Financial Highlights
§ Revenue grew 13.5% to £135.4m (2015: £119.3m); 3.7% at constant exchange rates
§ Trading profit* increased 27.0% to £12.7m (2015: £10.0m); 12.4% at constant exchange rates
§ Trading profit* margins further improved to 9.4% (2015: 8.4%)
§ Adjusted profit before tax** improved 24.7% to £12.1m (2015: £9.7m)
§ Adjusted earnings per share*** increased 28.0% to 6.4p (2015: 5.0p)
§ Basic earnings per share of 4.5p (2015: 1.4p)
§ Net debt of £29.0m (March 2016: £2.6m) reflecting the acquisition of EuroMed for £28.3m
Operational Highlights
§ Healthcare revenue increased 23.3% to £53.5m (2015: £43.4m); 11.9% at constant exchange rates
§ Healthcare trading profit increased 16.9% to £7.6m; 5.6% growth at constant exchange rates
§ Margins at 14.2% (2015: 15.0%) reflecting significant investment to support growth and integration costs related to EuroMed
§ Healthcare acquisition of EuroMed on 23 May 2016; integrating well
§ EuroMed and First Water significantly strengthen our innovation and development capabilities
§ Industrial trading profit grew 49.0% to £7.6m; 33.3% at constant exchange rates
§ Margins increased to 9.3% (2015: 6.7%), further improving the quality of the business and closer to double digit margin target
§ Swiss facility ceased production during October and will close by the end of the calendar year, on time and on budget
§ Sale of Swiss land and building progressing well and proceeds should exceed initial estimates
Commenting on the results Chief Executive, Heejae Chae said:
“Scapa has delivered a strong first half performance with growth in revenue, trading profit and margins. We continue to consistently deliver improving results in a volatile and uncertain environment. We maintain a disciplined approach in executing our strategy and are excited about the opportunities that exist for the business. The Board believes the Group will deliver full year results ahead of expectations, benefitting from both improved trading and currency.”