· Revenue up 3% to £245m with a strong performance in Solutions
· Operating profit up 5% to £33m
· Banknote print volumes up 4% to 2.9bn notes, paper volumes down 15% to 4,500 tonnes
· Group 12 month order book maintained at £248m, of which Currency orders up 7% at £195m
· Improvement Plan benefits of £4m realised in the period
Tim Cobbold, CEO, commented:
"During the first half of the year we have reported satisfactory growth in revenue and operating profit despite a more challenging banknote paper market. We made good progress in implementing the Improvement Plan with a continued focus on procurement, quality improvement and reducing waste which has delivered cumulative savings of £12m to date. We remain on track to achieve the Plan's £30m per annum of savings."
"As previously announced, a number of significant orders have been delayed. The Board remains confident that these orders will be received for shipment in 2013/14."
"Overall order intake has been satisfactory notwithstanding the delayed orders, with the Currency 12 month order book growing by 7 per cent during the period. With the reasonable order book, a strong pipeline and continued progress on the Improvement Plan, the Board is confident in achieving a target 2013/14 operating profit in excess of £100m."