De La Rue plc
Annual Report 2024

Securing trust
Annual Report 
2024

Securing trust: Why it matters
Strong economies and thriving 
societies require trust. Counterfeits 
and illicit trade represent a multi-
trillion dollar issue, with the potential 
to undermine that trust. 
​
Our digital authentication solutions 
provide transparency, engagement 
and control across supply chains. 
Physical banknotes include everyone 
financially, while contributing towards 
a more resilient payments landscape 
and protecting the fundamental right 
to privacy. 
Tax stamps, brand protection 
physical tokens and passports provide 
standalone off-line surety and enable 
quick visual authentication. 
However, consumers must have 
absolute trust in these products 
for them to be of value. 
Our purpose is 
to secure trust 
between people, 
businesses and 
governments

Who we are
FY24 revenue
£103.2m
+12.5%
FY24 revenue
£207.1m
-18.7%
Authentication
Currency
De La Rue provides governments and commercial organisations 
with secure physical and digital tools that underpin the integrity 
of trade, personal identity and the movement of goods. With 
a rich history dating back over 200 years, we have built strong 
relationships with governments, international brands and central 
banks in 140 countries around the world, developing leading-edge 
traceability software while staying at the forefront of material 
science and design. 
We use our expertise to design and manufacture secure solutions 
which are reliable and resilient to the onslaught of counterfeiters.
Protecting goods, supply chains  
and identities
– Government Revenue Solutions  
Trusted and easy-to-implement 
digital and physical tax excise 
schemes
– ID security solutions 
State-of-the-art polycarbonate  
data pages, ID cards and features
– Brand protection 
Helping major household  
names protect their revenues  
and reputations
Creating secure, durable and 
sustainable banknotes that enable 
financial inclusion
– Banknotes 
Provide finished banknotes 
to half of all central banks 
and issuing authorities
– Polymer banknote substrate 
More durable and easier to recycle 
than traditional cotton paper
– Banknote security features 
Experts in precise optical 
engineering and design to 
create advanced feature effects
About us
IFC
Strategic report
Chairman’s statement
4
CEO review
6
Our markets
11
Our business model
16
Our strategy
18
Stakeholder engagement and 
Section 172 statement
21
Responsible business report
24
Key performance indicators
46
Financial review
50
Risk and risk management
56
Viability statement and  
going concern assessment
64
Governance report
Board leadership and 
company purpose
70
Board of Directors 
72
Governance at a glance
74
Division of responsibilities
78
Nomination Committee report
80
Audit Committee report
84
Risk Committee report
91
Ethics Committee report
92 
Remuneration
94
Directors’ report
113
Directors’ responsibility statement 117
Financial statements
Independent Auditor’s report 
119
Consolidated income statement
128
Consolidated statement of 
comprehensive income
 129
Consolidated balance sheet 
130
Consolidated statement  
of changes in equity
131
Consolidated cash flow statement 133
Accounting policies 
134
Notes to the accounts
148
Company balance sheet
192
Company statement of  
changes in equity
193
Accounting policies – Company 
194
Notes to the accounts – Company 196 
Non-IFRS measures 
197
Five year record
201 
Shareholder information 
202
Contents
1	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Chairman’s statement
4
CEO review
6
Our markets
11
Our business model
16
Our strategy
18
Shareholder engagement and 
Section 172 statement
21
Responsible business report
24
Key performance indicators 
46
Financial review 
50
Risk and risk management
56
Viability statement and  
going concern assessment
64
Strategic report
Securing trust
Strong economies and thriving societies 
require trust. Counterfeits and illicit trade 
represent a multi-trillion dollar issue with 
the potential to undermine that trust. 
Our advanced solutions 
help to secure trust. 
Both our physical and 
digital solutions play 
an important role in this.
Advanced
2	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Securing trust:
Strategic report  continued
Through Authentication 
Through Currency 
Bahrain launched a digital 
tax stamp scheme covering 
tobacco products in 2022. 
On 5 June 
2024 sterling 
banknotes 
featuring a 
portrait of King 
Charles III were 
issued for the 
first time. 
Bahrain launched a digital tax stamp 
scheme covering tobacco products in 
2022. A team from De La Rue worked 
