British specialty paper and advanced materials manufacturer James Cropper has raised its full-year earnings outlook following stronger-than-expected first-half trading, driven primarily by improved performance in its Paper & Packaging division.
In a trading update issued October 20, the company said revenue growth and cost management contributed to results ahead of management expectations for the six months ended September 26, 2026.
The group now expects adjusted EBITDA of approximately £10.3 million to £11.3 million for the financial year ending March 27, 2027. This represents a 10% to 20% increase over previous market expectations of £9.4 million.
Paper & Packaging recovery gains momentum
The latest performance builds on operational improvements implemented across James Cropper's paper and packaging activities.
During the previous financial year, the division returned to positive EBITDA in the second half, following a period of financial pressure that included the loss of a major merchant customer.
For the full year ended March 28, 2026, James Cropper reported group revenue of £102.9 million, up 3.6%, while adjusted EBITDA increased 33% to £8.9 million. Net debt declined to £8.1 million.
The improved results reflected the group's strategy of restoring profitability in Paper & Packaging while expanding its Advanced Materials business and maintaining financial discipline.
James Cropper manufactures specialty papers for printing, packaging and creative applications, alongside moulded fibre packaging and recycled-fibre products. Its Advanced Materials division serves markets including hydrogen technologies and high-performance composites.
Stronger expectations for FY2027
Chief Executive Officer David Stirling welcomed the first-half performance, highlighting the contribution of the Paper & Packaging division.
The company attributed its progress to operational improvements and continued positive trading momentum across the group.
The revised outlook reflects both the first-half performance and management's assessment of conditions for the remainder of FY2027.
James Cropper has not yet disclosed detailed first-half revenue or divisional earnings figures. These are expected with the publication of its interim financial results in November 2026.
The October update nevertheless indicates that the recovery of its specialty paper and packaging operations is progressing more strongly than previously anticipated.
