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Banknote printer De La Rue reported a rise in profit as lower costs and a gain on the sale of its international identity solutions business offset a fall in revenue.
For the year ended 28 March 2020, pre-tax profit rose £36.1m from £25.6m on-year, even as revenue fell 17.4% to £466.8m.
The uptick in profit was attributed to the gain on the sale of its international identity solutions business of £25.3m, and a credit of £8.7m relating to the change in revaluation rates for certain UK defined benefit pension deferred scheme members, but that was somewhat offset by £9.3m of restructuring charges.
'By the end of the turnaround plan in FY2022/23, we aim for the group to be generating positive free cash flow and capable of supporting sustainable cash dividends to shareholders,' the company said.