First quarter trading performance at De La Rue, the world’s largest commercial bank note printer and passport manufacturer, has been “satisfactory”.
The firm, which has a factory in Gateshead, however, expects its performance for 2014/15 to have a “higher than usual weighting” on the second half of the year.
In an interim management statement covering the period from March 30 to July 24, chairman Philip Rogerson said: “The group’s trading performance during the period was satisfactory and at the end of the first quarter the group had a good 12 month order book.
“In Currency, order intake has been good but continues to reflect the challenging market conditions.
“In Solutions, overall trading was in line with our expectations.
“Within the Identity Systems business, the contribution is lower than the previous year, reflecting an unusually high number of contract completions in the corresponding period, as previously advised, and a slower than expected ramp-up on recent contract wins.
“Good progress continues to be made in restructuring the Cash Process Solutions business, which has a target of achieving break even this financial year.”
Good progress was also being made in identifying a new chief executive for De La Rue, which employs approximately 4,000 people worldwide and is listed on the London Stock Exchange.
Rogerson added: “Based on current production and shipment schedules agreed with customers, we expect the financial performance of the group to have a higher than usual weighting towards the second half of the 2014/15 year.
“With a satisfactory first quarter performance, together with a good order book and a pipeline of order opportunities, which must of course be secured for delivery in the current year, the board’s expectations for 2014/15 remain unchanged.”