DE LA RUE PLC INTERIM STATEMENT SIX MONTHS TO 29 SEPTEMBER 2012
KEY FINANCIALS
| Half Year 2012/13 £m |
Half Year 2011/12 £m |
Change | |
|---|---|---|---|
| Revenue | 245.4 | 238.1 | 3% |
| Operating profit * | 33.2 | 31.5 | 5% |
| Profit before tax and exceptional items | 31.5 | 29.0 | 9% |
| Profit before tax | 27.9 | 27.1 | 3% |
| Headline earnings per share * | 23.8p | 21.4p | 11% |
| Dividend per share | 14.1p | 14.1p | – |
* Operating profit is shown before an exceptional charge of £3.6m (2011/12: £1.9m). Headline EPS is reported before the exceptional charge and exceptional tax credits of £5.0m (2011/12: £0.5m). The Directors are of the opinion that these measures give a better indication of underlying performance.
HEADLINES
- Revenue up 3% to £245m with a strong performance in Solutions
- Operating profit up 5% to £33m
- Banknote print volumes up 4% to 2.9bn notes, paper volumes down 15% to 4,500 tonnes
- Group 12 month order book maintained at £248m, of which Currency orders up 7% at £195m
- Improvement Plan benefits of £4m realised in the period
Tim Cobbold, CEO, commented:
"During the first half of the year we have reported satisfactory growth in revenue and operating profit despite a more challenging banknote paper market. We made good progress in implementing the Improvement Plan with a continued focus on procurement, quality improvement and reducing waste which has delivered cumulative savings of £12m to date. We remain on track to achieve the Plan’s £30m per annum of savings."
"As previously announced, a number of significant orders have been delayed. The Board remains confident that these orders will be received for shipment in 2013/14."
"Overall order intake has been satisfactory notwithstanding the delayed orders, with the Currency 12 month order book growing by 7 per cent during the period. With the reasonable order book, a strong pipeline and continued progress on the Improvement Plan, the Board is confident in achieving a target 2013/14 operating profit in excess of £100m."
Enquiries:
| De La Rue plc | +44 (0)1256 605000 | |
| Tim Cobbold | Chief Executive | |
| Colin Child | Group Finance Director | |
| Rob Hutchison | Group Director of Communications | |
| Brunswick | +44 (0)207 404 5959 | |
| Jon Coles | ||
| Zoe Bird |
A presentation to analysts will take place at 9:00 am on 27 November 2012 at the London Stock Exchange, 10 Paternoster Square, London EC4M 7LS.
There will be a simultaneous audio webcast of the meeting. For the live webcast, please register at www.delarue.com
27 November 2012
