Scapa – 65.75p

11 October 2012 – trading update

For the first six months of the financial year revenue and operating profits are up and in line with expectations.   Operating profit margin continues to improve and strong cash flow has increased net cash to £8.5m.  WEBTEC, the relatively recent US Healthcare acquisition, has performed well and make a positive contribution.  The company has said that current trading remains in line with expectations but noted the backdrop of continuing macro economic uncertainty.  Interim results are due on 27 November and ahead of that announcement we rate the shares as a BUY.

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