De la Rue's currency orders slide
Bank note printer De La Rue appears said orders in its Currency division have been below expectations since the beginning of April.
Bank note printer De La Rue appears said orders in its Currency division have been below expectations since the beginning of April.
The decline in orders during the three months from April 1st was the result of delays in receipt of orders and the more challenging market conditions for bank note paper. The firm expects volumes for the year to return to the usual weighting towards the second half, unlike the previous financial year.
In the Solutions division, trading was in line with management expectations, with Identity Systems and Cash Processing Solutions trading well, while market conditions for Security Products remain "challenging".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm said good progress continues to be made in delivering the cost reductions in the improvement plan, which has a target 2013/14 operating profit in excess of £100m.
The group's order book at the end of first quarter was at a similar level to that at the year end, with "a number of important opportunities" in the pipeline that are yet to be confirmed for production in the current financial year.
"With the improvement plan on track, and a good order pipeline the board's expectation for the current year remains unchanged," the company said.
Chairman Nicholas Brookes told shareholders at the annual general meeting on Thursday that trading since the beginning of April had been "satisfactory"; the market begged to differ, with the share price falling 4.51% to 1,017p in the morning session.
NR
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Skipton launches a retirement bond with monthly income – is it any good?
The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
By Katie Williams Published
-
Pensions: 140,000 pensioners to be hit by surprise tax demand
Tens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
By Chris Newlands Published