Devro PLC - Glasgow-based collagen food products manufacturer - Reports single-digit annual revenue growth in the first quarter ended March 31 on a constant-currency basis. Says the North America and continental Europe regions produced the strongest volume growth in the quarter. Continues to implement price increases and practice tight cost management due to inflationary headwinds. Notes that a GBP3.1 million hedging gain from the first half of 2021 will not repeated, resulting in a "material" foreign exchange headwind and annual profit being more second-half weighted this year. Expects to make good progress in 2022. Says net debt as as at March 31 has risen to GBP100 million but expects this to reduce with strong cash generation.
Current stock price: 210.00 pence
12-month change: up 7.9%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
