De La Rue PLC Post Balance Sheet Events (4225L)
April 27 2015 - 8:58AM
UK Regulatory
TIDMDLAR
RNS Number : 4225L
De La Rue PLC
27 April 2015
De La Rue plc
Post Balance Sheet Events
Update on 2010 Paper Production Issues
As reported in Note 25 of the 2014 Report and Accounts and in
earlier years, the Company has had unresolved issues since 2010
with a major customer regarding bank note paper production
contracts.
The Company has been advised that the performance bonds which
have been in place since the contracts were entered into, with a
value of cGBP13.5m, have been invoked by the customer
concerned.
It is expected that this will be classified as an adjusting post
balance sheet event and that this amount will be provided for as an
exceptional item in the accounts for the year ended 28 March
2015.
The Board considers this is a material step towards resolution
of this issue and discussions continue with this important
customer.
Sale of land at Overton
On 16 April 2015 the Company completed the disposal of surplus
land at Overton. The proceeds of GBP9.6m have been received and the
disposal will result in an exceptional gain on disposal of cGBP9m.
It is expected that this item will be classified as a non-adjusting
post balance sheet event and will therefore be accounted for in the
2015/16 financial year.
27 April 2015
Enquiries:
De La Rue +44 (0)1256
plc 605000
Martin Chief Executive
Sutherland
Colin Child Group Finance
Director
+44 (0)207
Brunswick 404 5959
Jon Coles
Oliver
Hughes
Notes to Editors:
De La Rue is a leading commercial banknote printer, security
paper maker and provider of security products and software
solutions and, as a trusted partner of governments, central banks
and commercial organisations around the world, is at the forefront
of the battle against the counterfeiter.
As the world's largest commercial banknote printer, De La Rue
provides customers with a fully integrated range of sophisticated
products and services which are available either individually or as
a whole. This includes a leading design capability, production of
innovative security components, manufacture of security paper and
polymer substrates and sophisticated printing of banknotes, all
contributing to trust in the integrity of currencies.
De La Rue is the world's largest commercial passport
manufacturer in an environment of increasing global concern over
security at national boundaries and border control. De La Rue also
produces a wide range of other security products, including tax
stamps for governments who are seeking to combat illicit trade and
collect excise duties. Other products include authentication
labels, assuring purchasers of product validity, and government
identity documents. In addition the Group manufactures high speed
cash sorting and banknote inspection equipment.
The company also provides a range of specialist services and
software solutions including government identity schemes, product
authentication systems and cash management processing
solutions.
De La Rue is listed on the London Stock Exchange (LON:DLAR). For
further information visit www.delarue.com
528675726
This information is provided by RNS
The company news service from the London Stock Exchange
END
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