This morning De La Rue plc (DLR) reported its full year results for the 2013/2014 period.
The largest commercial producer of banknotes and security documents, which has a market capitalisation of around £880 million, has reported a 37% increase in pre-tax profits for the year to March 29 2014, showing continued recovery from the paper production issues in 2010 that affected banknote paper supply to one of its key clients, the Reserve Bank of India.
According to today’s announcement revenue has increased by 6% to £483.7 million, underlying operating profit has increased by 43% to £90.5 million and, as mentioned, pre-tax profits has increased by 37% to £59.8 million.
DLR has also reported that it is entering a new financial year with a £218 million order book. Its banknote paper volume during the reported period has increased by 10% to 9,600 tonnes.
DLR’s Chairman, Philip Rogerson, made the following comments:
“I am pleased to report a strong year of trading with underlying operating profit up 43 per cent at £90m despite a more challenging Currency market.
These results reflect the significant progress that De La Rue has made through implementing the three year Improvement Plan which has grown profits from £40m in 2010/11 to £90m in 2013/14. De La Rue is in fundamentally better shape today and with a culture of continuous improvement embedded in our business there will be further efficiencies ahead.
We entered the new financial year with a good order book albeit reflecting the recent more difficult pricing environment in the Currency market. The Board’s expectations for 2014/15 remain unchanged.”
Image courtesy of De La Rue plc.
The 2013/2014 period has seen the release of a number of new DLR banknote security features – Kinetic StarChrome®, Spectrum™ and Long Wide Windows. There have also been polymer substrate specific releases – Mask™, Spark® Orbital™ and iridescent and magnetic polymer features.
The polymer market has been recognised as being a ‘small but growing market’, which is positive for their new polymer substrate feature Safeguard™ (formerly called Flxycoin) which was first used for the Fiji $5 in April 2013.
To see the results in full click here.
Source: De La Rue plc
