Sausage skin maker Devro yesterday reported rising pre-tax profits for 2015 as it played down the prospect of further acquisitions this year after its purchase of Dutch rival PV Industries.
Chief executive Peter Page said that the PV deal was “always an obvious fit with us… we don’t see other acquisitions as being a key part of our strategy at the moment”.
The firm, based in Moodiesburn, said that excluding exceptional items pre-tax profit reached £29.2 million compared to £26.1m in 2014.
Revenues fell to £230.2m from £232.3m. Devro’s total dividend remained flat at 8.8p. “It was a good year of progress,” Page said.
The business, which in December appointed a new group finance director Rutger Helbing who joins the firm in April, also flagged “strong” sales growth in Japan, North America and south east Asia.
“It’s good to see growth in developed markets,” Page said, although he acknowledged tougher conditions in Russia and Brazil.
He added the company made good progress in 2015 with its restructuring, saying it was paving the way for long-term growth. “There’s so much growth prospect in the sector it’s the right thing to be doing,” Page said.
The Devro chief said the restructuring was nearing completion, highlighting the US phase will conclude by this summer. The restructuring of the Scottish operations was completed in Q1 last year.