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Devro underlying earnings rise

03 August 2016 08:11

Underlying operating profits at Devro - one of the world's leading manufacturers of collagen products for the food industry - rose to £18.0m in the six months to the end of June, up from £15.6m a year ago.

Revenues were virtually flat at £112.9m (2015: £112.7m) but underlying earnings before interest, tax, depreciation and amortisation rose to £26.4m from £23.8m.

On a statutory basis, operating profits fell to £4.6m from £11.6m and ore-tax profits of £0.3m were down from £9.6m.

The dividend is maintained at 2.7p per share.

Chief executive Peter Page said: "Underlying operating profit was ahead of prior year for the first half. Improved manufacturing efficiencies, lower input costs and exchange rate benefits more than offset the effects of reduced year on year sales volumes.

"The board's expectations for the full year underlying operating profit remain unchanged. "The transformation programme has reached its final phase. The next stage of strategic development will focus on growing sales through improved commercial capabilities, introducing the next generation of differentiated products and further improving manufacturing efficiencies."

At 8:11am: (LON:DVO) Devro PLC share price was -12.5p at 266.75p

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