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
The Board is recommending a final dividend of 28.2p per share (2012/13: 28.2p per share). Together with the interim dividend paid in January 2014, this will give a total dividend for the year of 42.3p per share (2012/13: 42.3p per share). Subject to approval by shareholders, the final dividend will be paid on 1 August 2014 to shareholders on the register on 4 July 2014.
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."