30th Oct 2019 10:19
(Alliance News) - De La Rue PLC shares fell sharply on Wednesday following a profit warning.
Shares in the product authentication service provider were down 20% in London in mid-morning trade at 149.60 pence each.
De La Rue said it expects its first-half adjusted operating profit, for the period ended September 28, to be "low-to-mid single digit millions". As a result, the company said its full-year adjusted operating profit, for the period ending March 2020, will be "significantly" lower than market expectations.
In the first half last year, De La Rue reported an adjusted operating profit of GBP17.0 million on revenue of GBP257.6 million. For financial 2019, the company reported adjusted operating profit of GBP60.1 million on revenue of GBP516.6 million.
"Management, led by the new chief executive officer, is conducting a detailed review of the business and will update the market further when it reports its first half results on November 26 2019," the company said Wednesday.
In May, the banknote printer proposed a restructuring, after its financial 2019 profit fell sharply and in preparation for the expiration of the company's UK passport contract.
By Paul McGowan; [email protected]
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