27 Apr 2016 07:00
For Immediate Release | 27 April 2016 |
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 2016 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, with market conditions similar to the second half of the previous year.
The investment projects for our new plants in the USA and China remain on track; both are in the commissioning phase and all government approvals are now in place.
Operating cash flow continues to be strong, with net debt rising in line with expectations reflecting the current investment programme.
The Board's outlook for 2016 remains unchanged.
ENDS
Contacts | ||
Peter Page | Chief Executive | 020 3727 1340 |
Rutger Helbing | Group Finance Director | 020 3727 1340 |
Richard Mountain/Nick Hasell | FTI Consulting | 020 3727 1340 |
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 £230.2 million and profit before tax (before exceptional items) of £29.2 million for the year ended 31 December 2015. 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