Trading Update and Board Change

RNS Number : 4361D

De La Rue PLC

29 January 2015

 

De La Rue plc

Trading Update and Board Change

De La Rue plc today issues the following Trading Update for the period from 27 September 2014 to date.

Trading in the period has been in line with revised expectations with all the forecast Currency orders, for production and shipment in the current financial year, secured.  Accordingly the Board continues to expect that the Group's operating profit for 2014/15 will, as previously announced, be approximately £20m lower than the underlying operating profit of £89.3m reported for 2013/14.

The Currency Division is expected, subject to customer shipment instructions, to report volumes for 2014/15 of c6.4bn banknotes and c9,750 tonnes of banknote paper.  As stated previously the pricing environment in the banknote print and paper markets is expected to remain difficult throughout 2015/16 with recent tenders reflecting the ongoing competitive pressures.

Overall, the Solutions Division continues to trade in line with the Board's expectations. The performance of Cash Processing Solutions remains on track to meet its target of achieving break even in 2014/15.

De La Rue also announces that Colin Child has informed the Board that he intends to stand down as Group Finance Director at the Company's AGM on 23 July 2015.  Head hunters will be appointed to commence a search for a new Finance Director and assist the Board's Nomination Committee to identify suitable internal and external candidates.

Philip Rogerson, Chairman of De La Rue, said:

"On behalf of the Board and all his colleagues at De La Rue I would like to acknowledge and thank Colin for the very significant contribution he has made to the Company.  During his five years with De La Rue Colin played an important role in the achievement of improvements to the business and took on additional responsibilities during periods of management change.  He leaves with our very best wishes."

Colin Child, Group Finance Director, said:

"I am enormously pleased and proud to have played a part over the past five years with the team at De La Rue in materially improving the business.  As the leader in its industry, and despite the current market conditions, the Group is in good shape for the future."

29 January 2015

Enquiries:     

De La Rue plc		[phone]
Martin Sutherland	Chief Executive
Colin Child	Group Finance Director
Brunswick		[phone]
Jon Coles
Oliver Hughes

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.

As the world's largest commercial banknote printer, De La Rue 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.

The company 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 (LON:DLAR). For further information visit www.delarue.com

 

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