Devro, a sausage casing supplier, has warned that full year operating profits will be slightly below expectations, although still ahead of last year.
It blamed this on a number of factors, namely adverse currency movements, increased raw material costs and extended plant commissioning periods. It expects the trend of increased raw material prices to continue into next year.
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The 2012 capital programme involves the investment of approximately £35m to increase capacity and enhance productivity in 2013 and 2014. New lines are now running successfully in Scotland, Australia, USA and Czech Republic. Further capacity is on track for completion in 2013.
Consensus forecasts for the full year ending December 31st are for pre-tax profits of £43.64m on turnover of £242.50m. Earnings per share are expected to come in at 21.15p, putting it on a price earnings ratio of 15.9.
CM
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Rightmove: Asking prices rise by 0.3%, but increase is lower than typical for OctoberOctober saw asking prices grow by £1,165 on average, Rightmove says, but the increase is far below the usual autumn bump as the property market braces for next month’s Budget.
