Devro PLC Trading Update (2423G)
24 Noviembre 2020 - 01:00AM
UK Regulatory
TIDMDVO
RNS Number : 2423G
Devro PLC
24 November 2020
24 November 2020
Devro plc
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 July to 31 October
2020 (the "period").
Trading Update and Outlook
Trading in the period remained robust, despite the impact of
COVID-19 on the food service channel, with collagen volumes growing
and Group operating margins improving. As a result, our
expectations for the full year remain unchanged.
Emerging markets continued to grow well in the period. Most
mature markets grew, but this was more than offset by declines in
Continental Europe and UK & Ireland mainly reflecting a weaker
food service channel. For the full year we still expect good growth
in emerging markets to offset a decline in our mature markets
leading to broadly flat collagen volumes, with an estimated 2% net
negative impact from COVID-19.
The Bellshill site closure and transfer of production lines to
the Czech site remain on track.
On the 13 November 2020 Group net debt was GBP123.8m. In line
with our normal seasonal cash generation we expect net debt to
improve by year-end, to a similar level as of 30 June 2020, with
the covenant net debt / underlying EBITDA ratio less than 2x. We
expect strong cash generation in 2021 to drive leverage down
further.
The interim dividend, announced in July, of 2.7p will be paid to
shareholders on 15 January 2021. As previously announced the
postponed 2019 final dividend of 6.3p, was paid in the form of a
second interim dividend in October 2020.
Rutger Helbing, Chief Executive, said:
"We continued to make good underlying progress in the period.
While we expect market conditions to remain challenging for the
rest of the year we remain on track to deliver against our
expectations. This is testament to the contribution of our people
and I would again like to put on the record my gratitude for all
their hard work. All sites remain open and we continue to provide
good service to our customers and fulfil our role in the food
supply chain."
ENDS
Contacts :
Devro plc
Rutger Helbing Chief Executive Tel: 020 3865 7637
Officer
Jackie Callaway Chief Financial Tel: 020 3865 7637
Officer
FTI Consulting
Richard Mountain Tel: 020 3727 1340
Nick Hasell
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END
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