24th Nov 2015 09:56
LONDON (Alliance News) - Bonding materials and services company Scapa Group PLC on Tuesday said its pretax profit fell in the first half due to restructuring costs, though revenue increased thanks to a strong performance by its healthcare business.
The company said its pretax profit for the six months to the end of September was GBP3.3 million, down from GBP6.2 million a year before, as the group booked GBP4.9 million in restructuring costs related to the closure of its Rorschach facilities and relocation of certain business activities.
Revenue for the half rose to GBP119.3 million from GBP114.7 million in the year-earlier period, with a very strong performance in its healthcare business, but flat revenue from its industrial division.
The company said it completed the consolidation of its operations in France on time and on budget, while the closure of its Swiss facility is progressing on plan.
Scapa is not paying an interim dividend.
"We are confident that we have the strategy, structure and resources in place to deliver on our strategic goals. While we are mindful of wider macro-economic factors the board remains confident about the group's outlook and expects continued progress for the remainder of the year and beyond," said Chief Executive Heejae Chae.
Shares in Scapa were up 1.6% to 204.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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