Home Business News De La Rue profits slump to half year loss

De La Rue profits slump to half year loss

by LLB Reporter
26th Nov 19 12:26 pm

De La Rue who make passports and banknotes has announced they are taking “urgent actions” to turnaround the company as the new chief executive has revealed a half year sluimp.

The company has twice warned over profits in recent months, in the six months to 28 September De La Rue posted a £12.1m pre-tax loss, compared to £7.1m of profits the previous year.

During the first half of the year, underlying profits plummeted by 87.1% to £22m.

Chief executive Clive Vacher said, “The business has experienced an unprecedented period of change with the chairman, CEO, senior independent director and most of the executive team leaving or resigning in the period.”

He added, “In the meantime, we have already identified and started to implement the urgent actions needed to stabilise the business and allow us to complete the review.”

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