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Devro - Returns to high margin growth

April 2002

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • DVO
Analysts have reacted with stifled yawns to the latest results from Devro,68p, the supplier of sausage casings with a 50% share of the world market, even though  results were the best for several years. The problem for the shares which have previously commanded a high  PE in the mid 20s was a setback to growth attributed to its disastrous acquisition in 1998 of Teepak, a maker of cellulose used forcooking hot dogs and skinless sausages. That business was finally sold last year. Devro is now back to making most of its profitsupplying collagen. Collagen is a by-product of the leather industryand when blended with certain ingredients forms a gel which can beextruded into casings used for sausages or the films used topa ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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