(Alliance News) - Devro PLC on Tuesday said its full-year expectations remain unchanged following "robust" trading, despite disruption from Covid-19.
For the period from July 1 to the end of October, Devro said trading was solid despite the impact of Covid-19 on the food service channel, with collagen volumes growing and operating margins improving.
"As a result, our expectations for the full year remain unchanged," said the Glasgow, Scotland-based maker of collagen products for the food industry.
Emerging markets continued to grow "well" in the period, said Devro, and most mature markets grew, though this was more than offset by declines in Continental Europe and UK & Ireland, reflecting a weaker food service channel.
Devro still expects good growth in emerging markets to offset a decline in its mature markets for the full-year, leading to broadly flat collagen volumes, with an estimated 2% net hit from Covid-19.
"We continued to make good underlying progress in the period. While we expect market conditions to remain challenging for the rest of the year we remain on track to deliver against our expectations," said Chief Executive Rutger Helbing.
Shares in Devro were up 0.9% at 158.80 pence in London on Tuesday.
By Lucy Heming; lucyheming@alliancenews.com
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