De La Rue pays back furlough support
Tuesday, April 13, 2021
De La Rue has become the latest industry business to repay the government support it received through the furlough scheme.
In a trading update released this morning (13 April), the security printing specialist said it had experienced “continued positive trading” with adjusted operating profits for the full year set to be at the top end of expectations at around £36m-£37m.
De La Rue stated: “Due to the positive outcome of the financial year, the company has repaid all the money received from HM Government's Coronavirus Job Retention Scheme. Furlough payments received under this scheme totalled approximately £0.4m.”
The PLC also said that net debt at its 27 March year-end was approximately £53m, “which is lower than market expectations by approximately £21m” mainly due to lower capital expenditure during the year, as timings were adjusted as part of its three-year Turnaround Plan.
The business will also file exceptional charges of around £13m to write down historic assets that are of no further use to the group, following the closure of its Gateshead banknote printing operation at the end of last year.
Shares in De La Rue slipped by 1.93% to 183.20p on the news (52-week high: 214.94p, low: 40.30p.) The group will announce its year-end results in May.