Last checked at 26 Jan 2010 07:00
Interim Management Statement
The Board of De La Rue plc today issues the following Interim Management Statement in respect of the period since 26 September 2009 as required by the UK Listing Authority's Disclosure and Transparency Rules.
Trading for the Group for the period from 26 September 2009 to date has been strong, with banknote and paper volumes showing an increased run rate compared to the first half of 2009/2010 and well ahead of the comparable period last year.
Cash Processing Solutions has continued to experience difficult trading conditions, whilst performance in Security Products and Identity Systems has been broadly consistent with the first half of 2009/2010.
The Group has benefited from good operating cash flow in the period. Working capital management remains a key focus for the business and the Group expects to end the year with modest net debt.
The Board remains confident in the Group's trading outlook for the year which is in line with our previous expectations.
As noted previously, looking forward into the new financial year, the Board believes that banknote volumes should remain at similar levels but the unusually strong margin mix in Currency may not be repeated. It is expected that this will be offset by productivity gains, cost reduction and improved trading in other parts of the business.
-ends-
26 January 2010
For further information, please contact:
| James Hussey | Chief Executive | +44 (0)1256 605222 |
| Simon Webb | Group Finance Director | +44 (0)1256 605222 |
| Clare Lloyd Williams | Group Communications Manager | +44 (0)1256 605222 |
| Richard Mountain | Financial Dynamics | +44 (0) 207 269 7291 |
Notes to Editors
1. De La Rue will announce its Preliminary Results on 25 May 2010
2. 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