Bank note maker De La Rue PLC (LSE:DLAR) has unveiled a drop in profit over the first half of the year but said its currency order book grew to the highest level in five years.
Adjusted operating profit fell from £7.9 million to £7.3 million during the six months to September, De La Rue reported on Thursday.
Revenue slipped 10.2% to £145.1 million, while net debt grew 22.4% to £109.4 million.
Growing currency orders, fueled by a “significant increase in polymer orders”, would fuel trading ahead though, De La Rue noted.
Significant deals over the third quarter had brought its currency order book to £338 million, it said, prompting guidance for full-year adjusted operating profit in the mid to high £20 million range to be reiterated.
“The material new orders that we have won in recent months will begin to convert into increased revenue as we move into the next financial year and solidly underpin our growth expectations,” chief executive Clive Vacher said.
“With these firm foundations, our ongoing currency business is now well positioned to take full advantage of an improving market, with a substantial upward step change in activity in 2025 and beyond.”
Shares dipped 2.3% on Thursday.