LONDON (dpa-AFX) - De La Rue plc (DLAR.L), manufacturer of polymer and security printed products, on Thursday said, ahead of its Annual General Meeting, that its expectations for 2021/22 remained unchanged and that it was on track deliver the second year of the Turnaround Plan.
Regarding the cost reduction programme envisaging a 36-million-pound cumulative cost savings versus the 2019/20 cost base, the company said that it expected to have a full year's impact for the first time in 2021/22, resulting in approximately 7 million pounds of incremental savings versus FY2020/21.
In Currency segment, the company said it in the backdrop of strong demand and positive business mix, it was building an order book in line with the growth expectations. The company informed that the programme to grow the polymer substrate activity as well as double the production capacity, was also on track, and that the worldwide demand for the Group's SAFEGUARD polymer was developing in line with forecasts. In Authentication segment, the company said that both the Government Revenue Solutions (GRS) and the Group's Brand businesses were on track to meet expectations.
The company said that it has secured a further multi-year GRS award since the full year results in May 2021, and that the pipeline of contract opportunities remained robust. Implementation of existing contracts also was in line with expectations, and recently won contracts were expected to contribute to growth in H2 of the current financial year, the company said.
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