James Cropper (CRPR) H2 2026 earnings summary

Executive summary

• Achieved FY26 performance ahead of Board expectations, with improved profitability and a strengthened balance sheet driven by disciplined execution of a revised strategy.

• Advanced Materials delivered record revenues, while Paper & Packaging returned to EBITDA profitability in the second half, reflecting restructuring and operational improvements.

• Net debt reduced significantly, and a new debt finance facility was committed early in FY27, enhancing liquidity and flexibility.

Financial highlights

• Group revenue increased by 3.6% year-over-year to £102.9m; Adjusted EBITDA rose 33% to £8.9m.

• Adjusted profit before tax was £4.7m (up from £1.3m); statutory profit before tax was £3.9m (prior year: £-6.7m).

• Basic earnings per share improved to 30.8p from a loss of 55.9p; net debt reduced to £8.1m from £12.9m.

• Net debt to Adjusted EBITDA ratio improved to 0.9x from 1.9x.

Outlook and guidance

• Positive trading momentum into FY27, with a strong start underpinning Board expectations for the full year.

• Paper & Packaging shows positive momentum in operational improvement, supported by a strong order book.

• Advanced Materials expects a short-term revenue decline, mainly in Hydrogen Coatings, after a strong FY26.

• Focus remains on improving asset utilisation and product mix.