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De La Rue annual profit slumps on £22.6m writedown after shutting Gateshead factory
StockMarketWire.com
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Banknote printer De La Rue reported a slump in annual profit after taking a £22.6 million hit following a decision to shutter operations at its banknote manufacturing at Gateshead.
For the year ended 27 March 2021, pre-tax profit slumped to £9.4 million form £35.9 million as revenue fell 10.2% to 388.1 million.
The turnaround plan savings was completed, delivering a cumulative £36m of annualised cost out from the end of FY 2020/21.
THe company said trading for the first two months of the fiscal 2021 to 2022 had been 'positive and in line with management expectations.'
'Following an initial period of cash outflow to fund the Turnaround Plan, we continue to aim for the Group to be generating cash flow capable of supporting sustainable cash dividends to shareholders by the end of the Turnaround Plan in FY 2022/23,' it added.
At 10:10am: (LON:DLAR) De La Rue PLC share price was 0p at 158.6p
Story provided by StockMarketWire.com
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