De La Rue plc Interim Results November 2013



  Half Year
Half Year
2012/13 Restated *
Revenue 234.0 245.4 (5% )
Operating profit ** 39.1 33.2 18%
Reported operating profit 34.1 28.8 18%
Profit before tax and exceptional items 32.8 27.4 20%
Profit before tax 28.4 23.8 19%
Headline earnings per share *** 25.7p 20.7p 24%
Dividend per share 14.1p 14.1p

* Restated to reflect the amendments to IAS19 Employee Benefits.
** Operating profit is before an exceptional charge of £4.4m (2012/13: £3.6m) and before an IAS19 charge of £0.6m (2012/13: £0.8m).
*** Headline EPS is reported before the exceptional charge and exceptional tax credits of £0.7m (2012/13: £5.0m).

The Directors are of the opinion that these measures give a better indication of underlying performance.


  • Operating profit up 18% to £39.1m
  • Improvement Plan benefits of £10m realised in the period
  • Banknote print volumes down 10% to 2.6bn notes reflecting the timing of shipments between the first and second half of the current year
  • Banknote paper volumes up 4% to 4,700 tonnes
  • Headline EPS up 24% at 25.7p
  • Group 12 month order book up £25m at £232m, of which Currency orders up 14% at £180m
  • Continuous improvement programme on track to deliver full year target cost savings

Tim Cobbold, CEO, commented:

“Overall De La Rue performed well in the first half with operating profits up 18% at £39m, on slightly lower revenues. This improvement, despite more challenging trading conditions, reflects the good progress made on the ongoing cost reduction programme which is on track to meet the targets for the year.

As previously announced the current overcapacity in the banknote paper market has led to a more difficult pricing environment in the printed banknote market. Accordingly the Board still expects operating profit for the current financial year to be c£90m.This is an increase of over 40% on the previous year and a 125% increase on the performance in 2010/11 when the Improvement Plan began.

Despite the challenging market De La Rue is in good shape and benefiting from the many initiatives within the Improvement Plan. The Group’s 12 month order book at the end of the first half was £232m, up £25m since the year end.”


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    
Oliver Hughes    

A presentation to analysts will take place at 9:00 am on 26 November 2013 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 where a replay will also be available subsequently.

26 November 2013

View the full announcement as PDF

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