De La Rue plc Preliminary Statement to 29 March 2014



  2013/14 2012/13* Change
Revenue £513.3m £483.7m 6%
Underlying operating profit ** £90.5m £63.2m 43%
Underlying profit before tax *** £77.3m £51.3m 51%
Reported profit before tax £59.8m £43.7m 37%
Underlying earnings per share *** 60.7p 38.5p 58%
Basic earnings per share 47.3p 37.4p 26
Dividend per share 42.3p 42.3p

*Restated to reflect the amendments to IAS 19R Employee Benefits
** Underlying operating profit is defined as operating profit before exceptional charges of £17.5m (2012/13: £7.6m). The IAS 19R administration charge (2013/14: £1.2m, 2012/13: £1.7m) has also been excluded above as we consider this to be useful to the users of the accounts given the importance of the Group’s Improvement Plan operating profit target, which was stated before exceptional items and IAS 19R
*** Underlying profit before tax and EPS are reported before the exceptional charges noted above and exceptional tax credits of £4.2m (2012/13: £6.5m)

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


  • Underlying operating profit up 43% to £90.5m
  • Improvement Plan delivers £20m in 2013/14, annual savings of £40m over the life of the Plan
  • Banknote print volumes similar to prior year at 6.2bn notes
  • Banknote paper volumes up 10% to 9,600 tonnes
  • Modest net debt at £90m
  • Year end 12 month order book of £218m
  • Underlying EPS up 58% to 60.7p

Philip Rogerson, Chairman, commented:

“I am pleased to report a strong year of trading with underlying operating profit up 43 per cent at £90m despite a more challenging Currency market.

These results reflect the significant progress that De La Rue has made through implementing the three year Improvement Plan which has grown profits from £40m in 2010/11 to £90m in 2013/14. De La Rue is in fundamentally better shape today and with a culture of continuous improvement embedded in our business there will be further efficiencies ahead.

We entered the new financial year with a good order book albeit reflecting the recent more difficult pricing environment in the Currency market. The Board’s expectations for 2014/15 remain unchanged.”


De La Rue plc   +44 (0)1256 605000
Philip Rogerson Chairman  
Colin Child Chief Operating Officer and 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 09:00 on 28 May 2014 at the Lincoln Centre, 18 Lincoln’s Inn Fields, WC2A 3ED. There will be a simultaneous audio webcast of the meeting.
For the live webcast, please register at

28 May 2014

View the full announcement as PDF

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