De La Rue reports drop in pre-tax profits

World's largest banknote printer De La Rue said its first half operating profits jumped 17 per cent to 51 million; however pre-tax profits slipped 6 per cent to 44.2 million.

De La Rue blamed increased interest charges, lower earnings from associates and higher exceptional charges for the fall in pre-tax profits.

Nicholas Brookes, chairman of the company said that they were confident about the full-year outlook.

Speaking on the issue, Nicholas Brookes said, "The group has delivered a strong performance reflecting the successful execution of our focused strategy, our ongoing drive for productivity improvements and the resilience of our key markets."

He further added that the slowdown will be counterbalanced by productivity gains, cost reductions and improved trading in other segments of the business.

The company declared an interim dividend of 14.1 pence per share, up 3 per cent from last year.