LONDON (dpa-AFX) - De La Rue plc (DLAR.L), the world's largest commercial banknote printer and passport manufacturer, Thursday said it has seen positive trading in its fiscal year ending March 27, 2021.
For the full year, the company projects adjusted operating profit in the range of 36 million pounds to 37 million pounds, compared to current market expectations of approximately 34 million pounds. The improved expectations are largely driven by a strong Currency division performance.
In its trading update for financial year, the company said its Board is confident of its expectations, absent any significant unforeseen COVID-19 related event.
The company remains diligent on its COVID-19 safety measures and has year-to-date effectively mitigated the challenges of the pandemic.
De La Rue noted that the pandemic is causing some delays in securing new government revenue solutions contracts with overseas governments by its Authentication division, due to disruption in procurement processes.
Further, the company announced that it has decided on a UK location for the expansion of manufacturing capacity for its SAFEGUARD polymer substrate. The company expects the new line to be fully operational before the end of calendar year 2021 and that it will more than double current polymer production capacity.
De La Rue plans to recruit up to an additional 70 people during the next two and a half years as part of this investment.
De La Rue expects to announce its results for the full year on May 26.
Copyright RTT News/dpa-AFX