JAMES Cropper has announced a ‘strong financial recovery’, including revenue growth for the group’s paper division.
Described as a ‘transformational’ year for the business, for the year ended 1 April 2023 revenue increased 24% to £129.7 million, driven by ‘high demand and retained contracts’.
Adjusted operating profit increased by 4% to £4.8 million despite ‘significant inflationary cost headwinds’.
The paper business has shown revenue growth of 25% to £88.2 million despite challenges including ‘unprecedented’ increases in raw material and energy prices, alongside a sales decrease in certain traditional volume areas, necessitating a ‘right-sizing’ of the business.
This streamlining is said to be part of the group’s repositioning to capitalise on growth opportunities, which includes reorganising three divisions into four market-facing segments under the group name; Creative Papers, Luxury Packaging, Technical Fibres and Future Energy.
Having led James Cropper’s transformation programme, Richard Bracewell has recently been appointed MD of Paper Products, responsible for the Creative Papers and Luxury Packaging segments. He said, “Today, the business is transitioning to an advanced materials and paper products group, committed to creating a greater global presence for James Cropper and better serving our existing and new customers.
“In particular, within Paper Products, we are focusing our offer on luxury packaging and premium creative papers where our customers really value our innovation, expertise and quality. The integration of Colourform into James Cropper Luxury Packaging will drive a unique and compelling proposition, building better efficiencies in our operating model and increasing relevance and scale in key markets.”
