3rd May 2007 12:00
Devro PLC03 May 2007 3 May 2007 AGM STATEMENT MAY 2007 Trading for the year-to date has been mixed, with the more mature markets suchas the UK, US and Australia being slower to gather momentum, while thedeveloping markets have been buoyant. Pricing in the majority of our marketsaround the world has been stable, although there continues to be some pressurein the UK. First half profits will be adversely affected by approximately £0.7 million, dueto a combination of advisory costs associated with the recent bid approach andthe recruitment costs relating to the new Chief Executive Officer. In addition,currency movements are having an adverse effect on both sales and profits. The new Cutisin capacity is now fully on line and operating effectively; furthercapacity will be installed in Australia during the second half and, following adifficult period, the introduction of an improved range of products from ourScottish facility is gathering pace. Peter Page, the new Chief Executive, joins the group on 1 June 2007. The Board remains confident about group prospects. Enquiries:Graeme Alexander Chief Executive John Neilson Finance Director 01236 879191Jon Coles / Mark Antelme Brunswick 020 7404 5959 Notes to editors: Devro is the world's leading manufacturer of collagen products for the foodindustry. In addition the company manufactures a range of plastic casings,supplies customers in the food industry with a range of distributed products andalso supplies pure collagen raw materials for use in the healthcare industry. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
DVO.L