Scapa Group (AIM: SCPA) - great results but free cash suggests a full valuation?
The leading global manufacturer of bonding materials and solutions issued outstanding results for the year ending 31st March 2015. This has been a terrific recovery story from the depths of despair back in March 2009 (share price 9p) but at the current full rating you wonder how much there is to go for. We consider!
In the year to March 2015 revenue grew 4.4% to £236.0m, or 8.3% on a constant currency basis, but trading profit (before amortisation of intangible assets, exceptional items, and legacy pension costs and finance charges) increased a whopping 20.0% to £18.6m or 27.4% on a constant currency basis. Profit before tax was up 22.3% to £13.7m, underlying earnings per share were up 26.4% to 9.1p supporting a 50% increase in the final dividend to 1.5p.…
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