James Cropper (CRPR) H2 2025 earnings summary

Executive summary

• Revenue declined 4% year-over-year to £99.3m, with Advanced Materials up 3% and Paper & Packaging down 7%.

• Adjusted EBITDA was stable at £6.7m, while adjusted profit before tax rose 77% to £1.3m.

• Net debt reduced by 17% to £12.9m, and net cash from operations increased to £7.6m.

• Leadership changes included a new CEO and board members, with a revised strategy focused on growth and profitability.

• No dividends will be paid through September 2026 to support strategic objectives.

Financial highlights

• Revenue: £99.3m (down from £103.0m in FY24).

• Adjusted EBITDA: £6.7m (up 1% year-over-year).

• Adjusted operating profit: £2.6m (up 32%).

• Adjusted profit before tax: £1.3m (up 77%).

• Net debt: £12.9m (down from £15.5m).

• Basic and diluted EPS: (55.1)p.

• Net cash from operating activities: £7.6m.

Outlook and guidance

• FY26 expected to deliver significant growth in Adjusted EBITDA.

• Advanced Materials forecasted for high single-digit revenue growth in FY26.

• Paper & Packaging expected to achieve run-rate Adjusted EBITDA breakeven in the final quarter of FY26.

• No dividends planned until at least September 2026.