De La Rue PLC Preliminary Statement to 27 March 2010
DE LA RUE PLC PRELIMINARY STATEMENT
YEAR TO 27 MARCH 2010
KEY FINANCIALS
(Continuing Group - excluding the disposed business of Cash Systems but including Cash Processing Solutions)
| |
2009/2010
£m |
2008/2009
£m |
Movement
% |
| Revenue |
561.1 |
502.4 |
12% |
| Operating profit * |
109.2 |
96.5 |
13% |
| Profit before tax and exceptional items |
104.1 |
105.0 |
-1% |
| Profit before tax |
96.6 |
96.1 |
1% |
| Headline earnings per share * |
76.2p |
57.0p |
34% |
| Basic earnings per share from continuing operations |
71.0p |
50.9p |
39% |
| Dividend per share |
42.3p |
41.1p |
3% |
HEADLINES
- Group operating profit margin* remains strong at 19.5%, underpinned by productivity, mix and foreign exchange benefits
- Strong operating cash flow of £116m
- Final dividend increase to 28.2p, making a total of 42.3p for the year, an increase of 3 per cent
- Secured £400m UK passport contract for delivery over 10 years
- Sale of Camelot investment, subject to National Lottery Commission approval
- Share buy back announced
| * |
Operating profit and headline EPS are reported for continuing operations and before exceptional items of £7.5m in 2009/2010 and £8.9m in 2008/2009 |
Nicholas Brookes, Chairman of De La Rue plc, commented:
"The Group had an excellent year, with Currency delivering an outstanding performance due to strong demand and a high quality mix of work. These results underline the Board’s rationale for creating a more focused Group and demonstrate De La Rue’s resilience in the uncertain economic environment. We will continue to focus on our core strengths whilst driving long term growth, profitability and cash generation.
“As indicated in March, the Board believes that 2010/2011 banknote volumes should remain at similar levels to 2009/2010 but with a greater than normal weighting towards the second half. Pension charges will be £3m higher than the prior year.
“The strong margin mix in Currency will not be repeated in the current financial year. It is expected that this will be offset by productivity gains, by cost reduction, especially in Cash Processing Solutions, and by improved trading in other parts of the business."
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 |
24 May 2010
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