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24 November 2021 0 DeLaRue DE LA RUE 2021/22 HALF YEAR RESULTS De La Rue plc ( LSE : DLAR ) ( " De La Rue " , the " Group " or the " Company " ) announces its half year results for the six months ended 25 September 2021 ( the “ period " , " H1 2021/22 " or " half - year " ) . The comparative period was the six months ended 26 September 2020 ( “ H1 2020/21 ” ) . H1 2021/22 highlights : • Adjusted operating profit from our ongoing divisions up by 165.6 % to £ 17.0m ( H1 2020/21 : £ 6.4m ) • Adjusted revenue for Authentication and Currency increased by 10.3 % to £ 177.1m ( H1 2020/21 : £ 160.6m ) . IFRS revenue was £ 179.2m for the period ( H1 2020/21 : £ 182.6m ) • Group adjusted operating profit increased by 13.7 % to £ 17.4m ( H1 2020/21 : £ 15.3m ) , demonstrating strong growth from Authentication and Currency that more than offset the cessation of the UK passport contract . IFRS operating profit to £ 13.8m ( H1 2020/21 : £ 4.6m ) • Turnaround Plan and cost reduction activities continue to strengthen performance versus H1 2019/20 and H1 2020/21 , with minimal impact of COVID - 19 due to the Group's response Malta expansion announced , that will double Authentication production capacity and further enhance Currency manufacturing flexibility • Currency 100 % banknote capacity utilisation in H2 2021/22 across all print sites • Polymer production volumes up by more than 90 % versus H1 2020/21 . • Positive operating cash flow of £ 25.8m ( H1 2020/21 : £ 3.3m ) , with net debt reduced by 16.1 % to £ 43.9m ( FY 2020/21 : £ 52.3m ) . Full year net debt outlook in line with the Board's expectations FY 2021/22 trading to date has been positive and the outlook continues to be in line with the Board's expectations Financial Summary H1 2021/22 £ m H1 2020/215 £ m Change % Non - IFRS Financial Measures Adjusted Revenue * Authentication - Currency - Identity Solutions¹ Adjusted operating expenses * 2 Adjusted operating profit * 2 Adjusted basic EPS ( p ) * 3 - continuing operations Net debt4 Statutory Results Revenue - continuing operations Gross Profit - continuing operations Operating profit – continuing operations Basic EPS ( p ) - continuing operations Footnotes : 179.2 177.6 0.9 % 44.4 34.6 28.3 % 132.7 126.0 2.1 17.0 5.3 % ( 87.6 ) % ( 31.1 ) ( 34.1 ) 17.4 15.3 6.4p 6.5p 8.8 % 13.7 % ( 1.5 ) % H1 2021/22 FY 2020/21 Change £ m 43.9 £ m 52.3 % 16.1 % H1 2021/22 H1 2020/21 Change £ m £ m % 179.2 182.6 ( 1.9 ) % 48.5 49.4 ( 1.8 ) % 13.8 4.6 200.0 % 4.9p 1.0p 390.0 % * These are non - IFRS measures . The definition and reconciliation of adjusted revenue , adjusted operating profit and adjusted basic EPS can be found in Non - IFRS financial measures section of this Interim Statement . 1. Identity solutions in H1 2021/22 includes sales made under the Design and Supply Agreement ( " DSA " ) arrangement with HID Corporation Limited ( " HID " ) entered into following the sales of the International Identity Solutions business in October 2019. H1 2020/21 includes sales relating to the UK passport contract in addition to DSA sales . 2 . Adjusted operating expenses and adjusted operating profit excludes pre - tax exceptional items of £ 3.1m ( H1 2020/21 : £ 10.2m ) and pre - tax amortisation of acquired intangible assets £ 0.5m ( H1 2020/21 : £ 0.5m ) . 3. Adjusted basic EPS excludes post - tax exceptional items of £ 2.5m ( H1 2020/21 : £ 7.8m ) and post - tax amortisation of acquired intangible assets £ 0.4m ( H1 2020/21 : £ 0.4m ) . 4 . The definition of net debt can be found in note 8 to the financial statements . 5 . The H1 2020/21 figures have been restated to correctly reflect the nature of certain contract related payments to include these as cost of Page 1 of 36