Annual Report 03/04

IMPORTANT: This is NOT the current annual report, these results are for the year ending 27th March 2004

Operating profit in Technical Fibre Products ("TFP") down 27% to £0.5m

• Margins on US sales dampened by weaker US$
• SARS affected sales in South East Asia
• Sales of fire retardant products to the USA up by 40%
• Investment in US based 50/50 JV Electro Fiber Technologies ("EFT") to manufacture metal-coated carbon fibres
• Continued progress on fuel cell component development

Operating profit in Paper down 62% to £0.4

• Raw material costs adversely affected by stronger Euro.
• SARS affected sales in South East Asia
• Sales into Europe depressed
• Four new Paper Mill Shop outlets opened during the year

Operating profit in Converting down 28% to £0.4m

• Margins on US sales dampened by weaker US$
• UK display board market very competitive

"I am pleased to report that Group Profit before Taxation recovered in the second half from £95,000 at the half year to £785,000 for the full year".

"The Board has decided to maintain its policy of progressive dividend increases with a 4.0% overall increase on last year with a final dividend of 5.9p, making the total dividend 7.8p compared to 7.5p in 2003. This is to reflect the improved operating conditions in the second half year and the Group's longer-term growth plans".

"The investment in EFT secures supply of metal-coated carbon fibre materials and could lead to significant sales potential in the future".

"I am confident that each Division's long-term strategy will be achieved and that the Group as a whole will rise to the inevitable challenges that lay ahead and continue to reward shareholders through progressive increases in dividends".
James Cropper, Chairman

Enquiries:
Alun Lewis, Chief Executive
John Denman, Group Finance Director
James Cropper PLC
01539 722002

Alan Cooke
Citigate Dewe Rogerson
0121 455 8370
07767 771533

(Briefing papers can be found in our Briefings Section of the web site)

Download PDF version of the complete Annual Results for the year ending 27th March 2004 (118Kb)
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