Sausage skin maker Devro served up significantly smaller full year profits, following the disposal of its German distribution business Devro GmbH, but said underlying growth prospects for its global markets remain encouraging.
Pre-tax profit was squeezed down to £43m in the year ended 31 December compared to £54m the year before. Revenue increased to £227.7m during the period from £213.6m previously.
Devro, which renewed five-year bank facilities, said sales volumes continue to grow strongly in South East Asia, Russia and Eastern Europe. The success of its Select range in Japan and Europe particularly contributed to sales, the group said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Looking ahead chairman Steve Hannam said the outlook for 2012 was favourable.
"With our evolving product range and strategic capital investment programme, we are well placed to take advantage of this opportunity. The strong performance in the second half of 2011 and the continuing strength of the balance sheet give us confidence for the future."
Underlining its confidence in future trading the board is to recommend a final dividend of 5.5p per share, bringing the full year dividend to 80 per share, up 14.3%.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
