Hampshire’s De La Rue ‘confident’ as currency market picks up

De La Rue, a currency and authentication solutions business headquartered in Basingstoke, has posted results for the year ended 30 March 2024.

The group saw annual revenues of £310.3 million – down 11 per cent on the year prior, mainly due to an anticipated downturn in the currency market.

This has been buoyed by 12.5 per cent growth in its authentication arm, with revenues now at £103.2 million, as the group looks to a better year ahead.

CEO Clive Vacher said: “De La Rue’s businesses successfully navigated substantial trading challenges faced in the last financial year and met all the expectations that were set.

“The recovery in the currency market that we noted at the end of 2023 has continued into 2024, and the division now has a strong order book that has been secured by an excellent win rate.

“Authentication has converted all four substantial contracts that it was targeting for renewal in the last year, safeguarding £150 million of future revenue, and is now pursuing a number of new potential opportunities.

“This stronger trading environment provides an encouraging background with which to progress our strategic priorities.

“These are progressing well, and we’re confident that discussions will reach a successful conclusion in the coming months.”

Clive Whiley, recently appointed chair of De La Rue, added: “Despite the challenging trading environment over the last two years, De La Rue remains a trusted leader in providing authentication and currency solutions and the business is well placed to benefit from the normalisation of our markets.”