Cropper’s FY2018 adj. PBT of £5.8m marginally exceeded our £5.7m forecast on sales of £96.3m (£98.7m). A low tax charge meant adj. EPS of 56.8p (49.0p) were significantly ahead and the total dividend of 13.5p (14.0p) was 14.4% up YoY. TFP continues to be the main profit driver of the group. We have tweaked our forecasts to reflect higher pulp prices continuing to impact JCP and slower sales progression in 3DP. However, due to the positive longer-term cash flows w
26 Jun 2018
Long-term investment case intact
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Long-term investment case intact
James Cropper plc (CRPR:LON) | 295 0 0.0% | Mkt Cap: 28.2m
- Published:
26 Jun 2018 -
Author:
Robert Sanders -
Pages:
8
Cropper’s FY2018 adj. PBT of £5.8m marginally exceeded our £5.7m forecast on sales of £96.3m (£98.7m). A low tax charge meant adj. EPS of 56.8p (49.0p) were significantly ahead and the total dividend of 13.5p (14.0p) was 14.4% up YoY. TFP continues to be the main profit driver of the group. We have tweaked our forecasts to reflect higher pulp prices continuing to impact JCP and slower sales progression in 3DP. However, due to the positive longer-term cash flows w