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De La Rue PLC on Tuesday reported a widened loss amid revenue decline, and it still expects lower annual adjusted operating profit. The security printed products maker said pretax loss widened to £16.8 million in the six months that ended September 30 from £15.9 million a year before. Revenue slipped 1.7% year-on-year to £161.5 million from £164.3 million. Currency revenue fell 2.6% to £113.4 million, offsetting a 5.7% rise in Authentication revenue to £48.1 million. The company also had booked £2.4 million in Identity Solutions revenue a year before, with no such revenue recognised in the recent period. De La Rue reiterated guidance for £100 million in Authentication revenue for all of financial 2024 and up 9.1% from £91.7 million in financial 2023, as well as adjusted operating profit in the low £20 million range, down from £27.8 million a year prior. The company’s last financial year ended on March 25. ‘De La Rue’s robust performance in the first half reflects the important actions that we have taken since 2020 to make the company resilient to changing market conditions. These actions have allowed us to navigate a downturn over the past 18 months, particularly in Currency, and I am pleased that the market is now showing signs of continuing recovery,’ said Chief Executive Officer Clive Vacher. De La Rue shares fell 7.8% to 74.67 pence each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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