RNS Number : 9817W
29 April 2021
Devro plc ("Devro" or the "Company"), one of the world's leading
manufacturers of collagen products for the food industry, issues
the following trading update for the period 1 January 2021 to the
current date ahead of its Annual General Meeting today.
Q1 2021 edible collagen volumes increased 4.6% compared to the
prior year driven by continued good underlying momentum and
execution of our growth initiatives. Emerging markets were up 15%
led by strong growth in China, South East Asia and Latin America.
Mature markets were flat on the prior year, an improvement on the
trends seen in 2020. Japan and North America both delivered strong
growth but this was offset by lower demand in the UK & Ireland
which had benefitted from elevated retail volumes in March 2020 as
the pandemic took hold.
The Group delivered strong cashflows during Q1, ending the
quarter with comparable levels of leverage to 2020 year-end,
including the dividend payment made in January 2021.
The Group repaid the US$25 million private placement due on the
19 April 2021 using a combination of available cash resources and
RCF drawings. Post this repayment the Group maintains significant
liquidity but with a lower average cost of borrowing.
The Group's remaining debt facilities consist of a committed
GBP105 million Revolving Credit Facility (RCF), which expires in
2023, and US$75 million of private placements expiring April 2024
(US$50 million) and 2026 (US$25 million).
We are encouraged by the good volume growth performance in Q1
and, whilst we expect this trend to continue we remain mindful of
the uncertainties arising from the ongoing COVID-19 pandemic and
likely foreign exchange headwinds. As a result, our expectations
for 2021 remain unchanged.
Rutger Helbing Chief Executive Tel: 020 3865 7637
Rohan Cummings Chief Financial Tel: 020 3865 7637
Richard Mountain Tel: 020 3727 1340
Dividend: In the Company's announcement on 2 March 2021 of its
results for the year ended 31 December 2020, the Board proposed a
final dividend of 6.3p per share (the "2020 Final Dividend") to be
paid on 1 October 2021, to those shareholders on the register at 20
August 2021, subject to shareholder approval at the Annual General
Meeting in April 2021. The Board has subsequently resolved to
recommend the payment of the 2020 Final Dividend be brought forward
from 1 October 2021 to 20 July 2021, to those shareholders on the
register at 11 June 2021.
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(END) Dow Jones Newswires
April 29, 2021 02:00 ET (06:00 GMT)
Gráfica de Acción Histórica
De Ago 2021 a Sep 2021
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De Sep 2020 a Sep 2021