James Cropper – Interims to confirm ongoing corporate strength and expectation-beating performance, shares up 325% in 15 months, time now for caution?
Mark Watson-Mitchell - 29.10.2026
On Friday, 18th July last year, I profiled the James Cropper (LON:CRPR) group, with its shares then at 255p – since then they have shown excellent performance in both price and profits.
This evening they are closing up another 15p better at 830p, showing a magnificent 325% gain in the last fifteen months.
In early July this year I reiterated my views on the group, when its shares were just 385p, clearly stating that I considered that its shares were well worth tucking away.
Now – I am by nature an optimist and always try to look for the best in what I see, but I have long since learned not to get carried away!
The big question now is whether that impressive growth will continue – or will its Interim Results due in two weeks (11th) start to temper the market’s demand for the specialist materials group’s shares?
I remain a strong fan of the company, however, my thoughts are that there will be a measure of new analysis upon the first-half figures, with a sensible calming in any subsequent re-ratings.
The Business
Based in Burneside, the £80m-capitalised group is globally recognised for its specialist capabilities in the design and manufacture of advanced materials and paper products.
Operating through two principal businesses—Advanced Materials and Paper & Packaging - the Group serves a diverse range of customers with high-performance solutions tailored to specialised applications.
THE ADVANCED MATERIALS BUSINESS is at the forefront of materials science, developing state-of-the-art nonwoven materials and electrochemical coatings, which are supplied to leading innovative equipment manufacturers globally from four locations in Burneside (UK), Crewe (UK), Launceston (UK) and Schenectady (USA).
THE PAPER & PACKAGING BUSINESS develops and manufactures bespoke creative papers and luxury packaging incorporating industry-leading thermoformed fibre solutions, innovative recycled fibre capabilities and colour expertise, which are supplied to some of the world’s most well-known and prestigious global brands, creative paper merchants, printers and publishers from its base in Burneside (UK).
Latest Update
On Tuesday, 20th October, the group announced that it had a strong first-half performance for FY27, with trading exceeding expectations primarily due to the Paper & Packaging business's revenue growth and cost management.
Consequently, the company now anticipates full-year Adjusted EBITDA to be between 10% and 20% above current market expectations of £9.4m, projecting a range of £10.3m to £11.3m.
That positive outlook reflects operational improvements and continued momentum across the group.
Management Comment
CEO David Stirling stated that:
“We are pleased with the Group’s strong performance during the first half of the year, and particularly the contribution by Paper & Packaging.
The progress reflects the benefits of the actions we have taken to improve operational performance alongside continued positive momentum across the Group.
As a result, our expectations for full-year Adjusted EBITDA have increased by 10-20%.”
The Equity
There are some 9.55m shares in issue.
The larger holders include Mark Cropper (25.11%), Liontrust Investment Partners LLP (11.96%), Unicorn Asset Management (3.14%), Estate of James Cropper (1.09%), Jemima Cropper (1.09%), Patrick Willink (0.65%), Acland Family (0.55%), River Global Investments LLP (0.51%), Jon Yeung (0.21%) and David Stirling (0.14%).
Broker Views
Analysts Caroline de La Soujeole and Henry Carver, at Singer Capital Markets, have a Buy rating on the group’s shares, with a recently increased Target Price of 890p.
For the year to end-March 2027, they look for £106.8m (£102.9m) sales, with adjusted pre-tax profits of £6.1m (£4.7m), lifting earnings to 54.7p (39.7p) per share.
For the 2028 year they see £108.6m revenues, £7.1m profits, with earnings of 63.6p per share.
The 2029 year, they suggest, could show £113.3m turnover, £8.3m profits and 68.3p of earnings per share.
My View
This has been something of a ‘wonder stock’ in the last year or so – but will its share price strength continue at the recent frenetic pace?
Is it now time to draw breath and let others take the lead on pushing the shares forward?
(Profile 18.07.25 @ 255p set a Target Price of 315p*)
(Profile 11.11.25 @ 300p set a Target Price of 375p*)
(Profile 17.11.25 @ 330p set a Target Price of 400p*)
(Profile 07.07.26 @ 385p set a Target Price of 480p*)
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