29th Jan 2015 08:33
LONDON (Alliance News) - De La Rue PLC said Thursday that Finance Director Colin Child will step down at its annual general meeting in July, and that it has traded in line with its revised expectations from September 27 to date.
The banknote printer and passport manufacturer said it will appoint head hunters to seek a successor for Child and assist its nomination committee to identify suitable internal and external candidates.
De La Rue continues to expects its operating profit for the full year will be around GBP20 million lower than the GBP89.3 million in posted in the previous year.
The company said that its currency division is expected to report volumes of around 6.4 billion banknotes and around 9,750 tonnes of banknote paper for its current year. It reiterated that the pricing environment in banknote print and paper markets is expected to remain difficult through the next year, with recent tenders reflecting ongoing competitive pressures.
Its solutions division continues to trade in line with its expectations, De La Rue said, and its cash processing solutions business is on track to break even in the current year.
Shares in De La Rue are trading up 2.4% at 523.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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