Scapa Group PLC AGM and Q1 trading statement (4230V)
07 Agosto 2020 - 8:00AM
UK Regulatory
TIDMSCPA
RNS Number : 4230V
Scapa Group PLC
07 August 2020
7 August 2020
LEI No. 213800QIPVTK5ES5UU36
Scapa Group plc
AGM and Q1 trading statement
AGM
Scapa Group plc (AIM: SCPA) is holding its Annual General
Meeting (AGM) at 10:00am today. As stated in the Notice of AGM,
this year's AGM is a closed meeting due to COVID-19 restrictions in
place. While shareholders are unable to attend in person, they are
able to submit questions pertaining to the AGM business via
investors@scapa.com . The results of the AGM will be published
later today.
Q1 Trading Update
Scapa has delivered FY21 Q1 revenues in the three months to 30
June 2020 well ahead of its COVID-19 scenario plan. Trading in both
divisions has also continued to improve into FY21 Q2 to date. 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, as well as ensuring variable costs
were closely managed to match the new demand levels.
Working capital management remains strong, with adjusted net
debt(1) at the end of FY21 Q1 of GBP18.4m (including net proceeds
of GBP31.6m from the equity placement in May 2020), compared to the
FY20 year-end position of GBP54.4m.
The combination of the better than anticipated business
performance in FY21 to date, early cost intervention measures and
continued improvement across both divisions mean the Group's
outlook on full year trading profit is trending approximately 10%
ahead of market expectations.
(1) Adjusted net debt excludes the IFRS16 impact of lease
liabilities
For further information:
Scapa Group plc Heejae Chae - Group Chief Executive Tel: 0161 301
Oskar Zahn - Chief Financial 7430
Officer
Numis Securities Limited Mark Lander, Freddie Barnfield Tel: 020 7260
(Nominated Adviser/Joint 1000
Broker)
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Berenberg Chris Bowman, Toby Flaux Tel: 020 3207
(Joint Broker) 7800
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FTI Consulting Simon Conway, Victoria Foster Tel: 020 3727
(Media Relations) Mitchell 1000
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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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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