A Strong 1st Half and Good Outlook for De La Rue

Sales for De La Rue for the first half of 2021/22 increased by 0.9% to £179.2 million, compared with the first half of 2020/21, according to its recently published interim results. Adjusted operating profit increased by 13.4% to £17.4 million.

For the Currency Division, which contributes nearly three quarters of revenue, sales were up by 5.3% to £132.7 million. Operating profit more than doubled to £5.7 million.

Increasing and ongoing global demand for cash as central banks seek to increase stock levels during the pandemic has benefited the company, which has stated that it expects banknote capacity utilisation to be at 100% for the second half of the year.

The growth in polymer banknotes was 90% in the first half. For the full year, the company is projecting polymer production volumes to grow by 70%, with further increases in 2022/23.