Devro PLC AGM Trading Update (6050J)
28 April 2022 - 4:01PM
UK Regulatory
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RNS Number : 6050J
Devro PLC
28 April 2022
28 April 2022
Devro plc
AGM 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 1 January 2022 to the
current date, ahead of its Annual General Meeting today .
Current trading
The Group has delivered high single digit constant currency
revenue growth in Q1, compared to the prior year, driven by a
combination of volume, price and mix as we continue to deliver
against our growth strategy. Revenue growth was good in both
emerging and mature markets supported by positive underlying demand
with North America and Continental Europe regions producing the
strongest volume growth in the quarter. The Group is experiencing
further inflationary headwinds and in response continues to achieve
targeted price increases and to maintain tight cost management.
As a reminder, and as expected, in the first half of 2022 the
GBP3.1m hedging gain in the first half of 2021 will not repeat,
resulting in a material foreign exchange headwind. Full year
profits will therefore be more second half weighted than is
usual.
Financial position
As expected, net debt at the end of March has risen to circa
GBP100 million. We continue to expect strong cash generation for
the full year with further progress on reducing net debt compared
to full year 2021 (GBP88.6m).
Outlook
The Group has started the year well and, despite ongoing
macro-economic headwinds including inflationary pressures, we
expect to continue to make good progress in 2022.
END
Contacts :
Devro plc
Rutger Helbing Chief Executive Tel: 020 3865 7637
Officer
Rohan Cummings Chief Financial Tel: 020 3865 7637
Officer
FTI Consulting
Richard Mountain Tel: 020 3727 1340
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END
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