Devro plc reports good progress on strategic priorities
Devro plc, a manufacturer of collagen products for the food industry including sausage casings, has announced its half year results which reveal strategic progress at its plants.
The data collected is for the six months ending 30th June 2018 and shows continued improvement of performance, in particular at its North American plant, as well as an increase in average selling prices in China.
Revenue of edible collagen casings has also increased 0.3% at constant currency.
The manufacturer has reported that volumes have maintained year on year, with strong growth in Continental Europe, Russia and Latin America offset by Asia and, in particular, China where Devro discontinued imports of legacy products.
Continental Europe volumes were significantly above H1 2017 (+8%), resulting from strong snacking growth in key markets of Germany and Poland, fresh market share gains in Italy, and new customer wins.
Rutger Helbing, chief executive officer of Devro, commented: “We are making good progress in a range of markets contributing towards our Devro 100 objectives of growing profitable revenue and market share, whilst reducing operating unit costs.
“We are focused on continuing to deliver Devro 100 and the Board’s expectations for the full year remain unchanged.”
Revenue was down 4% on the corresponding period last year however the programme focuses on growing revenue through upgrading sales capabilities, improving manufacturing efficiencies to reduce unit costs and introducing the next generation of differentiated products.
Based on the report, Devro claims that nothing has come to its attention that causes it to believe that the condensed set of financial statements in the half-yearly financial report for the six months ending 30th June 2018 is not prepared, in all material respects.
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