Trading update

19 January 2022

Devro plc

Trading update

Devro plc ("Devro" or the "Group"), one of the world's leading manufacturers of collagen products for the food industry, issues the following trading update for the year ended 31 December 2021.

Revenue growth for the full year was encouraging with positive developments in volume, price and mix resulting in strong performances in both mature and emerging markets. 2021 constant currency revenue growth was circa 5%.

We anticipate 2021 operating profit performance to be in line with expectations, representing in excess of 10% constant currency growth, with earnings per share modestly ahead of current analyst expectations* due to a one-off tax benefit arising from the change in the UK corporate tax rate.

The Group also delivered strong cash generation in the final quarter. Net debt at the end of December 2021 was £90 million with net debt/EBITDA at circa 1.4x.

Devro will announce its results for the year ended 31 December 2021 on 2 March 2022.

*Company compiled consensus 2021 earnings per share average - 16.9p

ENDS

Contacts:

Devro plc

FTI Consulting