Scapa says trading profits ahead of last year
Scapa Group
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16:35 14/04/21
AIM-listed Scapa on Wednesday said group trading profits and margins were ahead of last year although adverse currency movements saw revenue down 3.4%.
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Healthcare revenue grew 0.2%, or 3.4% on a constant currency basis. The company said it anticipated tech transfers and new programs will 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," the company said.
"Our cash generation remains strong and the group ended the first six months with a net debt of £5.2m."
It added that it remained confident of strong progress for the year and anticipated profits would 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.