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De La Rue upgrades profit outlook amid progress on turnaround plan

By BFN News | 10:09 AM | Thursday 28 January, 2021


Banknote printer De La Rue lifted its outlook on annual profit following good progress on its turnaround plan. The company said its adjusted operating profit for the financial year 2020/21 was in the range of £36 million to £37 million, compared with current market expectations of approximately £34 million. The company has seen 'positive trading in this financial year, with good progress on the implementation of its turnaround plan,' De la Rue said. 'The improved expectations are largely driven by a strong currency division performance,' it added. De La Rue also announced additional production line for the expansion of manufacturing capacity for its Safeguard polymer substrate would be located in a recently acquired building adjacent to its existing premises in Westhoughton, near Bolton, creating operational efficiencies. The company expected the new line to be fully operational before the end of calendar year 2021 and that it would more than double current polymer production capacity. The company also raised its spending plans on its polymer strategy to £20 million from £15 million previously indicated. At 10:09am: (LON:DLAR) De La Rue PLC share price was 0p at 158.6p Story provided by StockMarketWire.com

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