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Devro H1 Pre-tax Profit Edges Down; CFO Jackie Callaway To Step Down - Quick Facts

(RTTNews) - Devro plc (DVO.L), a manufacturer of collagen products for the food industry, reported Wednesday that its profit before tax for the six months ended 30 June 2020 was 13.5 million pounds, compared to 13.6 million pounds last year.

Profit for the period attributable to owners of the parent was 11.1 million pounds or 6.6 pence per share, up from 10.8 million pounds or 6.4 pence per share in the prior year.

Underlying profit before tax rose to 15.6 million pounds from 14.9 million pounds in the prior year. Basic underlying earnings were 7.5 pence, compared to 7.0 pence a year ago.

However, revenue for the period edged down to 119.0 million pounds from 119.2 million pounds last year.

The company said its board has resolved to declare the postponed 2019 final dividend of 6.3 pence per share, which will be paid by way of an interim dividend on 2 October 2020 to shareholders on the register as at 21 August 2020.

Taken together with the 2019 interim dividend, this will result in a total dividend payment for full year 2019 of 9.0 pence per share, compared to 9.0 pence per share for the previous year. In addition, the Board has resolved to declare a 2020 interim dividend of 2.7 pence, flat on the prior year.

Separately, Devro said that its chief financial officer Jackie Callaway is leaving the Group to become CFO of Coats Group plc.

Jackie will step down as an Executive Director and CFO with an effective date that will be announced in due course. Devro said that a process to determine a successor is now underway in line with Board succession planning, and Jackie will work with the CEO and the Board to ensure an orderly transition.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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