DE LA RUE PLC INTERIM STATEMENT SIX MONTHS TO 29 SEPTEMBER 2012
|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|
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