Devro PLC Trading Update (1859T)
23 November 2021 - 6:00PM
UK Regulatory
TIDMDVO
RNS Number : 1859T
Devro PLC
23 November 2021
Devro plc
Trading Update
Devro plc ("Devro" or the "Company"), one of the world's leading
manufacturers of collagen products for the food industry, issues
the following trading update for the period 30 June to 31 October
2021.
Current trading
Trading in the period has been encouraging, with constant
currency revenue growth above that seen in H1 2021, reflecting the
successful execution of our growth strategy delivering volume
growth, higher prices and improved mix. Mature markets were strong
with continued growth in North America and improved sequential
trends in Continental Europe and UK & Ireland. Emerging market
growth was particularly strong in Latin America and Middle East and
Africa. While the Group is experiencing inflationary pressure this
is being mitigated through pricing action and tight cost
management.
Financial position and Foreign exchange
Cash generation continues to be strong; as expected the Group is
on track for covenant net debt to EBITDA of c.1.5x at year-end. As
previously highlighted the Company is seeing the impact of
strengthening foreign exchange headwinds with the adverse year on
year impact expected to be c.GBP3 million on full year operating
profit.
Outlook
The Board's expectations for the full year 2021 remain
unchanged. As we look forward to 2022 we are positive about the
outlook but remain alert to global supply chain challenges,
inflation and further foreign exchange headwinds.
ENDS
Contacts :
Devro plc
Rutger Helbing Chief Executive Officer Tel: 020 3865 7637
Rohan Cummings Chief Financial Officer Tel: 020 3865 7637
FTI Consulting
Richard Mountain Tel: 020 3727 1340
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END
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