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De La Rue PLC on Wednesday said it more than doubled its annual profit but warned growth will grind to a halt in the new financial year.
Pretax profit for the financial year ended March 26 surged to £24.2 million from £9.9 million a year ago.
Revenue, however, fell to £375.1 million from £397.4 million.
Exceptional charges decreased to £5.7 million from £22.6 million, the Basingstoke, England-based security printed products maker said.
Adjusted operating profit declined 4.5% to £36.4 million from £38.1 million.
For financial year 2023, De La Rue expects its adjusted operating profit to be broadly flat year-on-year, as it experiences inflationary headwinds.
‘In particular, supply chain inflation is anticipated to increase group operating costs by an additional net of £5 million this financial year, and there is a possibility that disruption may affect revenue,’ it added.
Chief Executive Officer Clive Vacher added: ‘While this means that our progress is slowed, we remain strongly on the right path strategically and operationally to create a strong, cash-generative company in the medium term.’
De La Rue shares were 7.8% lower at 102.36 pence each in London on Wednesday morning.
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