Last checked at 7 Sep 2023 07:00
7 September 2023
De La Rue plc
AGM statement and trading update
De La Rue plc (LSE: DLAR) ("De La Rue", the "Group" or the "Company") will hold its annual general meeting at 10:00am this morning at De La Rue House, Jays Close, Viables, Basingstoke.
Ahead of that meeting De La Rue confirms, given the current trading experience of both Currency and Authentication divisions, that adjusted operating profit guidance for the half and full year of FY24 remains unchanged from that set out* at the time of our full year results announcement made on 29 June. In addition we expect our net debt levels at full and half year to be in line with that set out on 29 June.
As previously announced, Margaret Rice-Jones will be retiring from the Board at today's annual general meeting. The Board thanks her for her invaluable contribution and wishes her well with her future endeavours.
Further to her retirement, and as previously announced, we are welcoming Brian Small to the Board on 8 September 2023. He will take over Margaret's role as Chair of the Remuneration Committee, as well as joining the Audit, Ethics and Nominations Committees.
Margaret's role as Senior independent Director will be taken over by Nick Bray as he relinquishes his role of Audit Committee Chair to Mark Hoad.
* That guidance was that full year adjusted operating profit for the Group would be in the low £20m range for the full year and broadly break even for the first half year. Net debt would rise to around £100m at both half and full year.
Enquiries
De La Rue plc | +44 (0)7990 337707 | |
Clive Whiley | Chairman | |
Clive Vacher | CEO | |
Louise Rich | Head of Investor Relations | |
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Brunswick | +44 (0)207 404 5959 | |
Stuart Donnelly | ||
Ed Brown | ||
About De La Rue
De La Rue plc's purpose is to secure trust between people, businesses and governments. As a trusted partner of governments, central banks and commercial organisations seeking to secure their global supply chains and cash cycles, De La Rue provides highly secure physical and digital solutions that underpin the integrity of economies and trade.
De La Rue's Currency division provides market-leading end-to-end currency solutions, from finished banknotes to secure polymer substrate and banknote security features to over half the central banks and issuing authorities around the world.
Our Authentication division protects revenues and reputations through the provision of physical and digital solutions to governments and commercial organisations. We also manufacture ID security components.
At 25 March 2023, De La Rue had over 1,800 employees who work with organisations in more than 140 countries, leveraging the group's manufacturing facilities in the UK, US, Malta and Sri Lanka.
De La Rue's shares are traded on the London Stock Exchange (LSE:DLAR). De La Rue plc's LEI code is 213800DH741LZWIJXP78.
For further information please visit www.delarue.com
Cautionary note regarding forward-looking statements
Certain statements contained in this document relate to the future and constitute 'forward-looking statements'. These forward-looking statements include all matters that are not historical facts. In some case, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "may", "will", "could", "shall", "risk", "aims", "predicts", "continues", "assumes", "positioned" or "should" or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout this document and include statements regarding the intentions, beliefs or current expectations of the Directors, De La Rue or the Group concerning, amongst other things, the results of operations, financial condition, liquidity, prospects, growth, strategies and dividend policy of De La Rue and the industry in which it operates.
By their nature, forward-looking statements are not guarantees or predictions of future performance and involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond the Group's control, and which may cause the Group's actual results of operations, financial condition, liquidity, dividend policy and the development of the industry and business sectors in which the Group operates to differ materially from those suggested by the forward-looking statements contained in this document. In addition, even if the Group's actual results of operations, financial condition and the development of the business sectors in which it operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.
Past performance cannot be relied upon as a guide to future performance and should not be taken as a representation or assurance that trends or activities underlying past performance will continue in the future. Accordingly, readers of this documents are cautioned not to place undue reliance on these forward-looking statements.
Other than as required by English law, none of the Company, its Directors, officers, advisers or any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur, in part or in whole. Additionally, statements of the intentions of the Board and/or Directors reflect the present intentions of the Board and/or Directors, respectively, as at the date of this document, and may be subject to change as the composition of the Company's Board of Directors alters, or as circumstances require.
The forward-looking statements contained in this document speak only as at the date of this document. Except as required by the UK's Financial Conduct Authority, the London Stock Exchange or applicable law (including as may be required by the UK Listing Rules and/or the Disclosure Guidance and Transparency Rules), De La Rue expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.