De La Rue updates market, begins search for new FD
Thursday, January 29, 2015
De La Rue is on the hunt for a new finance director, after incumbent Colin Child announced plans to step down in the summer.
The security print giant announced Child’s departure along with a trading statement, in which it said year-end results would be inline with its downgraded profit forecast of last year.
The group expects to report operating profits of around £69m for the full year 2014/15, some 22% down on the previous figure.
It reiterated the “difficult” pricing environment for banknote print and paper and said this was expected to remain the case for 2015/16.
Child has been with the business for five years, a period that turned out to be a turbulent time for the £513.3m group.
After the abrupt departure of chief executive James Hussey in 2010 due to serious production issues at its Overton Mill, Child took on an expanded interim role as chief operating officer while the firm searched for a new CEO.
And when Hussey’s replacement Tim Cobbold left for a new role at UBM after three years in the top job, Child again stepped up into the chief operating role, prior to Martin Sutherland joining the group last October.
De La Rue chairman Philip Rogerson thanked Child for his “very significant contribution” to the business.
“During his five years with De La Rue Colin played an important role in the achievement of improvements to the business and took on additional responsibilities during periods of management change. He leaves with our very best wishes,” Rogerson said.
Child’s future plans are unknown. He said he was “proud to have played a part in materially improving the business”.
“As the leader in the industry, and despite the current market conditions, the group is in good shape for the future.”
Child will stay on until the group’s financial year-end and subsequent AGM on 23 July. De La Rue has appointed headhunters to scope out potential replacements from inside and outwith the business.
De La Rue's share price rose by 5p to 516.5p on the update. The 52-week high was 874p, low 472.9p.