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| De La Rue shares dive as profits fall | |
| (about 4 hours later) | |
| Shares in banknote printer De La Rue have fallen by as much as 10% after the firm reported lower full-year profits and cut its dividend by 40%. | |
| It warned last year that profits would be £20m lower than in the year before. | It warned last year that profits would be £20m lower than in the year before. |
| Operating profits were down 22% at £69.5m, in line with that guidance, but the company also chopped its dividend from 42p to 25p. | |
| De La Rue, which is more than 200 years old, makes notes for 150 countries including the UK. | De La Rue, which is more than 200 years old, makes notes for 150 countries including the UK. |
| Shares in De La Rue fell by 10% in early trade before recovering slightly. However, in lunchtime trade they were still 47.5p, or 8.6%, lower at 506p. | |
| The company complained last year that its latest contract from the Bank of England was less favourable and that other countries would be encouraged to improve their contracts when renegotiating. | The company complained last year that its latest contract from the Bank of England was less favourable and that other countries would be encouraged to improve their contracts when renegotiating. |
| It has been battling rising costs, largely the price of paper, for a number of years. | It has been battling rising costs, largely the price of paper, for a number of years. |
| De La Rue, which has customers in 65 countries, also makes biometric passports. | De La Rue, which has customers in 65 countries, also makes biometric passports. |