The Group performed well and the good progress reported in the Interim Results has continued. As a result, Group revenue, trading profit* and margins are all ahead of expectations.
Healthcare division revenues grew 16.5%, or 5.0% at constant exchange rates, including the contribution from EuroMed which was acquired in May 2016. Margins improved in H2 and will exceed 15% for the year through efficiency improvement programmes and growth in higher margin turn key products.
Industrial continues to deliver on its asset optimisation strategy. Industrial margin is expected to reach double digit for the year, driven by asset rationalisation and lower material costs.
Strong cash flow in the period ensured the Group ended the year with net debt of £16m, after the acquisition of EuroMed for US$35m, also better than expected.
Heejae Chae, CEO commented:
“We have delivered another set of strong results which are ahead of expectations as we continue to execute our strategies for Healthcare and Industrial. We remain confident of achieving further progress through organic growth, efficiency improvements and acquisitions.”
Scapa expects to report its full year results on 23 May 2017.