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STOCKS NEWS EUROPE-Devro up; sees FYs beating expectations

Mon Nov 9, 2009 5:20am EST

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Shares in Devro Plc (DVO.L) gain 4 percent after the British sausage-skin maker says it expects to post a profit for the full-year ahead of market forecasts, prompting Investec to increase its earnings forecasts and repeat its "buy" rating.

The company attributes its performance to the continued strong demand for edible collagen, and adds it will invest in additional capacity in 2010.

Investec ups its 2009 pretax profit estimates for Devro by 1.2 milllion pounds to 24.5 million pounds and lifts full-year earnings per share forecasts up 9 percent to 11.0 pence, while raising its target price to 140 pence from 117 pence.

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Reuters Messaging rm://david.brett.reuters.com@reuters.net


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