Sausage skin maker Devro insisted that its toughest troubles are behind it as it unveiled full year results for 2001 damaged when animal diseases, such as BSE and foot and mouth, led to a drop in consumer demand.
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Sales dropped from £229.5m to £208.3m (US$296.6m) during the year ended 31 December 2001, and pre-tax losses were £36.7m, compared with a profit of £19.8m year on year. Devro has slashed its final dividend payment from 3.3p to 1p.
CEO Graeme Alexander told the Financial Times: “It was a difficult year, particularly at the beginning. BSE in Europe created problems of perception rather than of reality.”
Alexander added that with the exception of the BSE scare that kept demand low in Japan, trading began to improve in the Q3.
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