Healthcare firm announces record revenues and profits
Healthcare firm Scapa said it has delivered record revenues and profits for the last 12 months.
Revenue grew 7% to £311.8m and trading profit increased 10.7% to £38.2m at the Manchester based business.
The preliminary results for the firm were announced as chief executive Heejae Chae revealed he intends to step down as chief executive.
Heejae Chae said: “FY 2019 was a transformational year when Scapa took definitive steps to cement a leading position in healthcare.
“We have delivered a record profit and crossed the £300m revenue milestone for the first time.
“The acquisition, by way of a technology transfer of the R&D and manufacturing assets of Systagenix, advances our offering across the continuum of the Healthcare value chain and validates our strategy. Our Industrial business is now a truly global business that is highly profitable and cash-generative.
“As we enter the next phase of growth, we have refreshed and strengthened our Leadership Team, which positions us well to meet the increasing demands of our customers. I am confident that we have the right strategy and capabilities in place to continue to deliver.”
Larry Pentz, chairman of Scapa, said: “On behalf of the board, I would like to thank Heejae for his excellent leadership and impressive contributions to Scapa since joining as group chief executive in 2009.
“During his ten-year tenure, Heejae has delivered significant growth, greatly improved efficiency and built firm foundations, setting a strategic blueprint that will continue to drive future growth. Under his leadership, the business transformed financially and strategically.
“Scapa is a high performing global organisation underpinned by an entrepreneurial culture which has delivered significant shareholder value.
“As a result, Scapa is financially stronger with a successful strategy and is well placed to deliver on its many future growth opportunities. We wish Heejae well, when he eventually leaves us after working through a smooth transition with his successor.”
Heejae Chae added: “It was a difficult decision to step away from my post as group chief executive of Scapa, but I feel now is the right time to bring in new leadership to deliver the next phase of our growth strategy.
“I have been with the company through many chapters of its growth, from a predominantly industrial business to a significant sized international company now predominantly healthcare focused.
“I consider myself privileged to have worked with such esteemed colleagues and partners during my tenure. I remain committed to Scapa during this transition period and am confident that the business is poised to continue to deliver long-term sustainable growth from the current strategy.”
