B
ritish banknote maker De La Rue has bumped up its revenue expectations for the primary half of the yr after it reported seeing indicators of restoration in its foreign money enterprise.
The Basingstoke-based agency stated it now expects adjusted working revenue to be “marginally ahead of previous guidance” given in June.
Shares within the firm, which prints banknotes for the Bank of England and different central banks throughout the globe, moved greater after the replace.
De La Rue posted a pre-tax loss throughout the yr to March having repeatedly issued revenue warnings to shareholders.
Earlier this yr, it revealed that demand for banknotes had slumped to the weakest stage for 20 years.
But it reassured traders that demand for foreign money was choosing up as governments have largely run down the shares constructed up throughout the pandemic.
It additionally stated that inflation was offering a lift with items and companies now costing extra worldwide.
The agency, which has a separate authentication division which gives software program for governments and companies, beforehand stated it expects to broadly break-even over the primary half of the monetary yr.
But income at the moment are prone to are available barely forward of that and web debt is anticipated to be improved, the group stated on Friday.
It comes because the enterprise has minimize prices over the previous few years in efforts to strengthen its funds towards weaker market situations.
Its full yr expectations stay unchanged at ranges “in the low £20 million range” over 2023 to 2024.
Shares in De La Rue had been up by about 4.5% following the replace.
