13th Apr 2010 07:00
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
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