closely with the National Bureau for 
Revenue (NBR) in the Kingdom of Bahrain 
during the period ahead of implementation 
and continues to support on an 
operational basis to maximise the 
beneficial impact of their scheme.
Ahead of implementation, as well as 
preparation of the underpinning legislation 
and design of the markers, the teams 
worked on how to recognise and register 
bona fide manufacturers, importers and 
retailers and effective publicity for the 
new scheme. 
Since implementation the NBR, working 
closely with De La Rue and relevant 
government stakeholders, has used its 
social media channels to educate both 
the public and distributors and to give 
regular updates on enforcement actions. 
NBR invested in educational campaigns 
that included direct communication, 
workshops and supportive educational 
materials and FAQs published on NBR 
website as well as onboarding the NBR 
call centre to target excise payers prior 
to each phase and implementation 
milestone. In addition, a dedicated 
Relationship Manager was assigned 
to each importer throughout their 
journey and linked with their related 
manufacturers by De La Rue.
The NBR continues to monitor the local 
market through regular inspection visits. 
The success of the scheme in eliminating 
counterfeit tobacco products has given 
the authorities sufficient confidence 
to allow local manufacture of tobacco 
products for the first time, providing 
additional impetus to the local economy.
De La Rue has been the sole manufacturer 
of sterling banknotes for over 20 years.
This is the first time in UK history that four 
different banknotes have been launched 
at the same time and the first time the 
Bank of England has introduced a change 
of monarch on their banknotes.
We worked closely with the Bank of 
England’s design team, building on our 
longstanding close relationship, to introduce 
the King’s image into the existing polymer 
series, both as a portrait on the front of the 
banknotes and in the see-through security 
window. In so doing we ensured that the 
revised notes were balanced and printable. 
The banknotes will co-circulate with the 
notes featuring Her Late Majesty Queen 
Elizabeth II. The new banknotes will be used 
to replace those that are worn and to meet 
any overall increase in demand, in line with 
guidance from the Royal Household. 
3	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Chairman’s statement
In the year since my appointment 
as Chairman, De La Rue has achieved 
much to harmonise stakeholder 
objectives. Throughout, I have 
sought to increase the cadence of 
communication with shareholders, 
lenders and the pension fund 
trustee, alongside providing 
‘air cover’ for the executive 
management team to focus 
upon achieving the optimum 
performance for the business 
during a challenging time.
Securing trust: 
delivering security
 “Our values drive what we do. 
By remaining transparent, innovative, 
and collaborative, with a focus on 
the customer, we are securing trust 
with stakeholders.” 
Clive Whiley, Chairman
4	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Chairman’s statement  continued
Progress in 2024
As detailed in the CEO Review, the 
financial results for FY24 met the 
guidance provided in April 2023, 
achieving adjusted operating profit 
of £21.0m (FY23: £27.8m) and limiting 
net debt to £89.4m (FY23: £82.4m), 
ahead of the mid-£90m guidance 
given in December 2023. In addition, 
the Authentication division increased 
revenue by 12.5% to of £103.2m 
(FY23: £91.7m), breaking the £100m 
barrier for the first time.
At the same time, we made 
significant strides in stabilising the 
financial position of the Group. In 
June 2023, we agreed a revised set 
of banking covenants together with 
a 15-month moratorium on pension 
deficit repair contributions. This was 
followed in December 2023 by an 
extension to the banking facilities to 
1 July 2025 and a £28m reduction in 
pension deficit repair contributions 
for the next three years, the period 
to the next actuarial valuation. 
Further details of this can be 
found in the Financial Review 
on pages 50 to 55.
Strategic update
On 30 May 2024 we explained that, 
a Board review of the core strategic 
strengths of the Group and how best 
to optimise the underlying intrinsic 
value of the business for the benefit 
of all stakeholders had included: 
	
– recognising the improved order 
intake and the future prospects 
for the Group’s operating 
divisions and the Group as a 
whole;
	
– the accretive value creation that 
may be achieved with increased 
scale and capabilities in both of 
our operating divisions; and
	
