Date: Tuesday 08 Nov 2011
LONDON (ShareCast) - Sausage skin maker Devro has reported that it is on course to meet board expectations for the current year.
Sales volumes have shown strong growth compared to the corresponding period last year, while the momentum seen in the second quarter has continued, helped by growth in Western Europe, Eastern Europe and Russia.
Latin America and South East Asia have also shown good growth, with volumes in the UK and Australia declining slightly.
The firm's new co-generation plant in Australia will be commissioned by the end of the year, and the savings generated will partially offset the expected energy cost increases across the group in 2012.
In line with expectations, net debt has risen since 30 June, reflecting the substantial ongoing capital expenditure.
During the period three manufacturing locations achieved accreditation to FS22000, the international standard defining food safety management requirements for organisations in the food chain.
The previously announced the sale of Devro GmbH, the German distribution business, to ViskoTeepak was completed at the end of September 2011 for €1.9m.
The share price rose 1% to 252.2p by 16:18.
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