Scapa Group PLC Period end update (2061P)
09 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMSCPA
RNS Number : 2061P
Scapa Group PLC
09 October 2019
9 October 2019
LEI No. 213800QIPVTK5ES5UU36
Scapa Group plc
Period end update
Scapa Group plc (AIM: SCPA) is today providing a period end
update for the six months ended 30 September 2019.
The Group's trading performance for this period is in line with
the Board's expectations. On a statutory basis, revenues grew 14.3%
(10.4% on a constant currency basis) predominantly driven by
Healthcare and the full period effect of the Systagenix technology
transfer. Statutory group trading profits reflect the impact of the
loss of the ConvaTec contract and are expected to be approximately
17.0% below last year.
Organic Growth
(excl Syst(3) &
H1 Statutory Basis H1 Continuing Basis(2) CVT )
------------------------- ------------------------- -------------------------
Growth Growth Growth
Growth (constant Growth (constant Growth (constant
(reported) FX) (reported) FX) (reported) FX)
------------ ----------- ------------ ----------- ------------ -----------
Healthcare Revenues 29.2% 22.7% 23.0% 16.7% 4.6% -0.4%
Industrial Revenues 3.9% 1.5% 3.9% 1.5% 3.9% 1.5%
Scapa Group Revenues 14.3% 10.4% 11.7% 7.9% 4.1% 0.8%
Healthcare revenues on a continuing basis are 23.0% ahead of
last year (16.7% on a constant currency basis), despite the loss of
ConvaTec volumes. On an organic report basis, revenues grew 4.6%,
but were broadly flat on constant currency. We anticipate that the
second half of the year will benefit from a strong pipeline of new
products and technology transfers from new and existing customers.
The cost-out related to restructuring of our footprint is in line
with expectations.
Industrial revenues increased 3.9% (1.5% on a constant currency
basis) despite strong market headwinds, particularly in the
automotive sector. We expect the market-wide challenges to
continue.
Adjusted net debt at GBP49.0m reflects the continuing strong
cash generation of the Group.
The Board considers Scapa to be well positioned to make further
progress against its strategic, operational and financial
objectives and remains confident in the Group's outlook.
(1) Trading profit is before exceptional items, acquisition
costs, amortisation of intangible assets and legacy pension
costs
(2) Excluding IFRS 15 provision release. A contract liability
provision was created as a result of the acquisition of Systagenix
in line with the requirements of IFRS 15 and this is excluded on a
'continuing' basis as it represents a non-cash item. This provision
will be released on a straight-line basis over a five-year period,
in line with the exclusive supply contract
(3) Systagenix
ConvaTec
Adjusted net debt excludes the GBP12.0m temporary finance lease
for Knoxville site and the impact of IFRS16
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
------------------------------------ --------------
FTI Consulting Brett Pollard, Victoria Foster Tel: 020 3727
(Media Relations) Mitchell 1000
------------------------------------ --------------
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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END
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