PETER Page, chief executive of sausage skin manufacturer Devro, has seen his pay halved after he missed out on an annual bonus and received reduced long-term incentives following a 4.6% drop in profits.

Mr Page received remuneration of £565,000 for 2013, its annual report revealed, down from nearly £1.2 million in 2012.

He received a basic salary of £449,000, £24,000 more than in 2012.

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For the second consecutive year he received no annual bonus after Devro missed targets for operating profit and cash flow. Mr Page last received an annual bonus in 2011 when he picked up £153,000.

He did receive 18.25% of the possible long-term incentive pay-out, which was based on Devro's total share price return compared to rivals. Although Devro's performance was below the median of its comparator group, Mr Page benefited from the vesting of shares worth £70,000. The scheme paid out £686,000 in 2012.

The remainder of his package was made up of £45,000 in pension contributions and £1000 in benefits.

The average Devro employee got a 3.6% rise in salary to £29,000 with typically another £1000 in benefits and a £1000 bonus.

Mr Page currently receives an annual salary of £451,880 and declined an increase for this year.

Devro, which employs 500 people in Scotland, saw pre-tax profits fall to £37.5m last year as sales slowed in developed markets. The company blamed poor consumer confidence and rising costs as the horsemeat scandal increased demand for British pork.