Trading Update

25 November 2022

Devro plc 

Trading Update

Performing strongly

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 30 June to 31 October 2022 ("period").

Current trading

The Group traded strongly in the period with reported revenue growth of 16% (10% at constant currency) compared to the prior year period. Constant currency revenue growth was driven by higher pricing, successful recovery of inflation, as well as good volume increases led by our mature markets. Volume growth continues to reflect the successful execution of our strategy. Operating margins in the period were up on the prior year and well ahead of those achieved in the first half.

Mature markets were strong with continued growth in North America and Continental Europe. Emerging market growth was particularly strong in the Middle East and Africa and South East Asia however, as expected, the termination of sales to Russia impacted overall progress for this region in the period.

Outlook

Current trading and the full year outlook are slightly ahead of the Board's expectations, underpinned by a robust performance and foreign exchange tailwinds. We look forward to 2023 with confidence, whilst remaining alert to global supply chain challenges and ongoing inflation pressures.

ENDS

Contacts:

Devro plc

FTI Consulting