(Alliance News) - 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 GBP16.8 million in the six months that ended September 30 from GBP15.9 million a year before.
Revenue slipped 1.7% year-on-year to GBP161.5 million from GBP164.3 million.
Currency revenue fell 2.6% to GBP113.4 million, offsetting a 5.7% rise in Authentication revenue to GBP48.1 million.
The company also had booked GBP2.4 million in Identity Solutions revenue a year before, with no such revenue recognised in the recent period.
De La Rue reiterated guidance for GBP100 million in Authentication revenue for all of financial 2024 and up 9.1% from GBP91.7 million in financial 2023, as well as adjusted operating profit in the low GBP20 million range, down from GBP27.8 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.
By Tom Budszus, Alliance News slot editor
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De La Rue (DLAR)