Devro PLC - the producer of collagen products such as sausage casings - Swings to pretax profit in 2020 of GBP29.4 million from loss of GBP24.8 million the year prior. Swings to operating profit of GBP36.2 million from loss of GBP14.0 million. Exceptional charges were reduced to GBP4.6 million from GBP53.1 million. Underlying pretax profit up 6.9% to GBP35.4 million from GBP33.1 million. Revenue slips 1.0% to GBP247.6 million from GBP250.0 million, due to an adverse sales mix and decline in products other than edible collagen, whose volume was up 1.1%. Declares dividend of 9.0 pence per share, unchanged.
"Devro is well positioned for the future, and we expect that as the impact of Covid-19 lessens this should become clearer in our financial performance. In 2021 we will continue to focus on our growth agenda, in building a fully integrated sustainability plan and in further improving our financial performance and strength," Devro says.
Current stock price: 184.40
Year-to-date change: up 20%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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