De La Rue maintains FY guidance, says too early to assess virus impact
By Michele Maatouk
Date: Tuesday 31 Mar 2020
(Sharecast News) - Banknote printer De La Rue maintained its full-year guidance on Tuesday as it said it was too early to assess the impact of the coronavirus.
The company said it continues to expect adjusted operating profit for financial year 2019/20 to be between ?20m and ?25m.
As far the virus outbreak is concerned, De La Rue is "monitoring developments" 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," it said.
The group said it has operated within its banking covenants for FY 2019/20 and expects net debt/EBITDA at the financial year end to be between 2.0 and 2.4 times, down from a 2.72 times ratio at the half year.
Net debt at the end of the year is expected to be about ?105m and includes full payment of the annual pension contribution, down from ?170.7m at the half year.
"This allows the company to maintain a good level of liquidity headroom under its ?275m revolving credit facility, which expires in December 2021," it said.
De La Rue said it is progressing with the turnaround plan announced on 25 February 2020.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN