Last updateSun, 15 Jul 2018 9pm

Profit warning from De La Rue amid non-persuance of passport tender appeal

Further to the announcement on 20 March 2018, De La Rue plc (“De La Rue” or the “Group”) today provides an unaudited post-close trading update for the year ended 31 March 2018.

Full year revenue for the Group is expected to increase by c6% year on year, with growth across all product lines. Full year underlying operating profit is anticipated to be in the low to mid £60s million range, reflecting the write off of the c£4m bid costs related to the UK passport tender and delays in the shipment of certain contracts in the last week of the period.
At this early stage of the new financial year, the Group is cautious about the outturn for the full year, however starts off with a satisfactory order book underpinned by 16% growth in total order intake driven by strong growth in Identity Solutions and Product Authentication.
The paper transaction announced on 1 February was completed on 30 March 2018. This has strengthened the Group’s balance sheet, with net debt significantly reduced to c£55m as at 31 March 2018.
Further to the announcement on 22 March 2018 and having considered all options, the Group today announces it will not appeal against HMPO’s decision on the UK passport tender. De La Rue will continue to fulfil its existing contract and assist with transition to the new supplier and is therefore expecting no impact on the Group’s performance in the next 18 months.
The Board will give further details on the ongoing business and prospects for the coming year at the full year results.

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