After being quietly satisfied with the group’s performance at the interim stage, chairman Peter Orchard describes De La Rue Plc’s full-year results as more than satisfactory in the context of the ongoing recession. Pre-tax profits for continuing activities, for the 12 months to March 31, climbed 29% to UKP76m on revenues up 12% at UKP415m. The Security Printing business grew in strength as the year progressed, as costs were brought further under control, and margins improved to 19% from 15% after exceptional costs; trading profits increased by 22% to UKP42m on turnover that slipped 5%. The Payment Systems division, now swollen in size with the integration of Swedish public company Inter Innovation AB, acquired last autumn by way of a rights issue (CI No 1,786), has reported trading profits up 41% at UKP23m on a 41% increase in revenues. The figures include a UKP2.3m four-month trading profit contribution from the Swedish teller machine and security equipment specialist, and a strong performance from Garny, of which De La Rue nows owns 91% (CI No 1,826), whose sales grew by 48% over the period. The division’s margins remained flat at just under 12%. Associated companies’ profits shrank by UKP3m to UKP10.3m, which has been attributed to pressure on margins at De La Rue Giori and difficult conditions in Nigeria. De La Rue closed the year with over UKP110m net cash boosted by the rights issue last October (CI No 1,786), up from UKP16m at the start of the year.
