De La Rue PLC Trading Statement (2105V)
13 April 2021 - 4:00PM
UK Regulatory
TIDMDLAR
RNS Number : 2105V
De La Rue PLC
13 April 2021
13 April 2021
DE LA RUE PLC
TRADING UPDATE
De La Rue plc (LSE: DLAR) ("De La Rue" or the "Company") today
announces a trading update for financial year 2020/21, which ended
27 March 2021.
As a result of continued positive trading, the Board expects
Adjusted Operating Profit for the financial year 2020/21 to be
around the top end of the GBP36 million to GBP37 million range
previously indicated in the Company's trading update of 28 January
2021.
End of year Net Debt was approximately GBP53 million, which is
lower than market expectations(1) by approximately GBP21 million.
This is mainly due to lower capital expenditure during the year,
consistent with adjustments made to the timing of capital spend as
the Turnaround Plan has evolved. Total aggregate 3-year cash
investment for the Turnaround Plan remains unchanged.
Due to the positive outcome of the financial year, the Company
has repaid all the money received from HM Government's Coronavirus
Job Retention Scheme. Furlough payments received under this scheme
totalled approximately GBP0.4m.
In the results for financial year 2020/21, the Company will
record non-cash exceptional asset impairment and accelerated
depreciation charges of approximately GBP13 million on historic
assets, as a result of the closure of the Gateshead banknote
printing operations in December 2020. Of this, approximately GBP12m
was recorded in the second half of the year following finalisation
of the detailed plans for which assets currently are expected to
have any ongoing use within the group.
De La Rue expects to announce its results for the full year
ended 27 March 2021 on 26 May 2021.
De La Rue plc's LEI code is 213800DH741LZWIJXP78.
(1). Market expectations are based on the average of published
notes from Investec and Numis Securities.
Enquiries:
De La Rue plc +44 (0) 7387 122645
Clive Vacher Chief Executive Officer
Rob Harding Chief Financial Officer
Matthew Rose Director of Tax, Treasury and Investor
Relations
Brunswick Group LLP +44 (0)207 404 5959
Stuart Donnelly/Ed Brown
Cautionary note regarding forward-looking statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates",
"anticipates", "expects", "intends", "plans", "may", "will",
"could", "shall", "risk", "aims", "predicts", "continues",
"assumes", "positioned" or "should" or, in each case, their
negative or other variations or comparable terminology. These
forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
announcement and include statements regarding the intentions,
beliefs or current expectations of the directors, De La Rue or the
Group concerning, amongst other things, the results of operations,
financial condition, liquidity, prospects, growth and strategies of
De La Rue and the industry in which it operates.
By their nature, forward-looking statements involve known and
unknown risks, uncertainties, assumptions and other factors because
they relate to events and depend on circumstances that will occur
in the future whether or not outside the control of the Company.
Past performance cannot be relied upon as a guide to future
performance and should not be taken as a representation or
assurance that trends or activities underlying past performance
will continue in the future. Accordingly, investors or potential
investors should not place undue reliance on these forward-looking
statements. The Group's actual results of operations, financial
condition, liquidity and the development of the industry in which
it operates may differ materially from the impression created by
the forward-looking statements contained in this announcement. In
addition, even if the results of operations, financial condition
and liquidity of the Group and the development of the industry in
which it operates, are consistent with the forward-looking
statements contained in this announcement, those results or
developments may not be indicative of results or developments in
subsequent periods.
Other than in accordance with its legal or regulatory
obligations, De La Rue does not undertake any obligation to update
these forward-looking statements, which speak only as at the date
of this announcement, and will not publicly release any revisions
that may be made to these forward-looking statements, which may
result from events or circumstances arising after the date of this
announcement.
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