Sausage-skin maker Devro sees lower 2014 profit; shares sink
April 28 (Reuters) - Sausage-skin maker Devro Plc said it expected 2014 profit to be lower by about 8 million pounds and that it would switch to low-cost manufacturing as it expected prices and volumes to be flat, sending its shares down nearly 10 percent.
The maker of edible collagen casings for bratwurst, salami and chorizo said volumes were behind last year for the period from Jan. 1 to date.
Devro, which earns only about 10 percent of its revenue in sterling, said sales were hurt by currency devaluation in Latin America, lower retail demand in Europe, the EU pork meat import ban in Russia and the impact of prior year price increases in Europe.
Shares in Devro were trading down 8.33 percent at 217.22 pence at 0708 GMT, making the stock one of the top percentage losers on the London Stock Exchange. (Reporting by Aashika Jain in Bangalore; Editing by Gopakumar Warrier)