A Greater Manchester-based healthcare and industrial business, which was recently acquired by a global engineering and manufacturing firm in a deal worth over £400m, returned to making a pre-tax profit during its latest financial year.
Scapa Group has reported a profit of £5.5m for the 12 months to March 31, 2021, after posting a loss of £51m in the prior year.
The group's revenue dipped during the period from £320.6m to £272.5m.
The accounts are the first since it was snapped up by AMS Holdco 2, a subsidiary of US-based Schweitzer-Mauduit International Inc (SWM), in April this year.
Ashton-under-Lyne-based Scapa Group, which had been listed on the London Stock Exchange's AIM, specialises in wound care, with sales operations around North America, Europe and Asia.
SWM is a global performance materials company, engineering films, nets and papers - serving markets from medical to tobacco to home décor.
A statement signed off by the Scapa board said: "The execution of our strategy is reliant on our people and our entrepreneurial culture.
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"It is this which has enabled us to adapt to the challenges and changes that we have had to face during this difficult year as we dealt with the impact of the global Covid-19 pandemic.
"At the start of the year as the global pandemic was declared, the group took some decisive actions to strengthen its balance sheet including securing an additional £15m 12-month facility with the existing banking syndicate, an equity placement of £32.6m gross of fees and worked with the 海角视频 Pension Trustee to gain agreement to defer the 海角视频 pension capital reserve biannual payment.
"As a designated essential business, the group was able to maintain operations throughout the pandemic and supported our customers thanks to the Herculean effort of our colleagues around the world.
"These swift actions that were taken at the start of the pandemic have helped to mitigate effects on the group's profitability and cash generation, as well as continuing to service our customers."