Devro finals have come in ahead of our forecasts at the PBT and net-debt level. End markets remain mixed but having a portfolio approach helps the group to offset areas of geographical weakness. There is reassuring news around the large China and USA projects. In the update there is reference to the value end of the Chinese market declining in 2015, but reassuringly the premium segment in which Devro is positioned in remains in growth mode. We keep forecasts unchanged and the stock remains an N+ ....
