The De La Rue plc Annual General Meeting (“AGM”) was held o 25 September 2024, at 12:00pm at De La Rue House, Jays Close, Basingstoke, Hampshire, RG22 4BS, United Kingdom.
All the Resolutions (as set out in the Notice of Annual General Meeting) were duly passed on a poll.
Trading update
The Board remains confident of achieving Group adjusted operating profit for FY25 significantly ahead of FY24, in the mid- to high- £20millions. For the first half of FY25, which ends on 28 September 2024, we expect Group adjusted operating profit to be in the low single digit range. As in prior years, the Group business performance will be H2 weighted, and this has been somewhat amplified by the timing of certain deliveries within the Currency division moving into the second half of FY25.
Working capital will show an adverse movement in the first half as we build inventory to fulfil customer orders and await payment on a number of key customer contracts. We have also started to incur costs in relation to the separation process. As a result, we expect net debt at 28 September 2024 to be in excess of that at the end of FY24.
The actual outturn for the Group in FY25 will also depend on the nature and timing of any business disposal.
Strategic update
As we explained in the results announcement of 25 July 2024, we are pursuing various strategic options in relation to our operating divisions. Discussions with parties in relation to the disposal of either of the Group’s divisions have progressed significantly since that date. We have also begun work on the physical and legal separation of the two divisions. The Board expects to provide a further update on these matters within the next few weeks.
