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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
De La Rue
De La Rue (DLAR) investor relations material
De La Rue has been delisted
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
Achieved H1 25 adjusted operating profit of £7.3m, ahead of guidance, with IFRS operating profit improving to £1.3m from a prior loss.
Revenue declined 10.2% year-over-year to £145.1m, mainly due to timing of Currency deliveries; Authentication revenue grew 4.4%.
Announced sale of Authentication division to Crane NXT for £300m, expected to complete in H1 2025, enabling full repayment of revolving credit facility and significant pension deficit reduction.
Currency order book reached £338m by November 2024, tripling in 14 months and at a five-year high, supporting future growth.
Major progress in streamlining Currency operations and resolving legacy issues.
Financial highlights
H1 25 revenue was £145.1m (H1 24: £161.5m); gross profit: £38.9m (H1 24: £40.2m); gross margin improved to 26.8%.
Adjusted operating profit: £7.3m (H1 24: £7.9m); IFRS operating profit: £1.3m (H1 24: £-3.4m); adjusted basic EPS: -1.5p (H1 24: -2.6p).
Net debt increased to £109.4m from £89.4m at FY24, mainly due to inventory build and timing of collections.
Free cash flow was negative £18.4m (H1 24: positive £4.1m), reflecting working capital investment.
Pre-tax exceptional items were £5.5m, mainly for Authentication separation.
Outlook and guidance
Expect substantial top-line growth in Currency in H2, with full-year FY25 adjusted operating profit guided to mid to high £20m.
Strong double-digit EBITDA growth in Currency anticipated for FY26 as order book converts to sales.
Completion of Authentication sale will result in net cash position and reduced pension deficit.
Pension deficit resolution timeline
Currency pipeline outlook beyond current orders
Polymer capacity utilization and future investment
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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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