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Scapa posts first-half loss; expects revenue to improve in second half
StockMarketWire.com
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Healthcare and industrial adhesives group Scapa posted a first-half loss after it was hurt by reduced volumes, though the blow was partly offset by cost cutting and government support.
Pre-tax losses for the six months through September amounted to £0.5 million, compared to losses of £1.0 million year-on-year.
Revenue fell 24% to £122.0 million, though it improved 23% sequentially from the first quarter to the second.
Scapa said demand in its healthcare division was hurt by a postponement of elective surgeries and reduced footfall across retail channels.
There had been early signs of improvement in the third quarter, albeit cautious given the recent global resurgence of Covid-19 infections.
Demand in the industrial division had recovered to pre-Covid-19 levels at the end of the second quarter, which was expected to positively impact revenues in the second half.
'Whilst uncertainty remains given the recent global resurgence of Covid-19 infections, revenue in both divisions in the second half is expected to exceed the first, with earnings benefitting from additional volumes and cost improvement programmes already implemented,' the company said.
At 9:15am: (LON:SCPA) Scapa Group PLC share price was 0p at 148.4p
Story provided by StockMarketWire.com
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