Scapa Group PLC lifts outlook after overdoing the doom and gloom in coronavirus
Scapa has delivered fiscal revenues in the three months to June 30 that were “well ahead of its COVID-19 scenario plan”.
() said revenue in the first quarter of its fiscal year was well ahead of the board’s expectations.
Admittedly, those expectations had been scaled back once the coronavirus (COVID-19) pandemic hit but the wound care and medical devices specialist said thanks to early cost intervention measures and continued improvement across both of its divisions, the group’s outlook on full-year trading profit is trending roughly 10% ahead of market expectations.
The group said working capital management remains strong, with adjusted net debt at the end of June standing at £18.4mln, compared to net debt of £54.4mln three months earlier.
Shares in Scapa shot up 26% to 115.41p in early deals.
Read More: Scapa Group PLC lifts outlook after overdoing the doom and gloom in coronavirus