British banknote producer De La Rue Plc (DLAR.L) said Wednesday it expects full-year earnings for fiscal 2023 to be below market estimates due to banknote demand at its lowest level in over 20 years.
De La Rue said the currency decline was also clouding its 2024 projection.
Due to the worsening outlook, the 200-year-old firm is negotiating with its lenders to change its banking conditions and has asked its pension trustee to withhold its next deficit contribution.
The business forecasts 2023 adjusted operating profit to be mid-single-digit below market expectations.
It forecasts a low 20 million pound adjusted operating profit for fiscal 2024.
