Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
De La Rue PLC on Wednesday said it more than doubled its annual profit but warned growth will grind to a halt in the new financial year.
Pretax profit for the financial year ended March 26 surged to £24.2 million from £9.9 million a year ago.
Revenue, however, fell to £375.1 million from £397.4 million.
Exceptional charges decreased to £5.7 million from £22.6 million, the Basingstoke, England-based security printed products maker said.
Adjusted operating profit declined 4.5% to £36.4 million from £38.1 million.
For financial year 2023, De La Rue expects its adjusted operating profit to be broadly flat year-on-year, as it experiences inflationary headwinds.
‘In particular, supply chain inflation is anticipated to increase group operating costs by an additional net of £5 million this financial year, and there is a possibility that disruption may affect revenue,’ it added.
Chief Executive Officer Clive Vacher added: ‘While this means that our progress is slowed, we remain strongly on the right path strategically and operationally to create a strong, cash-generative company in the medium term.’
De La Rue shares were 7.8% lower at 102.36 pence each in London on Wednesday morning.
Copyright 2022 Alliance News Limited. All Rights Reserved.