– our commitment to reduce 
leverage and create greater 
financial flexibility in the funding 
structure of the Group as a whole.
In addition we noted that the Board 
was in discussions with a number 
of parties who have made proposals 
in relation to either of the Group’s 
divisions. Since then, additional 
parties have expressed strategic 
interest in both divisions, and 
negotiations and due diligence 
are ongoing. We anticipate 
announcing further details ahead 
of our annual general meeting on 
25 September 2024.
Current trading environment
In the Currency division, market 
activity is returning to more normal 
levels after a protracted downturn 
and our order book has been 
maintained at the enhanced 
levels witnessed at the year end. 
The Authentication division has 
underpinned over £150m of its 
future expected revenue by 
successfully renegotiating all four 
significant existing contracts that 
were up for renewal during the last 
year and now holds multi-year 
contracts with anticipated 
future revenues of over £350m. 
All this points to a more favourable 
background in which to trade in 
FY25 and beyond.
Responsible business
Operating in a responsible way is 
embedded in De La Rue’s purpose: 
securing trust between people, 
businesses and governments. 
Our strategy encompasses clear 
commitments to lead our industry 
in sustainability and to maintain 
the highest ethical standards in 
the conduct of our business.
De La Rue has taken steps to lead 
our industry on environmental 
sustainability for many years. 
Under our commitment to the 
Science Based Targets Initiative, 
we are working towards reducing 
all our emissions (Scope 1, 2 and 3) 
by 45% by 2030. In addition, we 
remain committed to achieve 
carbon neutrality for our own 
operations by 2030.
Conclusion
We are fortunate to have a 
committed, hard-working 
workforce which is key to the 
success of the Group. There has 
been and there continues to be 
significant change throughout the 
organisation and I would like to 
thank every individual for their 
dedication during this time. 
Despite the challenging trading 
environment over the last two 
years, De La Rue remains a trusted 
leader in providing authentication 
and currency solutions and the 
business is well placed to benefit 
from a normalisation of our markets.
As highlighted, the Board has 
made demonstrable progress 
in establishing a route to realising 
the underlying intrinsic value of 
the business for the benefit of all 
stakeholders and we look forward 
to completing this process during 
the current financial year. 
Clive Whiley, 
Chairman
24 July 2024
Securing trust:
Through Governance
We have a robust 
and resilient corporate 
governance framework 
which is well-suited to 
address De La Rue’s 
strategic priorities.
  Read more on page 74
Through our Code of 
Business Principles
It is vital that we conduct 
business with honesty, 
integrity and transparency, 
underpinned by the 
principles set out in our 
Code of Business Principles.
  Read more on page 42
Through engagement 
with stakeholders
While a primary duty is 
to provide a sustainable 
return to shareholders, we 
engage with a wide range of 
stakeholders in order to run 
the business effectively.
  Read more on page 21
5	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

CEO review 
Increasing resilience 
and positioned for 
future growth
 “Through a time of adversity we kept 
to our goal of managing the business 
to build resilience. We have delivered 
on expectations, and are emerging 
well-placed for future growth.” 
Clive Vacher, Chief Executive Officer
De La Rue’s performance in FY24 
was robust, meeting the targets and 
guidance set. It was a year in which 
we had to navigate a challenging 
trading environment, largely driven 
by the lengthy downcycle in 
currency demand. This environment 
has now improved significantly, 
highlighting the resilience and 
long-term nature of the worldwide 
currency industry. The significant 
transformation of De La Rue over 
the last four years has allowed the 
Company to transition through this 
industry downturn, and to emerge 
strongly to take advantage of 
the numerous opportunities 
coming to market in both divisions. 
At the same time, we have now 
grown the Authentication division 
to over £100m in revenue, with good 
prospects for further growth.
For FY24 De La Rue achieved 
an adjusted operating profit of 
£21.0m (FY23: £27.8m), in line 
with the guidance that we set out 
at the beginning of the year. IFRS 
operating profit of £5.8m (FY23: loss 
of £20.3m) was substantially better 
than last year, with lower 
exceptional costs.
6	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

