After the recent profits warning for the current full year, some of the main first half numbers were already known. The growth aim has not changed, but the trajectory whereby growth is attained has, due to the recent order delays suffered at the currency division.
PAUL JONES | PANMURE GORDON
Currency order delays have been run of the mill throughout De La Rue’s history. While disappointing, it’s more about phasing than anything untoward. Banknote print volumes should continue to grow gently. The key to any outperformance is more likely to come from banknote paper volumes.
ALEXANDER MEES | JP MORGAN CAZENOVE
The largest contributor to the growth in interim operating profit was the Identity Systems business unit. This was largely driven by growth in international passports. We believe this augurs well for the future, the expertise and fixed cost base associated with UK passport work can be leveraged.