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Sausage-skin maker Devro says strong pound hits revenue
July 30, 2014 / 6:35 AM / 3 years ago

Sausage-skin maker Devro says strong pound hits revenue

July 30 (Reuters) - Devro Plc, which makes edible collagen casings for sausages, reported a 7.7 percent decline in first-half revenue almost entirely due to the strength of the pound against various currencies.

Revenue fell to 109.7 million pounds ($185.8 million) in the six months ended June 30 from 118.9 million pounds a year earlier.

Pretax profit fell 90 percent to 1.6 million pounds, mainly due to restructuring costs.

Devro said total revenue was unchanged at constant currency rates. The company makes sales in euros, U.S. dollars and yen, and incurs manufacturing costs in Australian and U.S. dollars and the Czech koruna, as well as sterling. ($1 = 0.5903 British Pounds) (Reporting by Aastha Agnihotri in Bangalore; Editing by Robin Paxton)

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