26th Nov 2013 09:35
LONDON (Alliance News) - Scapa Group PLC Tuesday said its pretax profit increased 21% in its first half as sales rose significantly across the company's operations.
The manufacturer of bonding materials and solutions said pretax profit rose to GBP5.8 million for the six months ended September 30 from GBP4.8 million the previous year.
The company said revenue increased 8.1% to GBP111.6 million from GBP103.2 million. Revenue at the company's healthcare operations increased 15% to GBP32.3 million from GBP28.0 million. Industrial division revenue rose 5.6% to GBP73.8 million from GBP69.9 million, and the company's electronics operations saw revenue gain 3.8% to GBP5.5 million from GBP5.3 million the previous year.
Scapa Group said its operating profit increased 13% to GBP6.8 million from GBP6.0 million a year before, and lower finance costs led to the GBP1 million increase in pretax profit.
The company also achieved a GBP1.2 million one-time gain on the disposal of properties during the period, but this was partly offset by GBP600,000 in exceptional costs.
Scapa Group did not propose any interim dividend but said it intends to maintain a progressive dividend policy at each year end.
The company also said it is on track to make continual progress its its second half and that its full year results should be in line with expectations.
Scapa Group shares were mostly flat at 92.88 pence in morning trading Tuesday, down 0.12p.
By Tom McIvor; [email protected];
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