De La Rue CFO to step down, as firm maintains guidance
Colin Child, the finance director of banknote printing firm De La Rue, has announced he will step down from his role.
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Child said he would resign from his current position at the group’s annual general meeting on 23 July and the FTSE 250 group confirmed a search for his replacement was underway.
The firm, which produces over 150 currencies and UK passports, said that trading for the period from the half-year stage at 27 September 2014 was in line with its revised expectations and that marketing conditions would remain challenging throughout the next financial year.
The group said it expects operating profit for the year to be approximately £20m lower than the £89.3m reported in the previous year.
On Thursday, Investec revised upward its forecast for full-year revenue by 3.1% to £497.4m and adjusted profit before tax by 5.7% to £54.6m.
The broker also lifted its forecast for full-year earnings per share by 5.8% to 41.8p and left its forecast for 2016 and 2017 unchanged and reiterated its ‘add’ rating on the stock.
De La Rue shares were up 1.08% to 517.00p at 12:21 on Thursday.