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10 Oct 2018 07:00
10 October 2018
LEI No. 213800QIPVTK5ES5UU36
Scapa Group plc ("Scapa" or "the Group")
Period end update
Scapa Group plc (AIM: SCPA) is today providing a period end update for the six months ended 30 September 2018.
Group trading profits* and margins are ahead of last year. Primarily due to the adverse currency movement against the equivalent period last year, revenue is down 3.4%.
Healthcare revenue grew 0.2% (3.4% on a constant currency basis). We anticipate the tech transfers and new programs will, as previously announced, start to benefit revenues during the second half of the year.
Industrial profit and margin improved on lower revenue, and we continue to make good progress toward the medium term margin target of 15%. The integration of Markel Industries is nearly complete and we expect the synergy benefit to come through during the second half of the year. We also announced the closure of our Liverpool facility in New York, USA.
Our cash generation remains strong and the Group ended the first six months with a net debt of £5.2m.
We remain confident of strong progress for the year and we anticipate the profit for the year will be in line with expectations, excluding the impact of the recently announced Gargrave healthcare transaction. Further details and the impact of this transaction will be included in the half year results which we expect to announce on 20 November 2018.
*Before exceptional items, amortisation of intangible assets and legacy pension costs and finance charges
Enquiries:
Scapa Group plc Heejae Chae - Chief Executive Oskar Zahn - Chief Financial Officer |
0161 301 7430 | |
Numis Securities Limited (Nominated Adviser) Mark Lander / Richard Thomas |
020 7260 1000 | |
Berenberg (Joint Broker) Chris Bowman
Weber Shandwick Nick Oborne |
020 3207 7800
020 7067 0721 |
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