Devro PLC - Chryston, Scotland-based producer of collagen products such as sausage casings - Says first quarter edible collagen volumes increased by 4.6% compared to prior year, driven continued good underlying momentum and execution of growth initiatives. Emerging markets were up 15%, due to "strong growth" in China, South East Asia and Latin America, while mature markets were flat on the prior year, an improvement on 2020 trends. Says Japan and North America both delivered "strong growth", but this was offset by lower demand in the UK and Ireland, which benefited from elevated retail volumes in March 2020 as the pandemic began.
"We are encouraged by the good volume growth performance in the first quarter and, whilst we expect this trend to continue we remain mindful of the uncertainties arising from the ongoing Covid-19 pandemic and likely foreign exchange headwinds. As a result, our expectations for 2021 remain unchanged," says Devro.
Current stock price: 198.00 pence
Year-to-date change: up 29%
By Zoe Wickens; zoewickens@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.