De La Rue shares soar as pre-tax profit jumps 19% in first half
Tuesday 26 November 2013
Shares of De La Rue climbed close to 10 per cent after the company posted an 19 per cent increase in pre-tax profits in the first half.
BANK note printer De La Rue got investors and analysts back on side today with a Steady Eddie set of results that boosted its shares by almost 10 per cent.
The 200-year-old company spooked the markets in October when it issued its second profit warning in less than a year, saying operating profits would fall £10 million short of expectations because of “overcapacity” in the market.
However, shares in the company climbed by 78.2p to 915.2p today as the company grew its pre-tax profits 19 per cent to £28.4 million during the first half of the year. The bounce was because there were “no [nasty] surprises” in the results, as one analyst put it.
De La Rue has supplied banknotes to the Bank of England for 10 years and is now in the process of rebidding for the UK contract, which could include plastic notes.
Chief executive Tim Cobbold hopes to improve the company’s fortunes by investing £100 million in research and development and tightening up on costs. He admitted conditions were likely to remain tough but said De La Rue was well positioned to take on rival companies in Germany, France and Australia.
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