London, October 15, 2023 – De La Rue, the leading U.K. banknote printer, has reported better-than-expected operating profit for the first half of fiscal year 2024. The company achieved an adjusted operating profit of £7.9 million ($10 million) for the period ended September 30, exceeding its target of breaking even.
Positive Performance across Divisions
De La Rue’s currency division performed exceptionally well during the first half, contributing to the strong results. Additionally, the authentication division demonstrated robust sales and efficient cost control, positioning it on track to achieve its revenue target of £100 million. The division generated £48.1 million in revenue during the first six months of the fiscal year.
Steady Revenue Growth and Loss Widening
The company reported a 1.7% increase in overall revenue, reaching £161.5 million. However, the pretax loss widened to £16.8 million compared to £15.9 million in the previous year.
Promising Debt Outlook but Challenges Remain
De La Rue also stated that its net debt performed better than expected. However, the company emphasized that several significant operational uncertainties persist in both divisions.
Fiscal-Year Guidance Remains
Despite the challenges ahead, De La Rue maintains its full-year guidance of achieving an adjusted operating profit in the range of low £20 million.
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