The Investment Column: De La Rue
Wednesday 02 June 1999
However, as the group sets the presses rolling to print the commemorative stamps to mark the wedding of Prince Edward and Sophie Rhys-Jones, the City is looking more positively at the group. At their 1995 peak the shares stood at pounds 10.50 before plummeting to 133p last year. Yesterday they jumped 5 per cent to 319p after posting annual results down on last year - losses were pounds 7.4m - but giving a positive update on the group's restructuring.
The continuing reorganisation follows chief executive Ian Much's appointment in September. In March, Mr Much announced a shake-up costing pounds 40m and the loss of 500 jobs.
His latest strategy is to set up a new support services division to run alongside the existing card systems, cash systems and printing divisions. The aim is largely to answer criticisms that the smartcard business was the only growth area in the company.
Meanwhile, Mr Much says emerging markets are likely to provide more opportunities - De La Rue prints money in 120 of the world's smaller countries and provides Brazil's entire cash handling services - while in Europe and the US he is looking for acquisitions. Analysts agree both with Mr Much's frank assessment of De La Rue's past failings - "horrible" - and his optimism.
Carl Green, support services analyst at Charterhouse Securities, says: "As soon as the evidence comes through six months down the line it could get even more positive." Despite their recent rally, the
shares are looking good value.
World's most lethal spider found under a bunch of bananas
Rumours that the star wants to move on to pastures new
TV presenter Fiona Bruce seemed a bit startled by the find during the filming of Antiques Roadshow
Comedian says he 'never laughed as hard as I have writing with Rik'
- 1 Jack the Ripper: Scientists who claims to have identified notorious killer has 'made serious DNA error'
- 2 Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
- 3 Star Wars memorabilia called a 'bit of plastic' by Antiques Roadshow's Fiona Bruce valued at £50,000
- 4 Meet Thea, Norway's 12-year-old child bride
- 5 Russell Brand might seem like a sexy revolutionary worth getting behind, but he will only fail his fans
Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
Oscar Pistorius sentencing: Olympic star must serve 10 years, prosecutor urges
Isis fighters 'crucify' 17-year-old boy in Syria
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Oscar Pistorius sentence: Athlete's wealth and notoriety provoke an overdue debate on South African prisons
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Sorry Judy Finnigan – Ched Evans is no less sickening than an alleyway rapist
Residents should throw a street party and mix with immigrant neighbours, councils told
Workers 'could be forced to pay £5 a week' to get benefits
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
iJobs Money & Business
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...
£50000 - £55000 per annum + bonus + benefits: Ashdown Group: IT Relationship M...
Highly Attractive Salary : Austen Lloyd: NOTTINGHAM - BRILLIANT FIRM - You wil...