Scapa Q1 revenues 'well ahead' of expectations
Healthcare and industrial company Scapa delivered first-quarter revenues well ahead of its Covid-19 scenario plan on Friday.
Scapa added that trading in both its divisions had continued to improve during the second quarter after having acted "swiftly" to implement structural costs changes across the business in response to a reduction in product demand stemming from the pandemic, as well as ensuring variable costs were closely managed to match the new demand levels.
The AIM-listed firm said working capital management remained strong, with adjusted net debt of £18.4m at the end of the quarter - a marked improvement on its 2020 year-end position of £54.4m.
Scapa also said the combination of its better-than-anticipated business performance so far in the 2021 trading year, early cost intervention measures and continued improvement across both divisions meant its outlook on full-year trading profit was now trending "approximately 10% ahead of market expectations".
As of 0825 BST, Scapa shares were up 17.48% at 107.62p.