Cropper (James)

CRPR · AIM · Basic Resources · mcap £65m · 680.0p

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Financials · LTM to 28 Mar 26

Source: results 15 Jul 26 ↗

Revenue: £103m
Operating profit: £5.9m
Net income: £2.9m
Free cash flow: £5.3m
Net debt: £8.1m
Market cap: £62.0m
EV / EBIT: 14.2×
FCF yield: +8.5%
Price / book: 2.5×

Latest half-year · H1 Sep 25 vs H1 Sep 24 results 17 Nov 25 ↗

Revenue: £51.8m
Operating profit: £3.7m
Net income: £2.0m
Cash from operations: £3.3m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest annual Latest interim

Final Results, published 15 Jul 26 · read the announcement ↗

Group Statement of Comprehensive Income

	52 week period to 28 March 2026 £'000	52 week period to 29 March 2025 £'000
Revenue	102,932	99,343
Expected credit loss provision	(90)	(83)
Other income	1,666	310
Changes in inventories of finished goods and work in progress	114	502
Raw materials and consumables used	(35,126)	(35,912)
Energy costs	(6,097)	(5,982)
Employee benefit costs	(32,492)	(32,709)
Depreciation and amortisation	(3,022)	(4,086)
Impairment of fixed assets	-	(7,229)
Other expenses	(21,980)	(18,750)
Operating profit/(loss)	5,905	(4,596)
Interest payable and similar charges	(2,033)	(2,093)
Interest receivable and similar income	14	1
Profit/(loss) before taxation	3,886	(6,688)
Tax (charge)/income	(982)	1,419
Profit/(loss) for the period	2,904	(5,269)
Earnings/(loss) per share - basic	30.8p	(55.9)p
Earnings/(loss) per share - diluted	30.8p	(55.9)p
Other Comprehensive Income
Profit/(loss) for the period	2,904	(5,269)
Items that are or may be reclassified to profit or loss
Exchange differences on translation of foreign operations	9	(90)
Cash flow hedges - effective portion of changes in fair value	(341)	(441)
Cash flow hedges - cost of hedging	119	127
Items that will never be reclassified to profit or loss
Retirement benefit liabilities - actuarial gains	1,439	678
Deferred tax expense on actuarial gains on retirement benefit liabilities	(360)	(169)
Other comprehensive income for the period	866	105
Total comprehensive income/(expense) for the period attributable to equity holders of the Company	3,770	(5,164)

Statement of Financial Position

	Group as at 28 March 2026 £'000	Group as at 29 March 2025 £'000
Assets
Goodwill	1,264	1,264
Intangible assets	1,421	819
Property, plant and equipment	18,280	19,445
Right-of-use assets	5,870	5,393
Other financial assets	-	-
Deferred tax assets	2,668	5,155
Total non-current assets	29,503	32,076
Inventories	15,879	15,284
Trade and other receivables	18,681	17,854
Provision for impairment	(686)	(596)
Other financial assets	-	384
Cash and cash equivalents	13,059	10,614
Corporation tax	461	1,466
Total current assets	47,394	45,006
Total assets	76,897	77,082
Liabilities
Trade and other payables	16,877	16,061
Provisions	534	-
Loans and borrowings	6,132	3,181
Total current liabilities	23,543	19,242
Long-term borrowings	14,979	20,322
Retirement benefit liabilities	14,025	15,914
Deferred tax liabilities	-	1,197
Total non-current liabilities	29,004	37,433
Total liabilities	52,547	56,675
Equity
Share capital	2,389	2,389
Share premium	1,588	1,588
Translation reserve	498	489
Reserve for own shares	(1,407)	(1,407)
Cash flow hedging reserve	-	341
Cost of hedging reserve	-	(119)
Retained earnings	21,282	17,126
Total shareholders' equity	24,350	20,407
Total equity and liabilities	76,897	77,082
James Cropper Plc
Statement of Group Cash Flows
Group Group
	2026	2025
£'000 £'000
Cash flows from operating activities
Profit/(loss) for the period	2,904	(5,269)
Adjustments for
Tax charge/(income)	982	(1,419)
Depreciation and amortisation	3,022	4,086
Impairment of property, plant and equipment	-	6,914
Impairment of right-of-use assets	-	315
Earn out adjustment on contingent consideration on business acquisition	-	(27)
Net IAS 19 pension adjustments within profit	(28)	(25)
Past service pension deficit payments	(1,284)	(1,505)
Foreign exchange differences	(187)	207
(Profit)/loss on disposal of fixed assets	(36)	4
Interest payable and similar charges	2,019	2,092
Share based payments	173	4
Purchase of emissions allowances	(2,204)	(268)
Surrender of emissions allowances	1,379	414
Changes in working capital
(Increase)/decrease in inventories	(592)	498
Increase in trade and other receivables	(436)	(573)
Increase in trade and other payables	685	1,873
Tax received	1,150	57
Net cash generated from operating activities	7,547	7,378
Cash flows from investing activities
Purchase of property, plant and equipment	(892)	(1,742)
Proceeds from the sale of property, plant and equipment	38	-
Contingent consideration on business acquisition paid	-	(1,236)
Net cash used in investing activities	(854)	(2,978)
Cash flows from financing activities
Repayment of borrowings	(2,256)	(499)
Repayment of lease liabilities	(1,109)	(1,338)
Interest paid	(884)	(961)
Interest received	14	-
Net cash used in financing activities	(4,235)	(2,798)
Net increase in cash and cash equivalents	2,458	1,602
Effects of exchange rate fluctuations on cash held	(13)	(199)
Net increase in cash and cash equivalents	2,445	1,403
Cash and cash equivalents at the start of the period	10,614	9,211
Cash and cash equivalents at the end of the period	13,059	10,614
James Cropper Plc Statement of Changes in Equity
At 30 March 2024	21,882	25,567
Comprehensive expense for the period	(5,269)	(5,269)
Total other comprehensive (expense)/income	509	105
Share-based payment charge	4	4
Total contributions by and distributions to owners of the Group	4	4
At 29 March 2025	17,126	20,407
Comprehensive income for the period	2,904	2,904
Total other comprehensive income/(expense)	1,079	866
Share-based payment charge	173	173
Total contributions by and distributions to owners of the Group	173	173

