**Summary**
James Cropper plc, a leading Advanced Materials and Paper & Packaging group, released an AGM trading update on September 3, 2025, highlighting positive performance for the 18-week period ended August 2, 2025. The company reported results slightly ahead of expectations in both divisions, driven by progress in executing its updated strategy announced in June 2025. Key achievements include disciplined cash management, a £1.2 million net receipt from non-core asset sales, and a reduction in net debt to £10.3 million (down from £12.9 million in March 2025 and £5.0 million lower year-on-year). The Board expressed confidence in achieving significant Adjusted EBITDA growth for the full year ending March 2026, with ongoing strategic rollouts expected to enhance mid-term prospects for both business segments. CEO David Stirling emphasized progress on sales growth in Advanced Materials, profitability improvements in Paper & Packaging, and maintaining leverage below 2x EBITDA, underscoring the company’s focus on long-term shareholder value creation.
**Key Points**
1. Performance ahead of expectations in both divisions.
2. Net debt reduced to £10.3 million through disciplined cash management and asset sales.
3. Confidence in significant Adjusted EBITDA growth for FY26.
4. Strategic focus on sales growthprofitabilityand leverage management.
5. Continued execution of revised strategy to drive mid-term growth.