British banknote printer De La Rue has today posted a 7.6% fall in half-year operating profit, hurt by persisting weakness in its currency business and back-loaded contracts for the year.
De La Rue has been trying to recover from a downturn in cash demand post-pandemic after banks stockpiled cash and contact-less payments became a favourite among customers.
The over 200-year-old company, which works with governments, central banks and commercial organisations in more than 140 countries, said that the group's performance will be second-half weighted, with some contract deliveries within the Currency division moving into the next six-month period.
While the company's order book showed promise with an year-over-year increase, its sole remaining Currency division revenue fell 16.3% in the first-half, with adjusted operating profit down 21.4%.
The company, which sold its authentication business in October, posted an adjusted operating profit of £7.3m for the six months ended September 30, compared with last year's £7.9m.
