SHARES in De La Rue surged almost eight per cent yesterday, after the British banknote printer reported a 37 per cent rise in pre-tax profits.
The FTSE 250-quoted firm saw profit rise to £59.8m last year despite overcapacity in the banknote printing market, thanks to a three-year improvement plan that included cost cuts.
Revenue rose six per cent to £513.3m. Banknote paper volumes rose 10 per cent to 9,600 tonnes last year, while print volumes remained flat at 6.2bn notes.
“These results reflect the significant progress that De La Rue has made through implementing the three year improvement plan,” said chairman Philip Rogerson.
“We entered the new financial year with a good order book, albeit reflecting the recent more difficult pricing environment in the currency market.”
The board’s outlook for this year remains unchanged.