LONDON (dpa-AFX) - De La Rue plc (DLAR.L) said the Board reconfirmed the current guidance for adjusted operating profit for fiscal 2019/20 of between 20 million pounds and 25 million pounds. The trading during the second half for both divisions has been satisfactory.
De La Rue plc also announced the details of the company's turnaround plan. The accelerated cost reduction programme will have a significant proportion scheduled to complete by August 2020. Targeted savings on an annualised basis from second half 2020/21 will be approximately 35 million pounds.
The turnaround plan targets a mid-teen adjusted operating profit margin for the currency division from fiscal year 2020/2021. Also, the company is targeting Authentication division revenues of 100 million pounds by fiscal 2021/2022, with strong operating margins.
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