Devro sales lose sizzle on currency challenges

Sausage skin maker Devro has seen a slice taken out of its turnover on the back of currency headwinds, and said its expectations for the full year are unchanged.

The Moodiesburn-based firm, which has more than 2,200 staff and two sites in the Czech Republic, said revenue dropped to £120.2 million from £125.2m in the six months to 30 June.

Growth in Europe and the Americas was offset by lower volumes in Asia Pacific.

However the firm, which listed on the London Stock Exchange 25 years ago, attributed lower total revenue to exchange rate challenges.

Pre-tax profit was largely flat on an underlying basis at £14.3m and the interim dividend per share remained at 2.7p.

Chief executive Rutger Helbing commented: “We are making good progress in a range of markets contributing towards our Devro 100 objectives of growing profitable revenue and market share, whilst reducing operating unit costs… the board’s expectations for the full year remain unchanged.”