24th May 2016 07:24
LONDON (Alliance News) - Banknote printer De La Rue PLC on Tuesday said its pretax profit grew in its last financial year thanks to higher revenue and lower one-offs booked.
The company said pretax profit for the year to March 26 was GBP54.9 million, up from GBP40.6 million a year earlier. The rise was primarily driven by a sharp fall in one-off costs the company booked in the year, down to GBP3.6 million from GBP16.9 million.
Revenue rose to GBP454.5 million from GBP422.8 million. Banknote volumes grew 9.0% to 7.1 billion over the year, while banknote paper grew 6.0% to 10,000 tonnes, benefiting from overspill contracts, the company said.
De La Rue said underlying operating profit in its currency and product authentication and traceability businesses grew thanks to lower costs, but identity solutions revenue was lower due to contractual reductions which had been expected.
The group said its 12-month order book at the close of the year was up 62% year-on-year, providing good visibility on the current financial year.
De La Rue will pay a flat final dividend of 16.7 pence, meaning its total payout is also flat at 25.0p.
Shares in De La Rue were up 3.2% to 526.5p.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
De La Rue