De La Rue (LSE: DLAR), the British banknote printer, saw a 6% jump in its shares as it announced the retention of its annual adjusted operating profit forecast.
Having faced challenges in recent years, including profit warnings and operational issues in key markets, De La Rue finds solace in the increasing popularity of polymer notes and the success of its authentication business. The company specialises in producing secure documents and incorporating advanced security features like holograms to authenticate various goods.
Clive Vacher, Chief Executive Officer, expressed confidence in the company’s prospects, stating, “Following a significant downturn in currency demand over the past 18 months, we have seen encouraging signs of recovery with strong bid activity, a positive win rate, and the significant majority of FY24 banknote print volume already contracted.”
The company anticipates that its first-half adjusted operating profit will break even, primarily due to the timing of currency recovery. For the year ending March 25, the annual adjusted operating profit stood at £27.8 million, compared to £36.4 million in the previous year. De La Rue’s annual revenue experienced a slight decline, falling from £375.1 million to £349.7 million.
