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    DVO   GB0002670437

DEVRO PLC

(DVO)
  Report
Real-time Estimate Quote. Real-time Estimate  - 12/02 04:21:25 pm
212.0000 GBX   +0.38%
12/02DEVRO PLC : Ex-dividend day for interim dividend
FA
11/23London Shares Fall in Early Trade; CRH, Compass Rise
DJ
11/02Devro plc Announces Directorate Changes
CI
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Devro : Half Year 2021 Results Presentation

07/29/2021 | 02:07am EST

1

HALF YEAR RESULTS

F O R T H E S I X M O N T H S E N D E D 3 0 J U N E 2 0 2 1

2 9 J U L Y 2 0 2 1

2

H1 HIGHLIGHTS

  • Growth momentum continuing

3.1% constant currency revenue growth

4.2% edible casings volume growth

1% mature markets

10% emerging markets

  • Underlying operating profit of £20.3m up 10% on prior year, benefiting from revenue growth, improving price/mix and ongoing cost savings
  • Underlying basic earnings per share up 21% to 8.7p
  • Improved free cash flow generation of £9.4m, up 31%
  • Covenant net debt of £103.1m, 15% improvement, representing covenant net debt to EBITDA of 1.6x (H1 2020: 1.9x, FY 2020: 1.8x). Further progress expected in H2 2021
  • The Board has declared an increased interim dividend of 2.8p, up 4%

SUSTAINABLE GROWTH - BETTER PLANS AND

3

PROCESSES SUPPORTING OUR PEOPLE TO DELIVER

P L A N S

3 Year Commercial Plans for all Sales Areas

Go-to-Market plans for key

countries In progress

Clear category and product development plans for Processed, Snacking and Fresh

P R O C E S S

Integrated Business Planning

Sales cycle

Pricing management

Stage Gate product development

P E O P L E

Commercial training program

In progress

Additional resources in sales, technical service and product development ongoing

Completed journey from Regional to Global with Global commercial organisation

Targeted capability upgrades across the organisation

4

DELIVERING GROWTH

Total

Emerging

Mature

+4%

+27%

-6%

*Volume: June 19 to June 21

*Volume: June 19 to June 21

*Volume: June 19 to June 21

  • Total volume has grown by 4% despite COVID-19 impact with limited recovery but potential upside going forward
  • Emerging markets have grown significantly in the last 2 years +27%
  • Mature markets stabilised in H2 2020 and returned to modest growth in H1 2021
  • Devro continues to be more exposed to mature markets but emerging markets share of total volume has increased from 30% to 37% in the last 2 years on a rolling 12 months basis

* 12 months rolling

STRONG VOLUME GROWTH OF 10% IN EMERGING

5

MARKETS

Strong growth in line with 3Cs strategy

  • Growth in all markets (except Russia and East)

2 9 % GROUP REVENUE

South East Asia up 28%

  • Strong growth in Indonesia and Thailand coupled with new business wins

China up 18%

  • Post COVID-19 recovery

Latin America up 8%

  • New business wins coupled with annualised benefit from existing customers

Russia and East down 21%

#1

Russia and East

China

#4

Middle East and Africa

South East Asia

#2

#1

Latin America

#2

VOLUME

PRICE/MIX & FX

FX headwinds impacted our competitiveness

Volume: +10%

Price/mix: -5%

FX: -3%

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Devro plc published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 06:06:14 UTC.


© Publicnow 2021
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12/02DEVRO PLC : Ex-dividend day for interim dividend
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07/29DEVRO : Half Year 2021 Results
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Financials
Sales 2021 252 M 335 M 335 M
Net income 2021 29,3 M 38,9 M 38,9 M
Net Debt 2021 100 M 134 M 134 M
P/E ratio 2021 12,2x
Yield 2021 4,33%
Capitalization 357 M 476 M 476 M
EV / Sales 2021 1,82x
EV / Sales 2022 1,74x
Nbr of Employees 1 922
Free-Float 97,5%
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Number of Analysts 5
Last Close Price 214,00 GBX
Average target price 233,75 GBX
Spread / Average Target 9,23%
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Managers and Directors
Rutger A. Helbing Chief Executive Officer & Executive Director
Rohan Cummings Chief Financial Officer & Executive Director
Stephen Paul Good Non-Executive Chairman
Malcolm Stuart Swift Independent Non-Executive Director
Veronica Lesley Jackson Senior Independent Non-Executive Director
Sector and Competitors