15 December 2015
For immediate release
James Cropper plc ('James Cropper' or the 'Company')
Update re Storm Desmond
Further to the announcement of 8th December 2015, the board of James Cropper is pleased to provide the following update on progress made recovering from the effects of Storm Desmond.
The clean-up operation is now close to completion and utilities have been fully restored to the majority of the Burneside operation. The deployment of emergency procedures minimised the disruption allowing some manufacturing to remain fully operational. Production of paper products resumed fully last week and TFP production has been partly restored with full resumption expected in early January 2016.
In terms of the impact on profits, the board currently expects, taking into account the excess limits on the relevant insurance policies, that there will be a one-off exceptional cost relating to Storm Desmond of approximately £1 million in the year ending 2nd April 2016. Aside from this exceptional item, the board expects the company's performance for the year to 2nd April 2016 to reflect its expectations as they were prior to the storm.
Commenting on the speedy recovery at Burneside, Phil Wild, CEO said:
"I am delighted that we have been able to restart so much of our Burneside operations so quickly. This is testament to the preventative procedures and the outstanding commitment of our staff, who have put in so much effort over the last week and to whom I am most grateful."
Enquiries:
James Cropper plc (Aim:CRPR) Phil Wild, Group CEO www.cropper.com |
01539 722002 |
Westhouse Securities Limited Robert Finlay, Richard Johnson Henry Willcocks www.westhousesecurities.com |
020 7601 6100 |
