LONDON (dpa-AFX) - Devro plc (DVO.L) stated Thursday that its trading for the period from 1 January 2019 to the current date was in line with the Board's expectations, with momentum building through the quarter after a slower start to the year. The company issued the trading update ahead of its Annual General Meeting or AGM later today.
Devro noted that it continued to see good trading in North America, South East Asia and China, offset by ongoing challenging conditions in Russia, Japan and Latin America.
As previously indicated, the company expects 2019 revenue growth to be weighted towards the second half of the year, as it will benefit from the build in sales of Fine Ultra, as well as underlying market growth.
Devro noted that it's cost saving initiatives are on track and it remains confident of being able to meet the previously outlined targets.
Looking ahead, Devro also said its remains well placed to make good progress in 2019.
Further, Devro noted that Gerard Hoetmer will retire as Chairman and Director of the company at the conclusion of today's AGM. The company's search for a new Chairman is well advanced and the Board anticipates to make an announcement in the near future.
Current Senior Independent Director, Paul Withers, will serve as interim Chairman from the conclusion of today's AGM until the new Chairman is appointed.
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