended March 2026, with advanced materials driving most of the growth.

• FY26 marked the first year of a multi-year transformation, shifting from strategy development to disciplined execution, delivering results ahead of Board expectations.

• EBITDA rose by 33%, reflecting improved profitability and operational efficiency.

• Net debt reduced by nearly GBP 5 million, now below one times EBITDA, strengthening the balance sheet.

• Paper and packaging division returned to profitability in the second half, reversing prior losses.

Financial highlights

• Group revenue reached £102.9m, up 3.6% year-over-year; Advanced Materials grew 11.5%, Paper & Packaging declined 1%.

• Adjusted EBITDA increased by GBP 2.2 million (33%) year-over-year to £8.9m, 10% ahead of market expectations.

• Adjusted profit before tax increased by £3.4m to £4.7m; profit before tax was £3.9m, up £10.6m from FY25.

• Net assets increased by GBP 4 million; pension deficit reduced by GBP 2 million.

• Basic and diluted EPS improved to 30.8p from a loss of -55.9p.

Outlook and guidance

• Expecting further growth and profit in the current year, with momentum strongest in paper and packaging.

• FY27 outlook unchanged; lower Hydrogen Coatings activity expected, but medium-term growth outlook remains positive.

• Confidence in long-term value creation and a return to dividend payments as financial health improves.