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(Alliance News) - De La Rue PLC on Tuesday said trading in the first half of its 2022 financial year was "positive", as the second year of its turnaround plan stays on track.
The Bakingstoke, Hampshire-based banknote and tax stamp printing specialist said trading in both its Currency and Authentication divisions was stronger in the six months that ended September 25 than in the same period of both financial 2020 and 2021.
Revenue had totalled GBP179.7 million in the first half of financial 2021, which was down 23% from GBP232.3 million the first half of financial 2020. Currency in the first half of financial 2021 drew in GBP126.0 million in revenue, while Authentication made GBP31.7 million.
De La Rue added that net debt at the half year was lower than expected and less than at the end of financial 2021, which was on March 27. At that point, net debt stood at GBP52.3 million.
The company on Tuesday cited the phasing of capital expenditure and strong cash collection for lowering its debt level, and reiterated that its annual outlook for net debt continues to be in line with management expectations.
Last month, De La Rue noted a strong pipeline of business for financial 2022, when the "operational benefits" of its turnaround plan should come into play.
De La Rue will report its half-year results on November 24.
Shares were up 1.7% at 169.60 pence in London on Tuesday morning.
By Josie O'Brien; josieobrien@alliancenews.com
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