Last checked at 13 Apr 2016 07:00
De La Rue plc
Trading Update
13 April 2016
De La Rue plc ("De La Rue" or "the Group") today announces its trading update for the six months and the full year ended 26 March 2016.
Full year revenue for the Group has been broadly in line with expectations. Full year underlying operating profit is now anticipated to be around £62m which is above previous expectations. This higher level of operating profit has been driven mainly by strong operational outperformance on certain contracts within our Currency business. Identity Solutions and Product Authentication and Traceability (PA&T, formerly Security Products) have been trading broadly in line with expectations.
Net debt at 26 March 2016 was £5m lower than at the end of the prior year at £106m.
Taking into account the above outperformance in the second half of 2015/16 the Board's expectations for 2016/17 remain unchanged.
The Group will issue its 2015/16 full year results at 7am BST Tuesday 24 May 2016. Analyst presentation and conference call details will be provided two weeks prior to the announcement.
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Enquiries:
De La Rue plc |
| +44 (0)1256 605000 |
Martin Sutherland | Chief Executive Officer |
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Jitesh Sodha | Chief Financial Officer |
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Lili Huang | Head of Investor Relations
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Brunswick |
| +44 (0)207 404 5959 |
Jon Coles |
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Oliver Hughes |
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Notes to editors
De La Rue is a leading commercial banknote printer, security paper maker and provider of security products and software solutions and, as a trusted partner of governments, central banks and commercial organisations around the world, is at the forefront of the battle against the counterfeiter.
De La Rue, as the world's largest commercial banknote printer, provides customers with a fully integrated range of sophisticated products and services which are available either individually or as a whole. This includes a leading design capability, production of innovative security components, manufacture of security paper and polymer substrates and sophisticated printing of banknotes, all contributing to trust in the integrity of currencies.
De La Rue is the world's largest commercial passport manufacturer in an environment of increasing global concern over security at national boundaries and border control. De La Rue also produces a wide range of other security products, including tax stamps for governments who are seeking to combat illicit trade and collect excise duties. Other products include authentication labels, assuring purchasers of product validity, and government identity documents. In addition the Group manufactures high speed cash sorting and banknote inspection equipment.
De La Rue also provides a range of specialist services and software solutions including government identity schemes, product authentication systems and cash management processing solutions.
De La Rue is listed on the London Stock Exchange (LSE:DLAR). For further information visit www.delarue.com
Cautionary note regarding forward-looking statements
These results include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "plans", "goal", "target", "aim", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout these results and the information incorporated by reference into these results 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 involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may be beyond De La Rue's ability to control or predict. Forward-looking statements are not guarantees of future performance. The Group's actual results of operations, financial condition, liquidity, dividend policy and the development of the industry in which it operates may differ materially from the impression created by the forward-looking statements contained in these results and/or the information incorporated by reference into these results. In addition, even if the results of operations, financial condition, liquidity and dividend policy of the Group and the development of the industry in which it operates, are consistent with the forward-looking statements contained in these results and/or the information incorporated by reference into these results, those results or developments may not be indicative of results or developments in subsequent periods.
Other than in accordance with its legal or regulatory obligations, De La Rue does not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events or otherwise. |