13 Oct 2020 07:00
13 October 2020
LEI No. 213800QIPVTK5ES5UU36
Scapa Group plc
Period end update
Scapa Group plc (AIM: SCPA) is today providing an unaudited period end update for the six months ended 30 September 2020.
Further to the AGM statement of August 2020, Scapa Group has continued to track ahead of its COVID plan. Scapa now anticipates that FY21 H1 Group revenues will be ahead of the Board's expectations. Revenues for the Industrial division are expected to close c.22% less than prior year. In Healthcare, revenues are expected to be c.23% less than prior year (excluding ConvaTec)². As previously indicated, Scapa acted swiftly to implement structural costs changes across the business in response to the impact of the COVID-19 pandemic on the reduction in product demand, participated in various government assistance programs and ensured variable costs were closely managed to match.
H1 Statutory Basis | H1 Continuing Basis¹ | Change | ||||
£m | FY21 | FY20 | FY21 | FY20 | Statutory Basis | Continuing Basis¹ |
Healthcare Revenues² | 55.1 | 74.7 | 51.4 | 71.1 | -26.2% | -27.6% |
Industrial Revenues | 66.9 | 86.1 | 66.9 | 86.1 | -22.3% | -22.3% |
Scapa Group Revenues | 122.0 | 160.8 | 118.3 | 157.2 | -24.1% | -24.7% |
Working capital management remains strong, with adjusted net debt³ at the end of FY21 H1 of £21.8m (including net proceeds of £31.6m from the equity placement in May 2020), compared to the FY20 year-end position of £54.4m.
The combination of the better than anticipated business performance in FY21 H1, cost containment actions and continued improvement across both divisions has put the Group on a solid foundation as it enters FY21 H2. Further details on expectations for the full year trading performance will be provided with the interim results on 17 November 2020.
1 Group results before the impact of IFRS 15 provision release for the Systagenix acquisition
2 ConvaTec revenues in FY20 were £3.5m, excluding this the change versus prior year is 22.6% on a statutory basis
3 Adjusted net debt excludes the IFRS16 impact of lease liabilities
For further information:
Scapa Group plc | Heejae Chae - Group Chief Executive Oskar Zahn - Chief Financial Officer
| Tel: 0161 301 7430 |
Numis Securities Limited (Nominated Adviser/Joint Broker)
| Mark Lander, Freddie Barnfield | Tel: 020 7260 1000 |
Berenberg (Joint Broker)
| Chris Bowman, Toby Flaux
| Tel: 020 3207 7800 |
FTI Consulting (Media Relations)
| Simon Conway, Victoria Foster Mitchell | Tel: 020 3727 1000 |
About Scapa Group plc
Scapa Group plc is a diversified Healthcare and Industrial company focused on bringing best-in-class innovation, design and manufacturing solutions to its customers.
Healthcare
Scapa Healthcare is the trusted strategic partner of choice for the world's leading companies in Advanced Wound Care, Consumer Wellness and Medical Device Fixation. We partner with the top global MedTech companies to develop and manufacture innovative skin friendly medical device fixation and topical solutions, from inception through to market delivery, from our state-of-the-art facilities.
For further information, please visit www.scapahealthcare.com
Industrial
Scapa Industrial is a global supplier of bonding solutions and manufacturer of adhesive-based products which offer meaningful value in industrial applications due to their lightweight, easy-to-apply properties. We are recognised for our unparalleled range of products, including adhesive tapes, films and foams, and we can engineer custom designs for even the most unique applications.
For further information, please visit www.scapaindustrial.com