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Annual Results

De La Rue FY profits up

16 June 2017 13:05

De La Rue has reported a 6% increase in pre-tax profit for the year ended 25 March to £58.2m, compared to £54.9m for 2015. Revenue for the year was up 2% at £461.7m (£454.5m).

The Company has proposed a final dividend of 16.7p, leaving the dividend for the full year unchanged on last year at 25.0p.

Other financial highlights:

- Resilient performance in it Currency business, improved mix in Banknote Print and increased Paper volumes partially offsetting the impact of a concluded security features contract

- Identity Solutions revenue +5% and adjusted operating profit +37%

- Product Authentication & Traceability revenue +20% and adjusted operating profit +29%

- Net debt up £14.8m to £120.9m following the $25m acquisition of DuPont Authentication

- Group 12 month order book of £387m providing good visibility and confidence for the year ahead

Martin Sutherland, Chief Executive Officer of De La Rue, commented:

"De La Rue has delivered a good performance this year. We are two years into our five year strategic plan and have made solid progress against our objectives to diversify the business and improve the quality of earnings. Identity Solutions and Product Authentication are both delivering good growth and are underpinned by the resilience of our Currency business.

"Our investment in product management and R&D has seen us introduce six new products into our pipeline, including DLR Analytics, a software solution to help central banks manage their cash cycle requirements. We are already piloting with 26 countries at launch.

"In January, we completed our first acquisition in 14 years. DuPont Authentication is a business with a strong intellectual property portfolio, global blue-chip customers and a committed and experienced workforce. This transaction further strengthens our position in the strategically important and growing product authentication market.

"With continuing good momentum in delivering our 2020 strategic plan and a strong 12 month order book of £387m, I am confident that we will deliver on our expectations for the year."

At 1:05pm: (LON:DLAR) De La Rue PLC share price was +6.75p at 662.75p

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