Interim Results November 2009

News Release: 24 November 2009

INTERIM STATEMENT
SIX MONTHS TO 26 SEPTEMBER 2009

• Group revenues* up 3 per cent, and operating profit* up 17 per cent
• Currency revenues up 8 per cent and operating profit up 22 per cent to £44.7m
• Group operating profit margin* improved by 2.4 percentage points to 20.2 per cent driven by securing an unusually favourable job mix in Currency, increased productivity and foreign exchange
• Headline EPS* up 48 per cent to 35.1p due to the effect of the return of capital
• Interim dividend per share increased by 3 per cent to 14.1p
• Secured £400m UK Passport contract for delivery over 10 years
• These results reflect the elimination of central costs which have now been fully achieved

KEY FINANCIALS
(Continuing Group - excluding the disposed business of Cash Systems but including CPS)

* Group revenue, operating profit and headline EPS are reported for continuing operations and before exceptional items of £3.8m in 2009/2010 and £2.6m in 2008/2009

** Profit before tax decreases versus the prior half year due to movement on exceptional charges (£1.2m), lower income from associates (£2.3m) and increased interest charges (£4.2m)

Nicholas Brookes, Chairman of De La Rue plc, commented:

“The Group has delivered a strong performance reflecting the successful execution of our focused strategy, our ongoing drive for productivity improvements and the resilience of our key markets. The signing of the 10 year UK Passport contract during the period demonstrates De La Rue’s continuing capability for generating long-term profitable growth.

“As reported in September, we are restructuring Cash Processing Systems to reduce its ongoing cost base and strengthen its focus on Central Banks. This is progressing to plan.

Outlook

“The Board remains confident in the outlook for the full year. Looking forward at this stage 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.”

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24 November 2009

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