7th Nov 2006 07:00
Devro PLC07 November 2006 DEVRO PLC 7 November 2006 DIRECTORATE CHANGE WITH TRADING UPDATE Devro plc, the world's leading manufacturer of collagen products for the foodindustry, today announces that Dr Graeme Alexander, Chief Executive, has advisedthe Board that he wishes to retire from the role of Chief Executive and from theBoard of Directors of Devro plc during the coming year. Following today'sannouncement the Board will begin the process of searching for a successor to DrAlexander. Dr Graeme Alexander, OBE, aged 57, joined Devro in 1977 and was appointed as aDirector of the company controlling Devro's European operations in 1989. He wasappointed Chief Executive following the company's listing on the London StockExchange in 1993. Commenting on this announcement, Pat Barrett, Chairman of Devro plc, said: "Dr Graeme Alexander has dedicated most of his professional life to Devro. Hehas been with the company for almost thirty years, fourteen of which he has ledthe company as Chief Executive. With unfaltering commitment he has made a hugecontribution to Devro and his knowledge and leadership has played a key part inpositioning the company as the global market leader. I am delighted that Graemehas agreed to remain with the group in an advisory capacity following theappointment of his successor and a proper period of handover. "The Board fully respects Graeme's decision to retire from Devro and will beginthe search for a new Chief Executive without delay. We are confident we will beable to find the right candidate to lead the company through its next phase ofgrowth and development. The Board expects the succession process to be completeduring the course of 2007." The Company also indicates in respect of current trading that underlying groupprofits in the three months to the end of September 2006 were comfortably aheadof the equivalent prior year period, driven largely by a substantial increase insales volumes. Foreign exchange, however, has begun to have a significant effect on groupresults, with the second half currency impact forecast to be around £0.75million worse than previously expected, and the full year impact now likely tobe close to £2 million adverse. This has been due mainly to the strengthening ofthe Czech crown against the US dollar together with a marked increase in thestrength of sterling against each of our main operating currencies. An additional charge of £0.5 million has also been incurred as the Companyinvested in accelerating a programme for the development and commercialisationof a new and improved range of casings for the Devro Scotland product portfolio. Sales are expected to remain solid during the fourth quarter, although, asalways, trading in the period leading up to Christmas and the year end will beimportant in the final outcome for the full year. Enquiries: Jon Coles / Mark Antelme Brunswick 020 7404 5959 Notes to editors: Devro (www.devro.plc.uk) is the world's leading manufacturer of collagenproducts for the food industry. In addition, the company manufactures a range ofplastic casings, supplies customers in the food industry with a range ofdistributed products and also supplies pure collagen raw materials for use inthe healthcare industry. With manufacturing facilities in three continents and2005 revenue in excess of £150m, Devro products are sold worldwide. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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