3 August 2011 – AGM Statement

The opening quarter of the financial year has seen the group trade in line with expectations.    Strong recovery continues to be seen at James Cropper Speciality Papers although in Technical Fibres there are signs of a slowdown in the US.  The Converting business is also trading in line with expectations.  The recovery in Speciality Papers will offset any potential downturn in Technical Fibres and with a strong balance sheet the shares remain a BUY.