The final dividend for FY 2020 was paid by The Devro Board on 20 July 2021. The Board has recommended an interim dividend of 2.8 pence which will be paid on 14 January 2022 to shareholders on the register at 3 December 2021.
Other financial highlights include:
Group constant currency revenue up 3.1% to £122.7m on the prior year primarily driven by market share gains and improving pricing discipline reflecting the continued success in the execution of our growth strategy. Reported revenue marginally higher reflecting foreign exchange headwinds.
Volumes of edible collagen casings up 4.2%.
Emerging market volume up 10% driven by South East Asia, China and Latin America.
Mature markets volume up 1% driven by strong growth in North America offset by weaker market conditions in UK & Ireland and Australia.
Underlying operating profit of £20.3m, up 9.7%, and operating margin increased to 16.9% (H1 2020: 15.5%) benefiting from revenue growth, improving price/mix and ongoing cost savings which were partially offset by inflationary pressures.
Underlying basic earnings per share up 20.8% to 8.7p.
Improved free cash flow generation of £9.4m (H1 2020: £7.2m).
Covenant net debt of £103.1m (H1 2020: £121.5m, FY 2020: £109.5m), representing net debt to EBITDA of 1.6x (H1 2020: 1.9x, FY 2020: 1.8x). Further progress expected in H2 2021.
