February 25, 2020 / 7:27 AM / a month ago

De La Rue unveils cost-cutting plans, reaffirms profit outlook

Feb 25 (Reuters) - De La Rue said on Tuesday it plans to rein in costs at its currency division and invest more in polymer notes, as the struggling banknote printer tries to improve margins as part of a three-year turnaround plan.

The company, which flagged going concern doubts in November, said it was targeting annual cost savings of 35 million pounds ($45.37 million) from the second half of 2020-21, up from its prior target of 20 million pounds.

The company, which holds the contract to design and make the Bank of England’s new polymer notes, stuck to its previous forecast for adjusted operating profit of 20-25 million pounds for full-year 2019-20. ($1 = 0.7714 pounds) (Reporting by Yadarisa Shabong in Bengaluru; Editing by Bernard Orr)

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