De La Rue delivers "satisfactory" Q1, maintains full-year outlook

24th Jul 2014 10:24

De La Rue, the world's biggest commercial banknote print and passport maker, said its outlook for the full year remains unchanged after a "satisfactory" first quarter.However, it did say that, based on current production and shipment schedules, results are likely to have a "higher-than-usual weighting towards the second half of the 2014/15 year".Order intake in the Currency division was good during the three months to June 30th, but trading continues to reflect "challenging market conditions", the company said.Meanwhile in Solutions, trading was overall in line with expectations. Identity Systems results have been lower than last year due to strong comparatives and a slower-than-expected ramp-up on recent contract wins, while the Cash Processing Solutions is making progress and should still achieve breakeven this year."With a satisfactory first quarter performance, together with a good order book and a pipeline of order opportunities, which must of course be secured for delivery in the current year, the board's expectations for 2014/15 remain unchanged," the company said.De La Rue said it has made good progress in identifying a successor to Tim Cobbold, who resigned as Chief Executive to join UBM earlier this year.The market gave a mixed reaction to the update on Thursday, with the stock up 0.3% at 750p after an earlier fall.BC