Devro PLC - Chryston, England-based collagen food products manufacturer - Revenue rises 1.9% in 2021 to GBP252.4 million from GBP247.6 million in 2020. Revenue is up 5.5% on a constant currency basis. Profit before tax increases 28% to GBP37.6 million from GBP29.4 million. Underlying operating profit is up 2.9% to GBP42.0 million from GBP40.8 million in 2020. Profit is helped by increased sales volumes, positive pricing and sales mix, and savings on supply chain costs, which offset inflationary costs.
Proposes final dividend of 6.5 pence, bringing total to 9.3p for 2021, up 3.3% from 2021. This is the first increase since 2018, Devro notes.
"We made significant strategic and financial progress in the year. Our improved performance was achieved despite ongoing challenging market conditions, including inflationary headwinds," says Chief Executive Officer
Rutger Helbing. "The group has started the year well and, despite ongoing macro-economic headwinds including inflationary pressures and based on current exchange rates, we expect to make good progress in 2022."
Current stock price: 200.00 pence, down 2.0% on Monday afternoon, having reached 210.00p earlier in the day
12-month change: up 3.1%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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