De La Rue issues profit warning

The banknote printer De La Rue has issued a profit warning and reduced the dividend it pays to shareholders. The company says that trading conditions have deteriorated across the group with lower prices and reduced margins in both banknote print and paper, while rate of growth in new business for its solutions business has been significantly slower than expected and at lower margins. De La Rue now predicts underlying profit before tax for 2014/15 will be around £20m lower than the £89.3m in 2013/14. The interim dividend will be 8.3p per share compared with 14.1p last year.

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