18th Jan 2021 08:54
(Alliance News) - Devro PLC on Monday said its 2020 profit was at the upper end of market expectations, with volumes and margins higher than internal expectations.
The company, which makes collagen products such as sausage casings, said its trading in the final months of 2020 was "slightly ahead of management's expectations". Volumes were higher and margins were improved during the final stretch of the year, Devro added.
"As such, the expected outturn for group underlying operating profit, subject to audit, is around the upper end of current analyst expectations," Devro said.
According to company-compiled consensus, operating profit is expected to land in the GBP38.0 million to GBP40.5 million range. So at best, Devro's underlying operating profit will grow 3.6% from GBP39.1 million in 2019, though at worst, it could fall 2.8%.
Devro shares were 3.2% higher at 160.00 pence each in London on Monday morning.
By Eric Cunha; [email protected]
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