REG - Cropper(James) PLC - Agreement of Bank Covenant Amendments

James CropperAnnouncement

14/06/2024 11:00

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RNS Number : 5280S  Cropper(James) PLC  14 June 2024

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14 June 2024

 

James Cropper plc

('James Cropper', the 'Company' or the 'Group')

 Agreement of Bank Covenant Amendments

 

James Cropper PLC (AIM: CRPR), the Advanced Materials and Paper &
Packaging group, is pleased to announce that it has agreed amendments to the
covenants on its UK banking facility with its lenders for the period up to and
including 31 December 2024, after which the covenants will revert to
previously agreed levels.

The Group announced on 30 April 2024 that it has continued to operate in
compliance with its banking covenants but was seeking temporary covenant
adjustments on its UK banking facility to ensure sufficient headroom is
retained going forwards. The Group's lenders have confirmed their support for
James Cropper and, recognising the trading conditions experienced in the
second half of FY2024, have agreed with the Group to amend the covenants
through to 31 December 2024. A further covenant relating to liquidity has been
agreed for the period to 31 December 2024.

The Group expects to announce its audited results for the year ended 30 March
2024 in July 2024.

ENDS

 Enquiries:

 James Cropper plc

 Andrew Goody, CFO

 Stephen Adams, CEO

 Tel: +44 (0)1539 818 202

 Shore Capital - (Nominated Adviser and Broker)

 Daniel Bush, David Coaten, Henry Willcocks, Lucy Bowden

 Tel: +44 (0)207 408 4090

 Buchanan Communications - Financial PR

 Chris Lane, Charles Ryland, Jamie Hooper, Verity Parker

 jamescropper@buchanancomms.co.uk

 Tel: +44 (0) 207 466 5000

 

 

Notes for editors:

 

James Cropper is a market leader in Advanced Materials and Paper Products,
centred around four market audiences: Future Energy, Technical
Fibres, Luxury Packaging and Creative Papers.

 

A purpose-led business, built upon six generations of the Cropper family,
James Cropper has a 500+ international workforce and an operational reach in
over 50 countries.

 

Established in 1845, the Group manufactures creative papers, luxury packaging
and advanced materials incorporating pioneering non-wovens and electrochemical
coatings.

 

James Cropper is a specialist provider of niche solutions tailored to a unique
customer specification, ranging from substrates and components in hydrogen
electrolysis and fuel cells to bespoke colours and textures in paper and
moulded fibre packaging designed to replace single use plastics.

 

The Group operates across multiple markets from luxury retail to renewable
energy. It is renowned globally for service, capability, pioneering and multi
award-winning commitment to the highest standards of sustainability.

 

James Cropper's goal is to be operationally net zero by 2030 and to reduce
carbon through its entire supply chain to net zero by 2050.

 

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