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26 May 2021 DeLaRue DE LA RUE 2020/21 FULL YEAR RESULTS De La Rue plc ( LSE : DLAR ) ( " De La Rue " , the " Group " or the " Company " ) announces its full year results for the year ended 27 March 2021 ( the “ period ” , “ FY ” or “ full year ” ) . The comparative period was the twelve months ended 28 March 2020 . Highlights : • • • • • . • Adjusted operating profit increased by 60.8 % to £ 38.1m ( FY 2019/20 : £ 23.7m ) IFRS operating profit of £ 14.5m reflecting significant exceptional item charges Turnaround Plan savings completed , delivering a cumulative £ 36m of annualised cost out due to the programme from the end of FY 2020/21 Substantial growth in revenue and profitability in ongoing Authentication and Currency divisions , achieving an adjusted operating profit of £ 27.5m ( FY 2019/20 : £ 1.4m ) Authentication saw good growth in H2 2020/21 and secured orders with expected total multi - year lifetime contract value of £ 195m from start of FY 2020/21 to date Currency 100 % banknote capacity utilisation in H2 2020/21 with strong margin progression during year Bank of England majority polymer contract won starting July 2021 ; SAFEGUARD® now selected for all Sterling denominations Net debt substantially reduced to £ 52.3m ( FY 2019/20 : £ 102.8m ) £ 100m equity capital raise completed July 2020 Financial Summary FY 2020/21 FY 2019/20 ( 3 ) Change £ m £ m % Adjusted Revenue ( FY 2019/20 restated ( ³ ) ) * 388.1 432.0 -10.2 % Currency 286.8 281.6 1.8 % Authentication 77.6 73.8 5.1 % Identity Solutions 23.7 76.6 -69.1 % IFRS Revenue ( FY 2019/20 restated ( ³ ) ) * 397.4 472.1 -15.8 % Gross Profit 107.8 105.9 1.8 % Adjusted operating expenses * ( 1 ) -69.7 -82.2 -15.2 % Adjusted operating profit * ( 1 ) 38.1 23.7 60.8 % IFRS operating profit / ( loss ) 14.5 42.8 -66.1 % Net debt ( 5 ) 52.3 102.8 -49.1 % Adjusted EPS basic ( p ) * ( 2 ) 14.7p 11.1p ( 4 ) 32.4 % IFRS EPS basic ( continuing operations ) ( p ) 3.7p 30.3p ( 4 ) -87.8 % FY 2020/21 financial performance • • • • Authentication revenue full year growth of 5.1 % ; the increase tempered by £ 1.6m of revenue contracts that were sold with the International Identity Solutions business in H2 2019/20 . H2 2020/21 saw growth of 27.8 % compared to same period in prior year reflecting growth from a new contract win and strong volume growth in Government Revenue Solutions ( GRS ) , despite COVID - 19 related impact on two contracts offsetting negative growth seen in H1 2020/21 . Currency revenue grew due mainly to increased banknote volumes , and higher security features sales . Gross profit of £ 107.8m ( FY 2019/20 : £ 105.9m ) , reflecting improved mix through H2 2020/21 and increased efficiencies and volumes in Currency and increased Authentication volumes , offset by lower gross profit in Identity Solutions . Total gross profit for our two ongoing divisions , Authentication and Currency , grew by 30.5 % to £ 95.3m ( FY 2019/20 : £ 73.0m ) . Page 1 of 40