De La Rue plc (“De La Rue” or “the Group”) today announces its trading update for the six months and the full year ended 26 March 2016.
Full year revenue for the Group has been broadly in line with expectations. Full year underlying operating profit is now anticipated to be around £62m which is above previous expectations. This higher level of operating profit has been driven mainly by strong operational outperformance on certain contracts within our Currency business. Identity Solutions and Product Authentication and Traceability (PA&T, formerly Security Products) have been trading broadly in line with expectations.
Net debt at 26 March 2016 was £5m lower than at the end of the prior year at £106m.
Taking into account the above outperformance in the second half of 2015/16, the Board’s expectations for 2016/17 remain unchanged.
The Group will issue its 2015/16 full year results at 7am BST Tuesday 24 May 2016. Analyst presentation and conference call details will be provided two weeks prior to the announcement.
Martin Sutherland Chief Executive Officer
Jitesh Sodha Chief Financial Officer
Lili Huang Head of Investor Relations
Notes to editors
De La Rue is a leading commercial banknote printer, security paper maker and provider of security products and software solutions and, as a trusted partner of governments, central banks and commercial organisations around the world, is at the forefront of the battle against the counterfeiter.
De La Rue, as the world’s largest commercial banknote printer, provides customers with a fully integrated range of sophisticated products and services which are available either individually or as a whole. This includes a leading design capability, production of innovative security components, manufacture of security paper and polymer substrates and sophisticated printing of banknotes, all contributing to trust in the integrity of currencies.
De La Rue is the world’s largest commercial passport manufacturer in an environment of increasing global concern over security at national boundaries and border control. De La Rue also produces a wide range of other security products, including tax stamps for governments who are seeking to combat illicit trade and collect excise duties. Other products include authentication labels, assuring purchasers of product validity, and government identity documents. In addition the Group manufactures high speed cash sorting and banknote inspection equipment.
De La Rue also provides a range of specialist services and software solutions including government identity schemes, product authentication systems and cash management processing solutions.
De La Rue is listed on the London Stock Exchange (LSE:DLAR). For further information visit www.delarue.com