But chief executive Ian Much said the results had "not been as dire as some in the market had expected". Some analysts had predicted that the group would issue its third profit warning in four months (PrintWeek, 15 November). And after the results, one said the group wasn't "out of the hole" yet.
A 13% dip in sales in the group's currency division was attributed to delays in production due to a large number of new banknote designs. Much said the closure of De La Rue's Singapore printing plant was on schedule for the end of the financial year, and that the company was reorganising production at its four remaining plants.
However, De La Rue predicted that weak trading in its security products division would continue. The planned closure of the firm's High Wycombe plant, which will result in the loss of 300 jobs, is expected to be complete by next June (PrintWeek, 27 September).
The gravure operations at High Wycombe will be brought under one roof at Byfleet-based House of Questa, which De La Rue bought in September and which will focus on postage stamp production and high-security work.
De La Rue has been named one of the most generous companies in the UK. It came 54th in the Guardian's Giving List after donating 1.3% of pre-tax profits to good causes, while The Beacon Press in Uckfield came fourth after it donated 18.7% of its pre-tax profit, or 31,905. Paper company James Cropper came 18th after giving 4.2%.
