Interim Results November 2011



  Half Year
Half Year
Revenue 238.1 209.2
Operating profit* 31.5 27.8
Profit before tax and exceptional items 29.0 23.8
Profit before tax 27.1 69.4
Headline EPS* 21.4p 17.2p
Dividend per share 14.1p 14.1p

* Group operating profit and headline EPS are reported before an exceptional charge of £1.9m in 2011/12 and net exceptional income of £45.6m in 2010/11


  • Group's first half operating profit performance up 13% to £31.5m
  • Headline EPS up 24% to 21.4p
  • Interim dividend maintained at 14.1p
  • Operating cash conversion** of 109%, net debt remains low at £39m
  • Banknote print volumes up 12% to 2.8bn notes
  • Strong Currency order book up 14% on year end
  • Good progress with the delivery of the Improvement Plan

** Operating cash conversion equals operating cash flow excluding exceptional items, special pension contributions and the movement in advance payments (£2m), less capital expenditure, divided by operating profit

Nicholas Brookes, Chairman, commented:

"We have delivered a strong first half performance with banknote print volumes materially above the previous half year.  Our Solutions business unit completed the successful ramp up of the UK Passport contract and sales of the large banknote sorter remain good.  Our strong order book in the Currency business unit underpins our confidence in meeting our expectations for the full year."

Tim Cobbold, CEO, commented:

"The excellent progress we have made in implementing the Improvement Plan reinforces my confidence in the core strengths of the business and De La Rue's ability to meet our target of an operating profit in excess of £100m by 2013/14.

"With the Group's strong, established market position and pipeline of opportunities, I remain confident in the growth prospects for the business and the delivery of long term value to our shareholders."


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 22 November 2011 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

22 November 2011

View the full announcement as PDF

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