Scapa Group (AIM: SCPA) - great results but free cash suggests a full valuation?
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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