De La Rue plc Preliminary Statement to 31 March 2012



Revenue 528.3 463.9 14%
Operating profit * 63.1 40.4 56%
Underlying profit before tax * 57.7 33.3 73%
Reported profit before tax 32.9 72.8 (55%)
Headline earnings per share * 43.5p 24.0p 81%
Dividend per share 42.3p 42.3p


Group operating profit, underlying profit before tax and headline EPS are reported before an exceptional operating charge of £24.8m in 2011/12 and net exceptional income of £39.5m in 2010/11 (representing exceptional operating charges of £15.6m and exceptional non operating profit of £55.1m) as the Directors are of the opinion that these give a better indication of underlying performance.


  • Revenue up £64m to £528m, with strong performance in both the Currency and Solutions businesses
  • Operating profit up £23m to £63m, due to improved trading, mix and initial benefits from the Improvement Plan
  • Headline EPS up 81% to 43.5p
  • Final dividend of 28.2p making a total of 42.3p for the year
  • Strong operating cash inflow of £78m, net debt low at £25m
  • Banknote print volumes up 8% to 6.4bn, paper volumes up 11% to 11,000 tonnes
  • Year end order book up 14% to £248m
  • Improvement Plan on track to achieve a target 2013/14 operating profit in excess of £100m

Nicholas Brookes, Chairman, commented:

"I am pleased to report that De La Rue has made excellent progress in the past financial year, achieving strong growth in revenue and profit.  As I leave De La Rue, I am confident that, with a strong management team and a clear plan for improvement, the business is well placed for the future."

Tim Cobbold, Chief Executive, commented:

“ De La Rue has made good progress in the first year of.0 the Improvement Plan, demonstrating both the fundamental strengths of the business and its capacity to improve. While recognising there is still much to do, I am confident that with the momentum we have established, we are on track to achieve our target of a 2013/14 operating profit in excess of £100m.

With a good order book and a strong pipeline of opportunities, the Board’s expectation for the current year remains unchanged."


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 09:00 on 29 May 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

An interview with Tim Cobbold, Chief Executive of De La Rue is available on the Group’s website or on

29 May 2012

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