(Alliance News) - De La Rue PLC expects annual profit to be at the top end of forecasts, it said on Tuesday.
De La Rue - which specialises in security printed products - said it expects adjusted operating profit between GBP36 million and GBP37 million for the year ended March 27.
This reflects a considerable improvement on the prior year adjusted operating profit of GBP23.7 million although lower than the equivalent pre-pandemic figure for 2019 of GBP60.1 million.
Basingstoke-headquartered De La Rue said it expected net debt at year end to be GBP53 million, lower than market expectations by GBP21 million due to lower capital expenditure.
It has repaid all money totalling GBP400,000 received from the government's furlough Scheme.
De La Rue revealed it was forced to make an exceptional asset impairment of GBP13 million, as a result of the closure of its Gateshead banknote printing operations in December 2020.
Shares in De La Rue were down 1.4% at 184.10 pence in London on Tuesday.
By Will Paige; willpaige@alliancenews.com
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De La Rue (DLAR)
