Scapa doubles its profits
Technical tapes manufacturer Scapa Group has doubled its profits last year and the listed business says it is confident of making further progress in the current financial year.
Pre-tax profit more than doubled to £31.8m for the year to the end of March (2016: £9.8m), helped by a significant reduction in exceptional item costs to £1m from £6.6m a year earlier. That’s on revenue growth of 13% to £279.6m (2016: £246.7m).
The Ashton-under-Lyne company’s Healthcare division saw revenue increase 17% to £108.7m, while the Industrial division grew revenue by 11% to £170.9m.
Heejae Chae, chief executive at Scapa, said the company had achieved some significant milestones during the year., with its market capitalisation exceeding £500m.
He said: “The financial accomplishments are the results of our relentless and uncompromising execution of the strategy. Whilst much has been achieved, we believe that much more potential remains to be fulfilled in both Healthcare and Industrial.
We have set the goals for the next phase of our growth which we are confident that we can deliver.”
Scapa has raised its final dividend to 2.00p a share from 1.75p from the prior year.