de la rue plc (DELRF) Key Developments
Warren East to Step Down as Non-Executive Director of De La Rue plc
Apr 23 15
De La Rue plc announced that Mr. Warren East has advised the Board that he intends to step down as a Non-executive Director at the Company's AGM on 23 July 2015. Mr. East was appointed a Non-executive Director of De La Rue plc on 9 January 2007 and he is currently Chairman of the Audit Committee and the Senior Independent Director.
Colin Child Intends to Stand Down as Group Finance Director of De La Rue plc
Jan 29 15
De La Rue plc announced that Colin Child informed the Board that he intends to stand down as Group Finance Director at the company's AGM on 23 July 2015.
De La Rue plc Reaffirms Earnings Guidance for the Fiscal Year 2015
Jan 29 15
De La Rue plc reaffirmed earnings guidance for the fiscal year 2015. The Board continues to expect that the Group's operating profit for 2014/15 will, as previously announced, be approximately £20 million lower than the underlying operating profit of £89.3 million reported for 2013/14.
De La Rue plc Announces Interim Dividend for the Half Year Ended 27 September 2014, Payable on 7 January 2015
Nov 25 14
De La Rue plc announced interim dividend of 8.3 pence has been declared for the half year ended 27 September 2014 compared to 14.1 pence a year ago. This will be paid on 7 January 2015 to shareholders on the register on 5 December 2014.
De La Rue plc Reports Unaudited Consolidated Earnings Results for the Half Year Ended September 27, 2014; Reaffirms Earnings Guidance for the Fiscal Year 2015
Nov 25 14
De La Rue plc reported unaudited consolidated earnings results for the half year ended September 27, 2014. For the half year, the company reported revenues of £214.9 million against £234.0 million a year ago. Operating profit was £24.1 million against £34.1 million a year ago. Profit before taxation was £18.1 million against £28.4 million a year ago. Profit attributable to equity shareholders of the company of £13.6 million or 13.4 pence per diluted share compared to £21.9 million or 47.0 pence per diluted share a year ago. Net cash flows from operating activities were £9.5 million compared £40.3 million a year ago. Purchases of property, plant and equipment and software intangibles were £13.1 million compared to £20.4 million a year ago. Underlying operating cash flow, comprising underlying operating profit adjusted for depreciation and the movement in working capital, was £25.4 million against £49.4 million a year ago. This represents a cash conversion ratio of 95% against 128% a year ago. Net debt at September 27, 2014 was £126.8 million up £36.9 million since the year end mainly due to payment of the 2013/14 final dividend and increased working capital, primarily higher levels of raw materials and work in progress. Underlying operating profit decreased by 31% to £26.6 million against £38.5 million a year ago, reflecting pricing pressures and the impact of lower volumes. Underlying profit before tax fell by 37% to £20.6 million against £32.8 million a year ago and consequently, underlying earnings per share decreased by 38% to 15.9 pence against 25.7 pence a year ago.
As previously announced, the Board expects that the current fiscal year 2015 underlying operating profit will, as a result of the difficult trading conditions, be approximately £20 million lower than that reported for 2013/14. These difficult market conditions are anticipated to continue into the next financial year and together with certain contractual price reductions on a number of long term contracts, which will come into effect in 2015/16, will impact margins and profitability as previously stated.