City AM – Out of Order: De La Rue warns of ‘significant uncertainty’ as demand for cash dries up
CITY AM SAYS Storied banknote-maker De La Rue said profits would slump below expectations and warned of a “significant degree of uncertainty” today as it struggles to cope with a downturn in cash usage.
In a trading update, the firm said full year adjusted operating profits would come in at a “mid-single digit percentage below” an initial £30m forecast after a sharp fall in demand for its banknotes over the past year.
“The downturn in currency, impacting both De La Rue and the wider industry, is causing a significant degree of uncertainty in terms of outlook for the [full year 2024],” the firm said.
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