(Alliance News) - Scapa Group PLC on Friday said revenue for the first-quarter ended June 30 was "well ahead" of the company's Covid-19 scenario plan and annual trading profit is currently trending 10% ahead of market estimates.
"Trading in both divisions has also continued to improve into financial 2021 second-quarter to date," the company said in its annual general meeting statement.
The healthcare and industrial company explained that the combination of the better-than-anticipated business performance in financial 2021 to date, early cost intervention measures and continued improvement across both divisions mean the company's outlook on full-year trading profit is trending approximately 10% ahead of market expectations.
Scapa had an adjusted net debt at the end of June 30 of GBP18.4 million, compared to the financial 2020 year-end position of GBP54.4 million.
Separately, Scapa announced that departure of Non-Executive Director David Blackwood, after four years with the company.
Blacokwood will step down from the company's board by the end of 2020. Scapa said it will commence a search for a new non-executive director.
Shares in the company were trading 32% higher at 121.00 pence each in London on Friday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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