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Passport maker issues profit warning

by LLB Editor
30th Oct 19 9:57 am

The passport and banknote maker De La Rue has issued a second profit warning in five months, after losing out on the government’s contract to make new blue UK passports post-Brexit.

It has said profits will be “significantly lower than market expectations”.

New chief executive Clive Vacher, says he is “conducting a detailed review of the business and will update the market further”.

He replaced Martin Sutherland, who quit in May following a previous profit warning. De La Rue said it expects adjusted operating profits for the six months to the end of September “to be low-to-mid single-digit millions.”

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