De La Rue PLC Trading Update (1233I)
March 31 2020 - 1:00AM
UK Regulatory
TIDMDLAR
RNS Number : 1233I
De La Rue PLC
31 March 2020
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
31 March 2020
DE LA RUE PLC
TRADING UPDATE
De La Rue plc (LSE: DLAR) ("De La Rue", the "Group" or the
"Company") today announces a post period end trading update for the
financial year ended 27 March 2020.
Current trading
The Board expects De La Rue adjusted operating profit for
financial year (FY) 2019/20 to be between GBP20m and GBP25m, as
previously guided.
The Group has operated within its banking covenants for FY
2019/20, including the net debt/EBITDA covenant of <=3.0 times
and expects net debt/EBITDA at the financial year end to be between
2.0 and 2.4 times, a reduction on the 2.72 times ratio at half year
2019/20.
Net debt at the end of FY 2019/20 is expected to be
approximately GBP105m and includes full payment of the annual
pension contribution, down from GBP170.7m at half year 2019/20.
This allows the Company to maintain a good level of liquidity
headroom under its GBP275m revolving credit facility, which expires
in December 2021.
The Group is progressing with its Turnaround Plan announced on
25 February 2020.
The Company is monitoring developments related to COVID-19, and
actively taking steps to protect its employees in line with
guidance from governments. At present, it is too early to quantify
the potential impact on FY 2020/21.
Enquiries:
De La Rue plc +44 (0)1256 605322/ + 44 (0)7900 165194
Clive Vacher CEO
Rob Harding Interim CFO
Paul Sharma Head of Investor Relations
Brunswick Group LLP +44 (0)207 404 5959
Stuart Donnelly/Imran Jina
The person responsible for the release of this announcement on
behalf of De La Rue is Jane Hyde (General Counsel and Company
Secretary).
Cautionary note regarding forward-looking statements
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates",
"anticipates", "expects", "intends", "plans", "goal", "target",
"aim", "may", "will", "would", "could" or "should" or, in each
case, their negative or other variations or comparable terminology.
These forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
announcement and include statements regarding the intentions,
beliefs or current expectations of the directors, De La Rue or the
Group concerning, amongst other things, the results of operations,
profitability, financial condition, liquidity, prospects, growth
and strategies of De La Rue and the industry in which it
operates.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future and may be
beyond De La Rue's ability to control or predict. Forward-looking
statements are not guarantees of future performance. The Group's
actual results of operations, profitability, financial condition,
liquidity, prospects, growth and/or strategy and the development of
the industry in which it operates may differ materially from the
impression created by the forward-looking statements contained in
this announcement. In addition, even if the results of operations,
profitability, financial condition, liquidity, prospects, growth
and/or strategy of the Group and the development of the industry in
which it operates are consistent with the forward-looking
statements contained in this announcement, those results or
developments may not be indicative of results or developments in
subsequent periods.
Other than in accordance with its legal or regulatory
obligations, De La Rue does not undertake any obligation to update
or revise publicly any forward-looking statement, whether as a
result of new information, future events or otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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