De La Rue shares drop 30% on turnaround delay as COVID woes worsen

Published by
Reuters UK

By Yadarisa Shabong (Reuters) -De La Rue has delayed the delivery of its turnaround plan by a year and warned that annual profit will miss market expectations, as the banknote printer struggles with coronavirus-related staff absences and supply chain issues. Shares in the London-listed company tumbled 30% as it said staff shortages, supply snags and cost inflation have got worse, hitting its higher cost sites in Britain and Malta, and lowering its total output for the year. De La Rue launched a three-year turnaround plan in Feb. 2020 after warning on its future and scrapping dividends to tackl…

Read More