Updates

Scapa - Another broker upgrade

August 2018

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares are building momentum following final results that beat expectations, triggering modest upgrades.Revenues, profit and eps increased 4.3%, 18.2% and 23% to £292m, £34.5m and 18.2p, respectively. Cash flow was so strong that Scapa could afford to spend almost £21m on two acquisitions and still reduce net debt from £16.1m to £3.8m.The industrial division (adhesive tapes for wrapping cable and noise and vibration reduction), increased revenue almost 5% to £179m and profit 26% to £22.5m with operating margins up from 10.4% to 12.6%, thanks to site closure at south Korea and first contribution from Markel Industries. Its target is 15% margin.Berenberg is not expecting more ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Scapa - Another broker upgrade

August 2018

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