James Cropper Appoints New Chairman as Profits Increase
By James Cropper Plc, PRNEMonday, June 21, 2010
KEELE, England, June 22, 2010 - James Cropper plc, the UK specialist paper-making and advanced materials
group, announced today that Mark Cropper has been appointed by the Board of
Directors to serve as Chairman. The 36 year-old, who will take over as
Chairman of the Cumbria based company on 28 July this year, will be the sixth
generation of the Cropper family to lead the 165-year-old business. He takes
over from his father, James Cropper, chairman since 1971.
The change at the top of one of Britain's oldest and most respected
manufacturers coincides with favourable full year results. James Cropper plc
has posted a pre-tax profit of GBP2.4 million compared to GBP0.9 million in
the previous financial year. The improvement reflects a strong performance by
James Cropper Speciality Papers, which recorded an Operating Profit of GBP3.4
million - the second highest in the firm's history - having recovered from an
Operating Loss of GBP0.3 million in the year before.
James Cropper, Chairman, said: "I am delighted by the strong result we
have delivered in challenging circumstances, which has allowed us to increase
our dividend and reduce gearing to nil at our year end. Furthermore, I am
confident that Speciality Papers' marketing led growth plans will progress
during the coming year. However, this division's short-term profitability is
currently being impacted by the upward movement in pulp prices. To offset
this, price increases are currently being agreed with customers although
these will not take effect immediately."
Cropper's advanced materials division, Technical Fibre
Products, meanwhile, weathered difficult trading conditions in the wake of
customer 'de-stocking' due to reduced economic activity. Turnover fell 14%
with Operating Profit down GBP0.8 million to GBP1.3 million, although
according to Mark Cropper TFP's sales to the aerospace, defence, security and
consumer electronics sectors will build strongly in the next 12 months, as
the impact of the recession on down stream customers begins to ease.
Mark Cropper said: "I am very fortunate to be taking over at a
genuinely exciting time in our company's history. We remain in good shape in
spite of the credit crunch, and I believe we can truly fly the flag for
independent British manufacturing as it reasserts itself in the coming
years".
Issued on behalf of the James Cropper Press Office by Michelle
Gomes. The James Cropper Press Office can be contacted on +44-(0)1782-443-080
or e-mail: michelle@theprfirm.co.uk
Issued on behalf of the James Cropper Press Office by Michelle Gomes. The James Cropper Press Office can be contacted on +44-(0)1782-443-080 or e-mail: michelle at theprfirm.co.uk
Tags: England, James Cropper Plc, June 22, Keele, United Kingdom