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    DLAR   GB00B3DGH821

DE LA RUE PLC

(DLAR)
  Report
Delayed Quote. Delayed London Stock Exchange - 10/22 11:35:20 am
163.8 GBX   -0.37%
09/15DE LA RUE : Plans Expansion of Malta Factory
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09/15De La Rue plc Announces Upgrade to Facilities in Malta
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09/14DE LA RUE : Announces Upgrade to Malta Site
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De La Rue : Banknote printer De La Rue bags Bank of England contracts for new notes

05/26/2021 | 07:50am EDT

Banknote printer De La Rue has today reported it halved its net debt in the year to 27 March with Covid ‘turnaround’ measures, ahead of the group’s new £50 banknote due for release next month.

Already creating a new banknote making its way to people’s pockets in June for the Bank of England (BoE), the group has won another BoE contract for the polymer substrate used in plastic banknotes starting in July.

“We have made encouraging progress in our polymer growth plans, securing a new site to double capacity during FY 2021/22,” CEO Clive Vacher said.

Shares steadied this afternoon, dipping just 1.29 per cent at 189.4p per share, after plunging 4.08 per cent this morning.

Read more: Software group Aveva shares rise as business bounces back

De La Rue had a turbulent year, as adjusted revenue sank 10.2 per cent from £432m to £388.1m in 2021.

Adjusted operating profits increased by 60.8 per cent to £38.1m, the group reported in a statement this morning. However, IFRS operating profit noted a plunge of 66.1 per cent with a loss of £14.5m due to it closing its Gateshead printing facility last year.

Last year, the group confirmed it was initiating a three-year turnaround plan to boost its financial performance.

Net debt was nearly halved from £102.8m in the year ending in 2020, to £52.3m – which was boosted by the group’s £100m equity capital raise in July last year.

Read more: Big Yellow ups storage space across London with solid revenue growth

The turnaround plan has since delivered £6m in year savings for 2020 and £23m in savings for this financial year. De La Rue expects a further £7m of in-year savings to come in the next financial year.

Meanwhile, adjusted earnings per share lifted 32.4 per cent to 14.7p.

“Both our ongoing divisions are performing well and the group has delivered good growth in adjusted operating profits as we complete the first full year of our Turnaround Plan,” Vacher added.

Read more: Government spends £624m on consultancy contracts during pandemic

The post Banknote printer De La Rue bags Bank of England contracts for new notes appeared first on CityAM.

© City AM, source Newspaper

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Analyst Recommendations on DE LA RUE PLC
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Financials
Sales 2022 407 M 560 M 560 M
Net income 2022 25,7 M 35,4 M 35,4 M
Net Debt 2022 77,4 M 106 M 106 M
P/E ratio 2022 12,5x
Yield 2022 -
Capitalization 320 M 440 M 440 M
EV / Sales 2022 0,97x
EV / Sales 2023 0,86x
Nbr of Employees 2 239
Free-Float 96,7%
Chart DE LA RUE PLC
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De La Rue plc Technical Analysis Chart | DLAR | GB00B3DGH821 | MarketScreener
Technical analysis trends DE LA RUE PLC
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Last Close Price 163,80 GBX
Average target price 240,00 GBX
Spread / Average Target 46,5%
EPS Revisions
Managers and Directors
Clive Vacher Chief Executive Officer & Executive Director
Rob Harding Chief Financial Officer & Executive Director
Kevin Loosemore Chairman
Maria da Cunha Independent Non-Executive Director
Nicholas Paul Seaton Bray Independent Non-Executive Director
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