De La Rue maintains 2012 half yearly dividend

DividendMax Ltd.

De La Rue maintains 2012 half yearly dividend


·    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."


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