De La Rue plc Preliminary Statement to 28 March 2015



  2014/15 2013/14  
Revenue £472.1m £513.3m  
Underlying operating profit 1 £69.5m £89.3m  
Underlying profit before tax 1 £57.7m £77.3m  
Reported profit before tax £38.9m £59.8m  
Underlying earnings per share 2 45.3p 60.7p  
Basic earnings per share 34.0p 47.3p  
Dividend per share 25.0p 42.3p  


  • Full year results in line with expectations
  • Appointment of Martin Sutherland as new CEO
  • New Bank of England 10 year print contract signed in October 2014
  • Year end 12 month order book of £243m (2013/14: £307m)3
  • Banknote print volumes up 5% to 6.5bn, banknote paper volumes down 2% to 9,400 tonnes
  • Operational efficiencies yield additional £7m savings
  • CPS returned to underlying profitability
  • Final dividend of 16.7p per share, giving a total dividend for the year of 25.0p
  • Clear Strategic Plan to deliver growth and improved profitability in the long term
  • Significant investment in R&D and additional sales resources to develop the business, which will be more than covered by planned operational cost savings

1 Before net exceptional charges of £18.8m (2013/14: £17.5m)

2 Underlying EPS is reported before the net exceptional charges noted above and exceptional tax credits of £7.3m (2013/14:£4.2m)
The Directors are of the opinion that these measures give a better indication of underlying performance

3 Revised basis of calculation to include 12 months of estimated call-off orders for material contracts

Martin Sutherland, Chief Executive, commented:

“These results are in line with our revised expectations and include the benefit of further operational efficiencies. However, these have been outweighed by the impact of the challenging market conditions on revenue and operating profit across the Group.

In my first seven months, I have strengthened the leadership team and restructured the organisation to better align the business with its strategic needs as well as initiating a number of actions to achieve substantial cost savings which will be largely reinvested in the business to drive growth.

I have completed a review of the business and formulated a clear Strategic Plan to deliver growth and improved profitability in the long term through a greater focus on customers, innovation and delivery.”


De La Rue plc   +44 (0)1256 605000
Martin Sutherland Chief Executive Officer  
Colin Child Chief Financial Officer  
Brunswick   +44 (0)207 404 5959
Jon Coles    
Oliver Hughes    

A presentation to analysts will take place at 09:00 on 27 May 2015 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.

A video interview with Martin Sutherland, CEO, is available on the Investors page at and on

27 May 2015

View the full announcement as PDF

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