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29 Apr 2015 07:00
29 April 2015
Devro plc
Trading Update
Devro plc, one of the world's leading manufacturers of collagen products for the food industry, issues the following trading update for the period from 1 January 2015 to date, ahead of its Annual General Meeting to be held at 11.00am today.
Trading has continued in line with the Board's expectations. Total sales volumes have now shown year on year growth for the fourth successive quarter, with strong performances in China, Japan, Germany and North America.
The major investment projects of building new plants in China and the USA continue to progress well, with both the schedule and the budget in line with previous guidance and production due to commence in 2016. The restructuring of Devro's operations in Scotland and Australia has now been completed as planned, and is on track to deliver the expected annual cost reductions of £5 million in 2015.
Operating cash flow continues to be strong, with net debt rising in line with expectations reflecting the planned investment programme.
Currency continues to be a headwind against prior year, but the Board remains confident in the outlook for 2015 which remains unchanged.
ENDS
For further information, please contact:
Devro plc Peter Page, Chief Executive Simon Webb, Group Finance Director
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Tel No: 020 7182 4960
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Buchanan Charles Ryland / Robbie Ceiriog-Hughes
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Tel No: 020 7466 5000 |
Notes to Editors
FTSE listed Devro (the "Group") is one of the world's leading providers of collagen casings to the food industry supplying a wide range of products and technical support to manufacturers of sausages, salamis, hams and other cooked meats. The Group employs 2,200 staff across the world and produces its casings from five manufacturing sites based in Scotland, Australia, the Czech Republic and the USA. Devro reported sales of £232.3 million and profit before tax (before exceptional items) of £26.1 million for the year ended 31 December 2014. Devro is a constituent of the FTSE4Good Index Series which recognises that the company's performance meets globally recognised corporate responsibility standards.
Further information on Devro can be found on the company's website: www.devro.com
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