De La Rue - Withdrawal from subscale activity

De La Rue has announced it is selling its International ID Solutions business for £42m. Following the loss of the UK Passport Contract last year, the remaining activities lacked critical mass in a consolidating sector and disposal to Assa Abloy has been deemed to be the most favourable solution. The deal will be earnings dilutive as the passport contract winds down and by the end of FY20 there will be no contribution from ID Solutions from FY21. Our EPS for FY21 is reduced by 8% to 31.9p.

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