CEO review  continued
We worked hard to minimise the 
business impact of the challenges 
we faced, particularly the industry 
wide downturn in Currency in the 
wake of the Covid pandemic, 
further refining the efficiency of 
our operations, though we still saw 
a 18.7% fall in revenue to £207.1m 
(FY23: £254.6m). We right-sized 
our manufacturing capacity to 
reflect the volume of orders that 
we were processing, planned our 
production schedule carefully, 
reviewed our cost base in detail 
and prioritised cash generation 
through efficient working capital 
management. 
The business is now emerging from 
that challenging trading environment 
more efficient, more streamlined 
and stronger than it was previously. 
The increase in activity within the 
Currency division that we noted 
in December 2023 has continued 
into the 2024 calendar year and we 
started FY25 with a total Currency 
order book of £239m (25 March 
2023: £137m). By the end of June 
2024 this had increased to £241m 
with a further substantial contract 
signed in early July.
The Authentication division achieved 
record sales of £103.2m in FY24, an 
increase of 12.5% over the FY23 total 
of £91.7m and surpassing its target 
for the year of £100m. Importantly 
the division also secured multi-year 
renewals on all four of the significant 
contracts that were due for renewal 
in the year. With these contracts in 
place, Authentication has sight of 
expected future revenue from 
contracts in excess of £350m, 
equivalent to around 3.5 years 
revenue at current run rates.
At the same time we made significant 
strides in stabilising the financial 
position of the Group. In June 2023 
we agreed a revised set of banking 
covenants together with a 15-month 
moratorium on pension deficit repair 
contributions. This was followed by 
an extension to the banking facilities 
and a £28m reduction in pension 
deficit repair contributions for the 
next three years, both agreed in 
December 2023. Further details 
are in the Financial Review on 
pages 54 and 55.
Our expanded facility in Malta 
is progressing well, with the 
Authentication and Currency 
facilities on track for completion 
during FY25. We are also working 
on relocating the remaining non-
manufacturing activities that occur 
in Gateshead. This builds on the 
progress that we have already 
made in streamlining our operations 
through ceasing production in Kenya 
and flexing our operating model 
more in line with expected patterns 
of production. 
As well as maximising the efficiency 
of our current business, we continue 
to work to incorporate state-of-
the-art technologies into our 
products. These include the digital 
solutions within Authentication 
which allow customers to track 
and trace billions of products 
with sub-second response times. 
In addition, within Currency we are 
developing leading-edge security 
features such as the ASSURE™ 
technology which brings embedded 
level 3 security, only identifiable by 
issuing authorities, to polymer 
banknotes.
Responsible business 
Doing business responsibly remains 
at the very heart of our business. 
During FY24, we refined and 
bolstered our sanctions screening 
procedures. We were pleased when 
our ISO 37001 anti-bribery and 
corruption certification was 
subsequently renewed with no 
non-conformances raised.
Our ongoing efforts to improve 
energy efficiency have also been 
recognised, when we received an 
A- grade on our 2023 CDP Climate 
Change questionnaire, placing us as 
a climate change leader according 
to their assessment.
Securing trust:
Through our markets
We are well positioned to benefit 
from future growth in our markets.
  Learn more about our markets 
on page 11
Through our business model
World leaders in our field, De La Rue 
provides expertise in secure product 
design, global manufacturing and 
software solutions for supply chain 
traceability.
  Read more about our business 
model on page 16
Through our strategy
Our strategy can be summarised in 
three broad pillars: grow repeatable 
business, drive efficient operations 
and invest for the future.
  Find more detail on our strategy 
on page 18
Through our focus on 
responsible business
We are committed to upholding the 
highest environmental, social, ethical 
and governance standards.
  Read more on page 24
7	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

