IMPORTANT: This is NOT the current annual report, these results are for the year ended 1st April 2000 and are provide for reference only.

"In the Papermaking Division turnover was marginally down on increased volume with operating profit down by 7% on last year. During the year the price of pulp increased by more than one third and £ Sterling appreciated by a further 12% against the Euro. In the circumstances it is pleasing to report only a slightly lower operating profit, helped by further manufacturing efficiencies".

"The Converting Division has continued to improve its performance as expected through operational improvements producing higher margins".

"Technical Fibre Products has returned to profitability after the disappointing loss last year with sales from innovative product development accelerating in the last quarter. Our confidence that this business has an exciting future ahead of it has been borne out by its return to profitability and the recently announced agreement with Johnson Matthey on fuel cell development".

"The Group continues to enjoy strong positive cashflow leading to a further reduction in borrowings and gearing".

"Despite the difficult market conditions in papermaking generally, the Group is financially in good shape and benefiting from the move taken a number of years ago to develop the two new businesses of Converting Division and Technical Fibre Products, which are both growing strongly."

James Cropper, Chairman

Enquiries:
John Denman, Finance Director
Tel: 01539 722002

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