22nd Jul 2014 08:28
LONDON (Alliance News) - Scapa Group PLC Tuesday said that despite difficulties with currency translation losses, its trading performance for its first quarter ended June 30 is in line with board expectations.
The bonding materials and services manufacturer, which made the statement ahead of its annual general meeting on Tuesday, said its focus on efficiencies continues to generate operational improvements, and it continues to seek improvements through acquisitions.
The company said it is well positioned to make further good progress this year and it remains confident about the group's outlook.
Scapa said in May that pretax profit rose 17% to GBP11.2 million in the full year ended March 31 from GBP9.6 million the year before, as revenue rose 8.3% to GBP226.1 million from GBP208.8 million previously.
Buoyed by its full-year results, the company said at the time that it was exploring plans to move its AIM market listing to the main market of the London Stock Exchange. However, this idea was scrapped in June after discussions with shareholders.
Scapa Group shares were untraded at 134.25 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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