James Cropper (CRPR) H1 2025 earnings summary

Executive summary

• Group revenue for H1 FY25 was £49.9m, up 7% sequentially from H2 FY24 but down 11.7% year-over-year due to prior elevated fuel cell revenue and supply chain issues in Paper & Packaging.

• Adjusted operating profit was £0.4m, an improvement of £1.4m over H2 FY24 but £2.6m below H1 FY24, reflecting lower revenue and higher input costs, partially offset by margin growth in Advanced Materials and cost control.

• Statutory loss before tax was £0.6m (H1 FY24: profit of £2.4m); loss per share was 5.1p (H1 FY24: EPS 19.4p); no interim dividend declared.

• Net debt improved to £13.1m from £15.5m at year-end, with capital expenditure reduced to £0.6m.

• David Stirling will succeed Steve Adams as CEO in early 2025.

Financial highlights

• Group revenue: £49.9m (H1 FY24: £56.5m; H2 FY24: £46.6m).

• Adjusted operating profit: £0.4m (H1 FY24: £3.0m).

• Adjusted loss before tax: £0.2m (H1 FY24: adjusted profit before tax £2.4m).

• Statutory loss before tax: £0.6m (H1 FY24: profit before tax £2.4m).

• Net borrowings: £13.1m (H1 FY24: £13.3m; FY24 year-end: £15.5m).

Outlook and guidance

• Advanced Materials revenue momentum expected to continue in H2 FY25, with strong outlook in aerospace, defence, construction, and hydrogen PEM electrolyser.

• Paper & Packaging faces ongoing challenges, especially in luxury packaging and photographic board sectors, with full-year revenue and adjusted profit before tax expected to be broadly in line with FY24.

• Medium-term performance expectations remain unchanged; robust cost controls and cash management to continue.