Scapa Group PLC Period end update (8234B)
13 Ottobre 2020 - 8:00AM
UK Regulatory
TIDMSCPA
RNS Number : 8234B
Scapa Group PLC
13 October 2020
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 Change
Basis(1)
Statutory Continuing
GBPm FY21 FY20 FY21 FY20 Basis Basis(1)
---------- --------- ------- ------- ---------- -----------
Healthcare Revenues(2) 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
debt(3) at the end of FY21 H1 of GBP21.8m (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 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 GBP3.5m, 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 Tel: 0161 301
Oskar Zahn - Chief Financial 7430
Officer
Numis Securities Limited Mark Lander, Freddie Barnfield Tel: 020 7260
(Nominated Adviser/Joint 1000
Broker)
------------------------------------ --------------
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
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