Banknote printer De La Rue said it was planning deeper cost cuts as part of a turnaround strategy that will see it focus on its currency and authentication divisions. The company also reported 'satisfactory' second-half trading and confirmed guidance for annual adjusted operating profit of £20m-to-£25m. De La Rue said it was targeting progressive margin growth at its currency division, beginning in the 2021 financial year. Margin improvements would be driven by cost reductions and investment in polymer and related features. 'Demand for currency continues to grow worldwide and De La Rue aims to maintain its number one position in the commercial currency print marketplace, while taking advantage of shifts in the market,' the company said. De La Rue said it would also target continued strong year-on-year growth at its authentication business during the three-year period of the turnaround plan, driven by project-related investment. Cost reduction plans had been accelerated, with targeted savings on an annualised basis from the second half of the 2021 financial year expected at around £35m. At 1:16pm: (LON:DLAR) De La Rue PLC share price was +26.2p at 148.4p
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