Profits Up for De La Rue, Despite Headwinds

De La Rue’s sales fell marginally in 2021/22 – revenue (non IFRS) of £375 million and operating profit of £36.4 million were down 3.3% and 4.5% respectively on the previous year.

The IFRS (statutory) results, meanwhile, showed the same revenue, but operating profit (continuing operations) of £29.7 million more than doubled over the £14.4 million of the previous year.

Currency achieved adjusted sales of £281 million, marginally down on the previous year, and operating profit of £19.5 million, up 20.5% compared with 202/21.

Progress in turnaround plan

Further progress was made in the Turnaround Plan’s objectives for Currency, which were to improve the profitability of banknote printing by increased utilisation from a smaller number of facilities, to support customers around the world to convert to polymer and to develop a portfolio of security features that are the choice of a growing number of customers.