BOSSES at the Blackburn based Scapa Group have blamed currency factors and the economic crisis in the Far East for a drop in profits of almost £6 million.
The industrial material manufacturer with headquarters on Preston New Road and factories throughout East Lancashire has announced profits of £60.8 million for the year ending March 1998 compared to £66.5 million the year before.
The company has been hit by poor exchange rates and would have made £8 million more than the previous year if the value of the pound had remained the same.
A £27million strategic review which resulted in job losses and a streamlined product range throughout the group should make the company more profitable next year.
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