De La Rue Results in Line with Expectations

De La Rue has released a comprehensive set of full year results for FY2023/24. These results were in line with market expectations and its previous trading update.

Group revenue of £310.3 million was 11.3% lower the previous year, largely impaired by a banknote industry downturn, which reduced the Currency division’s revenue by 18.7% to £207.1 million. The Authentication division achieved sales of £103.2 million, breaking the £100 million revenue milestone for the first time.

De La Rue’s positive adjusted operating profit (non-IFRS) of £21 million was in line with expectations and underpinned by both divisions. The overall IFRS profit of £5.8 million demonstrated a significant improvement vs FY23 (when it was – £20.3 million). This, says De La Rue, reflects its transformational journey to build a more resilient business, with many legacy issues now removed and FY24 incurring far fewer exceptional costs than FY23.

The company also highlighted that the continued strong pickup in orders seen at the interims were already flowing through to its P&L. The order book at the end of March stood at £239 million (compared with £136.8 million at the end of FY22/23) and had increased to £241.4 million by the end of June. The company’s win rate remains high and Q1 financial performance for FY25 has exceeded that of FY24.