FINANCIAL HIGHLIGHTS
Full year results in line with trading update on 13 April 2016
Year on year revenue up 7% and underlying operating profit up 2%1
Positive operating cash flow resulting in net debt reduction of £4.9m to £106.1m. Net debt/EBITDA at 1.25x
Underlying earnings per share up 4% to 48.1p1
Final dividend maintained at 16.7p. Full year dividend unchanged at 25.0p.
Group 12 month order book up 62% year-on-year at £365m1, providing good visibility for the year ahead
OPERATIONAL HIGHLIGHTS
Banknotes volume up 9% to 7.1bn and Banknote Paper up 6% to 10,000 tonnes, benefiting from overspill contracts
Currency revenue up 11% and underlying operating profit up 9%
Successfully outsourced production of >500m banknotes
Product Authentication and Traceability underlying operating profit up 19% due to reduced costs
Identity Solutions revenue and underlying operating profit lower as a result of expected contractual reduction
Reorganisation from divisional to functional structure completed
10% net average headcount reduction to 3,566 from operational improvements
