De La Rue plc Interim Results November 2012



  Half Year
Half Year
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.


  • 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."


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

27 November 2012

View the full announcement as PDF

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