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De La Rue narrows losses in H1 as turnaround continues
StockMarketWire.com
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De La Rue reported narrower first-half losses as the banknote printer continued to make progress on its turnaround plan.
For the six months ended 26 September 2020, pre-tax losses narrowed to £2.5 million from £12.1 million, while revenue fell to £179.7m from £232.3m year-on-year.
The company said its cost reduction programme was on track to contribute £23m of savings in fiscal 2020/21.
The fall in revenue was mainly due to the decline in its identity solutions segment following the sale of the business in October 2019 and the run-off of the UK Passport contract.
Looking ahead, the company said it expected annual performance to meet its expectations.
'Trading for the financial year 2020/21 has been positive, with the outlook for revenue, adjusted operating profit and net debt for the full year in line with the board's expectations,' it added.
At 9:14am: (LON:DLAR) De La Rue PLC share price was 0p at 158.6p
Story provided by StockMarketWire.com
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