Half-year Results, published 17 Nov 25 · read the announcement ↗

UN-AUDITED CONSOLIDATED INCOME STATEMENT

	26 week period to 27 September 2025 £'000	26 week period to 28 September 2024 £'000	52 week period to 29 March 2025 £'000
Revenue	51,757	49,912	99,343
Expected credit loss provision	(174)	94	(83)
Other income	1,465	55	310
Changes in inventories of finished goods and work in progress	(68)	1,194	502
Raw materials and consumables used	(17,876)	(19,318)	(35,912)
Energy costs	(3,075)	(3,011)	(5,982)
Employee benefit costs	(16,652)	(16,376)	(32,709)
Depreciation and amortisation	(1,420)	(2,297)	(4,086)
Impairment of fixed assets	-	-	(7,229)
Other expenses	(10,239)	(9,778)	(18,750)
Operating profit / (loss)	3,718	475	(4,596)
Interest payable and similar charges	(996)	(1,082)	(2,093)
Interest receivable and similar income	-	1	1
Profit / (loss) before taxation	2,722	(606)	(6,688)
Tax (expense) / income	(681)	118	1,419
Profit / (loss) for the period	2,041	(488)	(5,269)
Earnings / (loss) per share - basic and diluted	21.4p	(5.1)p	(55.1)p

