Last checked at 23 Jul 2009 07:00
De La Rue 2009 AGM Chairman's Statement and Interim Management Statement
23 July 2009
At De La Rue plc's Annual General Meeting (AGM) being held today, the Chairman, Nicholas Brookes, will make the following statement which comprises the Group's Interim Management Statement for the period from 29 March 2009, as required by the UK Listing Authority's Disclosure and Transparency Rules:
Trading and Financial Performance
"The Group's trading and financial position during the quarter is in line with the Board's expectations. First half banknote volumes are expected to be consistent with the corresponding period last year, with revenues, as anticipated, aided by favourable exchange. Levels of advance payments in the first quarter remain consistent with the year end. Cash Processing Solutions has had a slow start to the year on large sorter sales due to difficult trading conditions and delays to a number of anticipated orders. Security Products is trading in line with expectations and Identity Systems, whilst maintaining good order book visibility, has volumes weighted towards the second half of the year.
The highlight of the first quarter was the signing of the UK Passport contract. Operating costs and capital expenditure are now being incurred in line with the project plan, to meet first deliveries during the second half of the 2010/11 financial year.
The Group expects to end the half year with modest net debt.
Dividend
Subject to shareholder approval at today's AGM, the previously announced final dividend for the year ended 28 March 2009 of 27.4p per ordinary share will be paid on 31 July 2009 to shareholders on the register at the close of business on 10 July 2009.
Outlook
Overall our expectations for the full year 2009/2010 remain unchanged, underpinned by the continued good order book coverage in Currency."
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For further information, please contact:
| James Hussey | Chief Executive | +44(0)1256 605222 |
| Simon Webb | Finance Director | +44(0)1256 605222 |
| Clare Lloyd Williams | Group Communications | +44(0)1256 605222 |
| Andrew Lorenz | Financial Dynamics | +44(0)207 269 7291 |
Notes to Editors
| De La Rue is the world's largest commercial security printer and papermaker, involved in the production of over 150 national currencies and a wide range of security documents such as passports, authentication labels and fiscal stamps. The company is a leading provider of cash sorting equipment and software solutions to Central Banks, helping them to reduce the cost of handling cash. De La Rue also pioneers new technologies in government identity solutions for national identification, driver's licence and passport issuing schemes. De La Rue employs approximately 4,000 people worldwide and is a member of the FTSE 250. | |
| For further information visit De La Rue's website at www.delarue.com. | |