Scapa Group Plc
AGM and Q1 trading statement
AGM
Scapa Group plc (AIM: SCPA) is holding its Annual General Meeting (AGM) at 10:00am today. As stated in the Notice of AGM, this year's AGM is a closed meeting due to COVID-19 restrictions in place. While shareholders are unable to attend in person, they are able to submit questions pertaining to the AGM business via investors@scapa.com . The results of the AGM will be published later today.
Q1 Trading Update
Scapa has delivered FY21 Q1 revenues in the three months to 30 June 2020 well ahead of its COVID-19 scenario plan. Trading in both divisions has also continued to improve into FY21 Q2 to date. Scapa acted swiftly to implement structural costs changes across the business in response to the impact of the COVID-19 pandemic on the reduction in product demand, as well as ensuring variable costs were closely managed to match the new demand levels.
Working capital management remains strong, with adjusted net debt¹ at the end of FY21 Q1 of £18.4m (including net proceeds of £31.6m from the equity placement in May 2020), compared to the FY20 year-end position of £54.4m.
The combination of the better than anticipated business performance in FY21 to date, early cost intervention measures and continued improvement across both divisions mean the Group's outlook on full year trading profit is trending approximately 10% ahead of market expectations.