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Devro PLC (DVO)

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Monday 22 October, 2012

Devro PLC

Interim Management Statement

RNS Number : 1600P
Devro PLC
22 October 2012
 



For immediate release

22 October 2012

 

 

Devro plc

 

(the "Group")

 

Interim Management Statement

 

Devro plc, one of the world's leading manufacturers of collagen products for the food industry, today provides an Interim Management Statement in respect of the period from 1 July 2012 to date.

 

Sales volumes have continued to grow across a wide range of markets, notably in Japan, Europe and the Americas, with sales of the premium Select range continuing the momentum of the first half. Overall market demand remains strong both in established and emerging markets.

In common with many input costs to the food industry, raw material prices have continued to rise and this trend is expected into next year.

As a result of the combination of adverse currency movements, continuing increases in raw material costs and extended plant commissioning periods, overall full year operating profits are expected to be slightly below our original expectations but ahead of last year.

The 2012 capital programme involves the investment of approximately £35 million to increase capacity and enhance productivity in 2013 and 2014.  New lines are now running successfully in Scotland, Australia, USA and Czech Republic. Further capacity is on track for completion in 2013.

With new capacity in production and a full order book, the Group is looking at a strong end to the year and the Board remains confident in the continuing growth of the business.

Peter Page CEO commented

"Our business is well positioned for the future, with good demand from a global customer base, an experienced management team, and a proven product portfolio."

 

For further information, please contact:

 

Devro plc

Peter Page, Chief Executive

Simon Webb, Group Finance Director

 

 

Tel No: 0207 182 4960

 

Buchanan

Diane Stewart/ Carrie Clement/

Charles Ryland

 

 

 

Tel No: 020 7466 5000/0131 226 6150

 

Further information on Devro can be found on the company's website: www.devro.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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