De La Rue cuts profit forecast

01/11/19

De La Rue PLC shares fell on Wednesday after warned investors that its full-year adjusted operating profit will be “significantly lower” than market expectations.

The security printing company, which prints all the Bank of England's banknotes, also said in a very brief trading update that adjusted operating profits for the half-year ended 28 September will be “low-to-mid single-digit millions” and its management, led by the new chief executive, is conducting a “detailed” business review.

Clive Vacher was appointed earlier this month to replace Martin Sutherland as head of the firm, which announced in May a three-year cost reduction programme to offset the impact of losing a key contract with the British government to provide UK passports.

De La Rue’s share price has plunged over 2019, losing 64 per cent of its value from 419p per share in January to just 149p today.

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