Full Year 2024 De La Rue PLC Earnings Call Transcript
Key Points
- De La Rue PLC (DELRF) achieved an adjusted operating profit of GBP21 million, in line with market guidance.
- Authentication division exceeded annual revenue of GBP100 million for the first time.
- Successfully renewed all four significant contracts in the Authentication division, adding over GBP150 million in expected contract value.
- Order backlog across both divisions is expected to deliver over GBP600 million in future revenue.
- Operating cash flow improved to GBP26.2 million despite a fall in adjusted operating profit.
- Revenue for the period fell by GBP39.4 million or 11.3% compared to the previous year.
- Gross profit decreased by 6.7% or GBP6.2 million.
- Adjusted operating profit dropped by 24.5% or GBP6.8 million year-on-year.
- Currency division revenue fell by 18.7% to GBP207.1 million due to lower orders and selling volumes.
- Net debt remains higher than desired, although it outperformed original and revised targets.
Welcome to the De La Rue PLC results presentation for the period ended March 30, 2024. Thank you for joining us today, whether in the room with us or via the webcast. The results were announced this morning and are available on our website, www.delarue.com.
I am Louise Rich, Head of Investor Relations and our CEO, Clive Vacher; and interim CFO, Dean Moore will present on the results for the year to you shortly. (Event Instructions)
Importantly, before we start, I would like to draw your attention to the cautionary wording on forward-looking statements within the results announcement and on slide 2 of the presentation. And now I would like to pass over to Clive.
Thank you, Louise, and welcome to De La Rue's full-year results for the 2023, '24 financial year. I'm Clive Vacher, the CEO. Today, I will be giving an overview of the performance of the
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