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De La Rue (DLAR) investor relations material
De La Rue H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary12 Dec, 2024
Executive summary
Adjusted operating profit for H1 25 was £7.3m, ahead of guidance, despite a 10.2% revenue decline due to timing shifts in Currency deliveries.
IFRS operating profit turned positive to £1.3m from a prior loss, reflecting business transformation.
Record Currency order book of £338m at November 2024, tripling in 14 months and supporting future growth.
Announced sale of Authentication division to Crane NXT for £300m, expected to complete in H1 2025, enabling net cash position and significant pension deficit reduction.
Major progress in streamlining operations and resolving legacy issues.
Financial highlights
Revenue for H1 25 was £145.1m, down 10.2% year-over-year; gross profit margin increased to 26.8%.
Adjusted operating profit was £7.3m, down 7.6% year-over-year; IFRS operating profit improved to £1.3m from a £3.4m loss.
Free cash flow was negative £18.4m, mainly due to working capital outflow and inventory build.
Net debt increased to £109.4m from £89.4m at FY24, with all covenant tests met.
Exceptional pretax items totaled £5.5m, mainly related to Authentication separation and site restructuring.
Outlook and guidance
Currency revenue expected to rebound in H2, with full-year adjusted operating profit guided to mid-to-high £20m.
Strong double-digit EBITDA growth in Currency expected for FY26, supported by robust order book.
Sale of Authentication division will enable net cash position and significant pension deficit reduction.
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Frequently asked questions
De La Rue plc is a UK-based company specializing in the production of secure currency and authentication solutions. The company designs and manufactures banknotes, passports, and other secure documents for governments, central banks, and commercial organizations worldwide. In addition to currency printing, De La Rue offers security features and anti-counterfeiting technologies, including holograms and polymer substrates, to ensure document integrity and reduce fraud. The company also provides authentication services for brand protection and tax verification, helping clients safeguard against counterfeiting in multiple sectors. The company is headquartered in Basingstoke, United Kingdom, and its shares are listed on the LSE.
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