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James Cropper PLC on Wednesday said profit is ahead of expectations due to increased demand across all divisions and a particularly strong performance from Technical Fibre Products.
Shares in James Cropper were up 10% at 1,044.00 pence in London on Wednesday.
The Burneside Mills, England-based company reported a 36% increase in sales for the first quarter from the prior year. Demand for its three divisions is ahead of the prior-year quarter, it said, with particularly high demand and strong sales for TFP Hydrogen.
James Cropper's paper division performed profitably in the first quarter, due to price changes implemented to overcome the high energy costs incurred in the final quarter of the previous year. The Colourform division continued to win new contracts.
The company said profit is above expectations and significantly ahead year-on-year, which can be attributed to the strong performance of its TFP division.
Looking ahead, the paper division will expand its embossing and varnishing capabilities to meet the demand in the luxury packaging market in the third quarter of the current financial year. An additional operational line to extend TFP hydrogen capacity will be opened in the US by the end of the second quarter.
Chair Mark Cropper said: ‘We are pleased to report an excellent start to the financial year, with every division within the group outperforming the same period last year...With the market returning to more normalised growth conditions, the group's prospects remain very attractive and we look forward to making further progress in the year ahead.’
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