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Market: LSE
Sector: Capital Goods
EPIC: DLAR
Latest Price: 973.50p  (-0.66% Descending)
52-week High: 986.50p
52-week Low: 676.00p
Market Cap: 966.71M
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De La Rue
www.delarue.com

De La Rue PLC is a commercial security printer and papermaker, involved in the production of over 150 national currencies and a range of security documents, such as passports, authentication labels and fiscal stamps. It also provides cash handling equipment and software solutions to banks and retailers worldwide.

Full De La Rue profile here
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De La Rue Reveals Strong First Half Performance Driven By Currency Printing Division

24th Nov 2009, 12:37 pm De La Rue Reveals Strong First Half Performance Driven By Currency Printing Division

De La Rue (LSE: DLAR) said it has delivered a strong performance in the first half to September 26 2009, reflected by a 3% year-on-year increase in revenue and a 17% increase in operating profit. Following the half year results De La Rue remains confident in the outlook for the full year.

The increased first half revenues of 252.2 million and operating profits of 51 milion, was driven by a particularly strong growth in the group's Currency printing division, which reported an 8% increase in revenue and a 22% increase in operating profit. Overall group operating margins improved by 2.4 percentage points to 20.2%, due to an unusually favourable job mix in the Currency division, increased overall productivity and improved foreign exchange influences.

The group's headline earnings per share (EPS) was up 48% ar 35.1p, as EPS benefited from the reduced number of shares in issue following the companys share buy-backs last year. De La Rue increased its interim dividend by 3% to 14.1 pence per share.

Over the period, net debt increased to 53.4 million, compared with 33.1 million at the start of the financial year.

In terms of its operations, the company says it continues to build on its position in the banknote market and it aims to grow further in its other operations. Notably during the first half of the year, De La Rue secured a 400 million UK Passport contract for delivery over 10 years.

De La Rue chairman Nicholas Brookes commented on the group's performance and outlook : "The group has delivered a strong performance reflecting the resilience of our key markets ... The board remains confident in the outlook for the full year. Looking forward at this stage into the new financial year, the board believes that banknote volumes should remain at similar levels but the unusually strong margin mix in Currency may not be repeated."

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