2012 AGM Chairman's Statement and
Interim Management Statement
At De La Rue plc's Annual General Meeting ("AGM") being held today, the Chairman, Nicholas Brookes, will make the following statement which comprises the Group's Interim Management Statement for the period from 1 April 2012 to today's date:
First Quarter Trading
"The Group's trading performance during the period was satisfactory.
In Currency, while the order pipeline remains good, confirmed orders in Quarter 1 for both print and paper were lower than expected, reflecting delays in receipt of orders and the more challenging market conditions for bank note paper referred to in the most recent results announcement. We expect volumes for the year to return to the usual weighting towards the second half, unlike the previous financial year.
In Solutions trading was in line with our expectations, with Identity Systems and Cash Processing Solutions trading well while market conditions for Security Products remain challenging.
Good progress continues to be made in delivering the cost reductions in the Improvement Plan, which has a target 2013/14 operating profit in excess of 100m.
The Group's order book at the end of first quarter was at a similar level to that at the year end with a number of important opportunities in the pipeline that are yet to be confirmed for production in the current financial year.
Dividend
Subject to shareholder approval at today's AGM, the previously announced final dividend for the year ended 31 March 2012 of 28.2p per ordinary share will be paid on 2 August 2012 to shareholders on the register at the close of business on 6 July 2012.
Outlook
With the Improvement Plan on track, and a good order pipeline the Board's expectation for the current year remains unchanged."
