AGM Statement

RNS Number : 8201G

De La Rue PLC

29 July 2021

 

29 July 2021

DE LA RUE PLC

2021 AGM STATEMENT

Strong momentum in both Currency and Authentication divisions

Ahead of today's Annual General Meeting (AGM), De La Rue plc ("De La Rue" or "the Group") is providing an update on its performance and progress.

Trading and outlook

The Board's expectations for 2021/22 remain unchanged and De La Rue continues to be on track to deliver the second year of the Turnaround Plan. 

The cost reduction programme, amounting to £36m of cumulative cost savings versus the 2019/20 cost base, will have a full year's impact for the first time in 2021/22, including approximately £7 million incremental savings versus FY2020/21.

In Currency, De La Rue continues to experience strong demand and is building an order book in line with its expectations for growth.  The mix of business is also positive.  The programme to grow its polymer substrate activity, including more than doubling production capacity, is on track, and worldwide demand for the Group's SAFEGUARD® polymer is developing in line with forecasts.

In Authentication, both the Government Revenue Solutions (GRS) and the Group's Brand businesses are on track to meet expectations. De La Rue has secured a further multi-year GRS award since the full year results in May 2021, and the pipeline of contract opportunities remains robust.  Implementation of existing contracts is in line with expectations, and recently won contracts will contribute to growth in H2 of the current financial year. 

De La Rue plc's LEI code is 213800DH741LZWIJXP78.

Enquiries:

De La Rue plc		[phone]
Clive Vacher		Chief Executive Officer
Rob Harding		Chief Financial Officer
Matthew Rose		Director of Investor Relations
Kirstie Thomas		Investor Relations Manager
Brunswick		[phone]
Stuart Donnelly
Ed Brown

Cautionary note regarding forward-looking statements

This announcement includes 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 this announcement 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, profitability, financial condition, liquidity, prospects, growth and strategies 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, profitability, financial condition, liquidity, prospects, growth and/or strategy and the development of the industry in which it operates may differ materially from the impression created by the forward-looking statements contained in this announcement. In addition, even if the results of operations, profitability, financial condition, liquidity, prospects, growth and/or strategy of the Group and the development of the industry in which it operates are consistent with the forward-looking statements contained in this announcement, 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.

 

END

 

 

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