Gulf starts at Sheikh Adi-2 25/05/2012
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Cropper clipped on energy fears
James Cropper surrendered 12.5p in early dealings today, despite news of a 126 per cent profits leap last year, after the board warned rising energy and pulp costs would depress paper making profits in the current year.
Pre-tax profits rocketed from £800,000 to £1.8 million in the year ending 2 April, as turnover moved 11 per cent north to £64.6 million at the Cumbria-based firm. All divisions traded profitably as the group’s recovery continued into the second half.
Finance director John Denman said the profits improvement was scored in the face of unrelenting increases in the cost of crude oil, natural gas and wholesale electricity. The cost of energy consumption grew by 28 per cent last year to £2.7 million – although the company had been over cautious with projections on natural gas cost hikes at the interim, analysts still expect natural gas costs to rise further this year.
Although US sales were up in all divisions last year, margins and therefore profits from both the technical fibre products and display-board making divisions were hit by the weak dollar.
The paper division put in a stellar performance, however, lifting operating profits by a staggering 300 per cent to £1.7 million as sales advanced by 11 per cent. Business was buoyant in the packaging, business and industrial paper sectors, reflecting growth in the UK, US and China.
Denman is very cautious about the current year, stating that rising energy and pulp costs ‘are likely to depress profitability of James Cropper Speciality Papers to below the levels achieved in the past year’.
Shares in James Cropper reversed by 12.5p in early dealings to 213.5p, valuing the company at £18.9 million.
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