UN-AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	27 September 2025 £'000	28 September 2024 £'000	29 March 2025 £'000
Assets
Goodwill	1,264	1,264	1,264
Intangible assets	686	1,098	819
Property, plant and equipment	18,749	26,376	19,445
Right-of-use assets	5,092	5,563	5,393
Other financial asset	-	218	-
Deferred tax assets	4,171	5,160	5,155
Total non-current assets	29,962	39,679	32,076
Inventories	15,072	17,028	15,284
Trade and other receivables	18,395	16,611	17,854
Provision for impairment	(770)	(419)	(596)
Other financial assets	212	344	384
Cash and cash equivalents	11,323	10,529	10,614
Current tax assets	645	1,467	1,466
Total current assets	44,877	45,560	45,006
Total assets	74,839	85,239	77,082
Liabilities
Trade and other payables	14,218	17,221	16,061
Loans and borrowings	3,161	3,144	3,181
Total current liabilities	17,379	20,365	19,242
Long-term borrowings	18,673	20,505	20,322
Retirement benefit liabilities	12,987	16,334	15,914
Deferred tax liabilities	1,565	2,772	1,197
Total non-current liabilities	33,225	39,611	37,433
Total liabilities	50,604	59,976	56,675
Equity
Share capital	2,389	2,389	2,389
Share premium	1,588	1,588	1,588
Translation reserve	375	419	489
Reserve for own shares	(1,407)	(1,407)	(1,407)
Cash flow hedging reserve	173	527	341
Cost of hedging reserve	(60)	(178)	(119)
Retained earnings	21,177	21,925	17,126
Total shareholders' equity	24,235	25,263	20,407
Total equity and liabilities	74,839	85,239	77,082
UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
£'000 £'000 £'000
Cash flows from operating activities
Profit / (loss) for the period	2,041	(488)	(5,269)
Adjustments for
Tax expense / (income)	681	(118)	(1,419)
Depreciation and amortisation	1,420	2,297	4,086
Impairment of property, plant and equipment	-	-	6,914
Impairment of right-of-use assets	-	-	315
Earn out adjustment on contingent consideration on business acquisition	-	-	(27)
Net IAS 19 pension adjustments within Statement of comprehensive income	(39)	(36)	(25)
Past service pension deficit payments	(642)	(642)	(1,505)
Foreign exchange differences	(221)	318	207
Loss on disposal of property, plant and equipment	-	-	4
Net interest expense	996	1,082	2,092
Share based payments	-	-	4
Changes in working capital
Decrease / (increase) in inventories	203	(1,260)	498
(Increase) /decrease in trade and other receivables	(357)	824	(573)
(Decrease) / increase in trade and other payables	(1,641)	1,798	2,287
Tax received	822	59	57
Net cash generated from operating activities	3,263	3,834	7,646
Cash flows from investing activities
Purchase of intangible assets	-	-	(268)
Purchases of property, plant and equipment	(334)	(604)	(1,742)
Contingent consideration on business acquisition paid	-	-	(1,236)
Net cash used in investing activities	(334)	(604)	(3,246)
Cash flows from financing activities
Repayment of borrowings	(1,079)	(232)	(499)
Repayment of lease liabilities	(517)	(656)	(1,338)
Interest paid	(497)	(619)	(961)
Net cash used in financing activities	(2,093)	(1,507)	(2,798)
Net increase in cash and cash equivalents	836	1,723	1,602
Effect of exchange rate fluctuations on cash held	(127)	(405)	(199)
Net increase in cash and cash equivalents	709	1,318	1,403
Cash and cash equivalents at the start of the period	10,614	9,211	9,211
Cash and cash equivalents at the end of the period	11,323	10,529	10,614
UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 29 March 2025	(119)	17,126	20,407
Comprehensive income for the period	-	2,041	2,041
Total other comprehensive (expense) / income	59	2,010	1,787
Total contributions by and distributions to owners of the Group	-	-	-
At 27 September 2025	(60)	21,177	24,235
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 March 2024	(246)	21,882	25,567
Comprehensive expense for the period	-	(488)	(488)
Total other comprehensive (expense) / income	68	531	184
Total contributions by and distributions to owners of the Group	-	-	-
At 28 September 2024	(178)	21,925	25,263
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 March 2024	(246)	21,882	25,567
Comprehensive expense for the period	-	(5,269)	(5,269)
Total other comprehensive (expense) / income	127	509	105
Share - based payment charge	-	4	4

UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	26 week period to 27 September 2025 £'000	26 week period to 28 September 2024 £'000	52 week period to 29 March 2025 £'000
Cash flows from operating activities
Profit / (loss) for the period	2,041	(488)	(5,269)
Adjustments for
Tax expense / (income)	681	(118)	(1,419)
Depreciation and amortisation	1,420	2,297	4,086
Impairment of property, plant and equipment	-	-	6,914
Impairment of right-of-use assets	-	-	315
Earn out adjustment on contingent consideration on business acquisition	-	-	(27)
Net IAS 19 pension adjustments within Statement of comprehensive income	(39)	(36)	(25)
Past service pension deficit payments	(642)	(642)	(1,505)
Foreign exchange differences	(221)	318	207
Loss on disposal of property, plant and equipment	-	-	4
Net interest expense	996	1,082	2,092
Share based payments	-	-	4
Changes in working capital
Decrease / (increase) in inventories	203	(1,260)	498
(Increase) /decrease in trade and other receivables	(357)	824	(573)
(Decrease) / increase in trade and other payables	(1,641)	1,798	2,287
Tax received	822	59	57
Net cash generated from operating activities	3,263	3,834	7,646
Cash flows from investing activities
Purchase of intangible assets	-	-	(268)
Purchases of property, plant and equipment	(334)	(604)	(1,742)
Contingent consideration on business acquisition paid	-	-	(1,236)
Net cash used in investing activities	(334)	(604)	(3,246)
Cash flows from financing activities
Repayment of borrowings	(1,079)	(232)	(499)
Repayment of lease liabilities	(517)	(656)	(1,338)
Interest paid	(497)	(619)	(961)
Net cash used in financing activities	(2,093)	(1,507)	(2,798)
Net increase in cash and cash equivalents	836	1,723	1,602
Effect of exchange rate fluctuations on cash held	(127)	(405)	(199)
Net increase in cash and cash equivalents	709	1,318	1,403
Cash and cash equivalents at the start of the period	10,614	9,211	9,211
Cash and cash equivalents at the end of the period	11,323	10,529	10,614
UN-AUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 29 March 2025	(119)	17,126	20,407
Comprehensive income for the period	-	2,041	2,041
Total other comprehensive (expense) / income	59	2,010	1,787
Total contributions by and distributions to owners of the Group	-	-	-
At 27 September 2025	(60)	21,177	24,235
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 March 2024	(246)	21,882	25,567
Comprehensive expense for the period	-	(488)	(488)
Total other comprehensive (expense) / income	68	531	184
Total contributions by and distributions to owners of the Group	-	-	-
At 28 September 2024	(178)	21,925	25,263
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
At 30 March 2024	(246)	21,882	25,567
Comprehensive expense for the period	-	(5,269)	(5,269)
Total other comprehensive (expense) / income	127	509	105
Share - based payment charge	-	4	4
Total contributions by and distributions to owners of the Group	-	-	-
At 29 March 2025	(119)	17,126	20,407

