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Trading Statement

13th Apr 2010 07:00

RNS Number : 0744K
Scapa Group PLC
12 April 2010
 



 

 

 

13 April 2010

 

 

Scapa Group plc ("Scapa")

 

Year-end statement

 

The Board of Scapa today issued the following statement in respect of the financial year ended 31 March 2010:

 

"Overall trading conditions since our Interim Results have improved in line with management expectations. Revenues in Europe have recovered well whereas North America has remained a tougher market. On a constant currency basis, Group sales in the second half have averaged 9% above the comparable period in the prior year.

 

Operating profits for the year as a whole are expected to be within the range of market expectations. Net cash balances are ahead of brokers` forecasts at approximately £4.8 million.

 

At the end of the period the decision was taken to close our small, loss-making plant in Carlstadt, New Jersey. This will result in cash closure costs of under £0.4m which will be more than offset by a release of working capital, asset impairments of approximately £1.3m and the loss of 35 jobs. It is intended to transfer a proportion of the production to other Scapa sites in North America and Europe.

 

In February 2010 our insurers paid in full $0.9m in respect of an asbestos product liability judgement. This represents a small fraction of the Group's insurance cover in this area.

 

Preliminary results for the financial year 2009/10 are due to be released on 27 May 2010."

 

 

 

For further information:

 

Scapa Group plc

Heejae Chae Chief Executive Tel: 0161 301 7430

Brian Tenner Finance Director Tel: 0161 301 7430

 

Arden Partners plc

Chris Hardie Tel: 0207 614 5929

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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