De La Rue sends another alert on setback
Thursday 24 October 2013
The banknotes printer De La Rue issued yet another profit warning yesterday after a fresh setback to its three-year recovery plan.
The Bank of England's currency supplier set a three-year recovery plan in 2011, after the group was nearly taken over by French rival Oberthur. De La Rue found itself vulnerable after producing faulty notes for the Reserve Bank of India, one of the 200-year-old company's biggest customers.
But shares in the company fell nearly 10 per cent yesterday after it warned profits in the 12 months to March next year would be £10m short of the £100m target its chief executive Tim Cobbold had set to win back disillusioned investors. The shares fell 95.5p to 885.5p. De La Rue said that print volumes across the more than 150 currencies it produces were down 10 per cent in the first half of the year to 2.6 billion notes. "Overcapacity" in the banknotes market has also hurt prices.
The division that sorts, counts and authenticates banknotes has been loss making in the first six months, though management has started to overhaul the business.
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
- 3 Arturo Vidal to Manchester United: Midfielder set to force through move to Louis van Gaal's Red Devils - reports
- 4 Disney heiress Abigail disowns her share of family profits in West Bank company
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...