James Cropper shares jumped on Tuesday after announcing full-year performance comfortably ahead of market expectations, with adjusted EBITDA of £8.8 million for the year to 28 March 2026
Adjusted EBITDA was roughly 10% above consensus and more than 30% ahead of the prior year’s £6.67 million.
James Cropper shares reacted positively to the news, rising 17% in early trade.
Group revenue rose approximately 4% to £103 million, with Advanced Materials the standout performer, delivering low double-digit revenue growth and high single-digit EBITDA growth even as the division increased investment in operational costs to support medium-term expansion.
Paper & Packaging held revenue broadly flat despite the previously reported loss of a significant merchant customer, while EBITDA losses narrowed significantly across the year. Notably, the division moved into EBITDA profit in the second half.
Strong underlying performance helped strengthen the balance sheet, with Net debt falling to £8.3 million from £12.9 million, well ahead of expectations, bringing the net debt-to-EBITDA ratio below 1x, down from 1.9x a year earlier.
Encouragingly for investors, trading momentum has carried into the new financial year, with the board’s operational improvement programme tracking to plan.
David Stirling, Chief Executive Officer, said: “I am pleased to report a good performance in what remains a cautious and uncertain market environment. We have made structured progress in stabilising the business, which is reflected in the robust EBITDA and cash generated in the year. We remain confident in the medium-term outlook and are focused on maintaining a balanced approach, positioning the Group to benefit as conditions improve.”
On the outlook, the company reaffirmed its medium-term expectation of underlying double-digit growth in Advanced Materials, though near-term performance will depend on customer demand patterns and broader market conditions.