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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  De La Rue plc    DLAR   GB00B3DGH821

DE LA RUE PLC

(DLAR)
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De La Rue : profit jumps seven-fold as turnaround plan bears fruit

11/25/2020 | 02:57am EST
The corporate logo of De La Rue is seen at De La Rue Malta at Bulebel Industrial Estate in Zejtun

(Reuters) - Banknote printer De La Rue reported a near seven-fold jump in first-half profit on Wednesday, buoyed by cost cuts under a turnaround plan, and said demand for cash has held up during the COVID-19 pandemic as central banks stock up.

The company, which lost the contract to make Britain's new blue post-Brexit passports at the end of September, said it was on track to save 23 million pounds ($30.74 million) from cost cuts in its fiscal year 2021.

De La Rue, which designed and manufactured the Bank of England's new polymer 20 pound note, has been focusing its efforts on delivering its turnaround plan, entailing cost reductions and investments in polymer notes and its authentication business.

In July, the company raised 100 million pounds in equity, dispelling material uncertainties that had clouded its future, and further bolstered its finances by extending a debt facility and temporarily reducing its pension contributions.

Chief Executive Officer Clive Vacher said performance for the company's fiscal year 2021 had been positive and that outlook for revenue, profit and net debt for the year was in line with its expectations.

The company, which prints billions of banknotes a year, said adjusted operating profit came in at 15.3 million pounds for the six months ended Sept. 28, compared with 2.2 million pounds a year earlier. Revenue fell 15.1% to 174.7 million pounds.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DE LA RUE PLC -0.13% 151 Delayed Quote.-10.65%
EURO / BRITISH POUND (EUR/GBP) -0.15% 0.8839 Delayed Quote.-0.60%
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Financials
Sales 2021 375 M 516 M 516 M
Net income 2021 3,80 M 5,22 M 5,22 M
Net Debt 2021 75,1 M 103 M 103 M
P/E ratio 2021 68,6x
Yield 2021 -
Capitalization 294 M 404 M 405 M
EV / Sales 2021 0,99x
EV / Sales 2022 0,93x
Nbr of Employees 2 364
Free-Float 99,1%
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
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 2
Average target price 215,00 GBX
Last Close Price 151,00 GBX
Spread / Highest target 45,7%
Spread / Average Target 42,4%
Spread / Lowest Target 39,1%
EPS Revisions
Managers and Directors
NameTitle
Clive Vacher Chief Executive Officer & Executive Director
Kevin Loosemore Chairman
Rob Harding Chief Financial Officer & Executive Director
Sabri Challah Senior Independent Director
Maria da Cunha Independent Non-Executive Director
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