James Cropper - Strong first half performance; full-year expected to be ahead of current market expectations

Mark Watson-Mitchell - 20.10.2026

This morning, the £67m-capitalised James Cropper (LON:CRPR) has announced 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.

This positive outlook reflects operational improvements and continued momentum across the group.

The group's shares have enjoyed a substantial increase in price since the end of July, rising from 357p to the current 700p.

After this morning's Trading Update, I would expect an even higher price, but allow for some profit-taking along the way.

The Business

James Cropper 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 – and built upon 180 years of innovation, the Group serves a diverse range of customers with high-performance solutions tailored to specialised applications.

The Advanced Materials business develops cutting-edge nonwoven materials and electrochemical coatings for sectors including aerospace, clean energy, and defence.

The Paper & Packaging business offers premium creative papers and bespoke moulded fibre packaging together with leading recycled-fibre capabilities and products, supporting the transition to a circular economy.

Headquartered in Burneside (UK), with additional manufacturing sites in Crewe (UK), Launceston (UK), and Schenectady (USA), James Cropper leverages deep expertise in material science and longstanding partnerships with industry-leading businesses and brands to develop bespoke solutions that meet complex technical and aesthetic specifications.

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%.”

(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*)