StockMarketWire.com - Paper making company James Cropper annual profit slumped as the pandemic hurt demand in its paper divisions.

For the 52 weeks ended 27 March 2021, pre-tax profit fell to £1.7 million from £5.5 million year-on-year as revenue slipped 25% to £78.8 million.

'Revenue for the paper division fell by 32% in the period to £51.4m generating a small profit, prior to exceptional costs, of £0.4m compared to an operating profit of £3.4m in the prior period,' the company said.

No final dividend was proposed as part of cash preservation exercise against the impact of Covid-19, the company said.

James Cropper also announced the resignation of Martin Thompson, managing director of the technical fibre products division, currently planned for April 2022.

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