1st Mar 2016 08:58
LONDON (Alliance News) - Devro PLC on Tuesday reported growth in profit in 2015 as it booked lower exceptional costs, but revenue slipped due to economic and political issues in Russia and the surrounding area.
The manufacturer of collagen products for the food industry said its pretax profit in 2015 multiplied to GBP15.1 million from GBP2.2 million in 2014, even though revenue declined slightly to GBP230.2 million from GBP232.3 million.
Devro said it saw strong sales growth in Japan, North America and South-East Asia, but difficult conditions in Russia and the surrounding markets due to political and economic difficulties. At constant currencies, revenue would have risen by 1.0%, Devro said.
Pretax profit, however, benefited from lower exceptional costs than in 2014.
Devro maintained its total dividend at 8.8 pence, the same as the prior year.
"Our transformation will complete in 2016, after which Devro will be well positioned to supply all our markets with competitive products from efficient manufacturing operations. The benefits from this transformation will begin to flow through to profits in 2016 and the long term growth prospects are strong," Chief Executive Peter Page said in a statement.
Shares in Devro were trading down 0.1% at 309.75 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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