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: FY Mar 26 (twelve months to 28 Mar 26), published 15 Jul 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	102.9	99.3
Adjusted EBITDA	8.9	6.7
Adjusted operating profit	5.9	2.6
Exceptional / adjusting items	(0.0)	(7.2)
Operating profit	5.9	(4.6)
Share-based payments	0.2	0.0
Operating profit to net income
Finance costs	(2.0)	(2.1)
Profit before tax	3.9	(6.7)
Tax	(1.0)	1.4
Net income (owners)	2.9	(5.3)
Per share
EPS basic	30.8p	(55.9p)
EPS diluted	30.8p	(55.9p)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	51.2	51.8	49.4	49.9
Adjusted EBITDA	4.8	4.1	4.0	2.7
Adjusted operating profit	3.2	2.7	2.2	0.4
Exceptional / adjusting items	(1.0)	1.0	(7.2)	0.0
Operating profit	2.2	3.7	(5.1)	0.5
Share-based payments	0.2	0.0	0.0	0.0
Operating profit to net income
Finance costs	(1.0)	(1.0)	(1.0)	(1.1)
Profit before tax	1.2	2.7	(6.1)	(0.6)
Tax	(0.3)	(0.7)	1.3	0.1
Net income (owners)	0.9	2.0	(4.8)	(0.5)
Per share
EPS basic	9.4p	21.4p	(50.8p)	(5.1p)
EPS diluted	9.4p	21.4p	(50.8p)	(5.1p)

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	7.5	7.4
Interest paid	(0.9)	(1.0)
Investing activities
Capex (PP&E)	(0.9)	(1.7)
Capex (intangibles)	–	(0.3)
Financing activities
Lease principal paid	(1.1)	(1.3)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	4.3	3.3	3.5	3.8
Interest paid	(0.4)	(0.5)	(0.3)	(0.6)
Investing activities
Capex (PP&E)	(0.6)	(0.3)	(1.1)	(0.6)
Capex (intangibles)	–	0.0	(0.3)	0.0
Financing activities
Lease principal paid	(0.6)	(0.5)	(0.7)	(0.7)

	FY Mar 26	FY Mar 25
Non-current assets
Goodwill	1.3	1.3
Other intangibles	1.4	0.8
Property, plant & equipment	18.3	19.4
Non-current assets	29.5	32.1
Current assets
Inventories	15.9	15.3
Trade receivables	18.7	17.9
Cash	13.1	10.6
Current assets	47.4	45.0
Total assets	76.9	77.1
Current liabilities
Trade payables	16.9	16.1
Borrowings, current	6.1	3.2
Current liabilities	23.5	19.2
Non-current liabilities
Borrowings, non-current	15.0	20.3
Pension surplus / (deficit)	(14.0)	(15.9)
Non-current liabilities	29.0	37.4
Total liabilities	52.5	56.7
Equity
Total equity	24.4	20.4
Net cash and other figures
Net cash / (debt) incl. leases	(8.1)	(12.9)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Non-current assets
Goodwill	1.3	1.3	1.3	1.3
Other intangibles	1.4	0.7	0.8	1.1
Property, plant & equipment	18.3	18.7	19.4	26.4
Non-current assets	29.5	30.0	32.1	39.7
Current assets
Inventories	15.9	15.1	15.3	17.0
Trade receivables	18.7	18.4	17.9	16.6
Cash	13.1	11.3	10.6	10.5
Current assets	47.4	44.9	45.0	45.6
Total assets	76.9	74.8	77.1	85.2
Current liabilities
Trade payables	16.9	14.2	16.1	17.2
Borrowings, current	6.1	3.2	3.2	3.1
Current liabilities	23.5	17.4	19.2	20.4
Non-current liabilities
Borrowings, non-current	15.0	18.7	20.3	20.5
Pension surplus / (deficit)	(14.0)	(13.0)	(15.9)	(16.3)
Non-current liabilities	29.0	33.2	37.4	39.6
Total liabilities	52.5	50.6	56.7	60.0
Equity
Total equity	24.4	24.2	20.4	25.3
Net cash and other figures
Net cash / (debt) incl. leases	(8.1)	–	(12.9)	–

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.