Full Year Trading Update

Devro plc

Full Year Trading Update

Devro plc ("Devro" or the "Group"), one of the world's leading manufacturers of collagen products for the food industry, issues the following trading update for the period 1 January to 31 December 2022 ("period").

Current trading

The Group traded well throughout the period with reported revenue of circa £290m reflecting growth of around 15% (11% at constant currency) compared to 2021. Constant currency revenue growth was driven by higher pricing, reflecting successful recovery of cost inflation, as well as good volume increases particularly in our mature markets.

The second half of the year delivered strong operating margins, reflecting the benefits of management's pricing actions, operating efficiency and foreign exchange tailwinds. 

As a result, adjusted operating profit is anticipated to be ahead of the Board's expectations, subject to any audit adjustments.

Financial position

Cash generation in the period remained robust, despite higher working capital and capital expenditure to facilitate further growth, with Group covenant net debt of around £90m at year end.

ENDS

Contacts:

Devro plc

FTI Consulting