- Materials and paper products company James Cropper warned it expected to report losses in the first three quarters of its fiscal year as the Covid-19 pandemic would have a negative effect on product demand across its businesses.

The company said, however, it expected performance to recover in the final quarter of the year.

In the first quarter to June 2020, the company said it expected to incur a large negative impact and it would be loss making.

'In the next two quarters, to December 2020, we expect still to see a negative effect and to continue to be loss-making, albeit with some recovery evident,' the company said. 'For the final quarter to March 2021, we expect progressive recovery towards a more normalised situation and the Company anticipates being back into profitability.'

James Cropper paper was likely to be the most affected of its divisions in the short term, as end markets had been directly impacted by the global lockdown, the company said.

'Given the high levels of uncertainty, we are not reasonably able to forecast the impact on our operations and financial performance for the current fiscal year,' it added. At 9:13am: [LON:CRPR] Cropper James PLC share price was -15p at 900p

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