CEO review  continued
Authentication 
As mentioned above, the 
Authentication division achieved 
record sales of £103.2m in FY24 
(FY23: £91.7m), surpassing its 
target for the year of £100m. 
Increased sales of data pages 
for the Australian passport, as 
expected, were the stand out 
driver of this sales increase, with 
Microsoft related sales lower than 
FY23 given the subdued state 
of the PC market. Government 
Revenue Solutions (GRS) 
delivered a stable performance. 
The higher revenue led to adjusted 
controllable operating profit rising 
to £25.4m (FY23: £23.0m). Adjusted 
operating profit was £14.6m for the 
period (FY23: £14.3m), with the 
division bearing a greater 
proportion of enabling function 
costs given its higher revenue 
in both absolute and percentage 
of total terms. IFRS operating 
profit at £12.9m (FY23: £5.4m) 
also benefitted from lower 
exceptional charges.
At the beginning of FY24, 
Authentication was facing the 
renewal of four important contracts 
across all areas of the authentication 
operation. All four of these were 
successfully renewed with 
extensions of between three 
and five years’ duration. 
Within Brand the Microsoft 
contract was renewed to 2029, 
extending that relationship to over 
25 years. Within GRS, we have 
achieved renewals of our contracts 
for the provision of digital tax 
stamp solutions in two existing 
customer territories for three and 
five years respectively and within 
ID Security Features, as announced 
at the half year, we renegotiated 
a three-year deal with a key 
customer on improved terms. 
These contracts bring total 
expected revenue of over £150m 
and, as noted above, with these 
in place, the division now has sight 
of expected future revenue from 
contracts in excess of £350m, 
underpinning its potential to build 
further on the near-40% top line 
growth we have seen over the past 
five years. These contracts run for 
up to 11 years but the bulk of this 
revenue will accrue over the next 
three years.
Our production of data pages 
for the award-winning Australian 
passport progressed well in FY24. 
The ‘Explorer’ polycarbonate data 
page, formally launched back in 
June 2023, has been well-received 
by the industry and we are currently 
pursuing further business 
opportunities in this area.
In GRS, we continue to see good 
opportunities to expand the range 
of products authenticated within 
the existing territories which we 
cover, including soft drinks within 
the GCC region. We are looking to 
expand the number of territories 
covered as well as increasingly 
move to direct-to-product printing. 
In addition, we expect growth 
in Brand sales, including some 
modest growth in Microsoft 
volumes as the PC market 
recovers, as predicted by 
market intelligence firm IDC. 
For more information: 
delarue.com/authentication
Our systems track billions of 
products with sub-second  
response times through supply  
chain from manufacturer to end user.
8	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

CEO review  continued
Currency 
During FY24, the Currency division 
maintained its high proportion of 
banknote tender wins and, because 
of the increased efficiency of the 
division, it remained profitable. 
This was despite being adversely 
impacted by the industry-wide 
slowdown in currency orders in 
the wake of the Covid pandemic 
for much of the year. The division 
achieved an adjusted operating 
profit of £6.4m (FY23: £13.6m) 
on revenue of £207.1m 
(FY23: £254.6m). 
On an IFRS basis, operating loss 
narrowed materially to just £1.0m 
(FY23: loss of £24.8m), benefitting 
from the substantially smaller 
exceptional costs incurred in FY24. 
In FY23 exceptional divisional costs 
totalled £38.4m and included costs 
associated with the termination of 
the supply agreement with Portals 
and provisions against Portals loan 
notes held by De La Rue. In FY24 
exceptional divisional costs 
amounted to £7.4m.
Careful management helped 
to ensure that the fall in revenue 
across all areas of the division was 
less in percentage terms than the 
equivalent fall in volume in each area. 
In turn, our efforts in right-sizing the 
business, together with meticulous 
control of costs, allowed us to 
achieve gross and operating margin 
in percentage terms at almost the 
same level as last year.
The period 2020 to 2023 saw 
a decrease in the number of 
new banknote designs, which 
limited the opportunities for 
polymer conversions versus 
our initial expectations. 
We retain confidence in the 
long-term prospects in this area, 
with a range of significant countries 
continuing to evaluate conversion. 
Our most recent analysis indicates 
current potential interest in 
polymer banknotes of 54bn notes 
per annum, compared with actual 
current industry annual production 
of around 8bn notes. 
We currently have the capacity to 
triple our production of polymer 
substrate without the need for 
further investment. We believe 
the continued move to the use of 
polymer substrate, with its improved 
durability and recyclability, will 
generate significant value over 
the next three to five years. 
Our launch of ASSURE™ represents 
the first offer of a level 3 security 
in a proven polymer substrate 
and allows De La Rue to provide 
polymer notes with an full suite 
of security features.
We said at the time of the interim 
results that we had begun to see an 
up-tick in tender activity within 
Currency. This has continued 
through the last quarter of FY24 
and into FY25. At the end of March 
2024 the order book stood at 
£239.2m (25 March 2023: £136.8m). 
At the end of June 2024, the order 
book had increased to £241.4m, 
with a further substantial contract 
closed in early July.
Maximising efficiency and flexibility 
throughout transformation.
For more information: 
delarue.com/currency
9	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

CEO review  continued
Going concern
The Group’s Revolving Credit Facility 
(RCF) expires on 1 July 2025. The 
cash flow forecasts for the Group 
indicate that it would not have 
sufficient liquidity to meet the 
obligation to repay the RCF on or 
before 1 July 2025. As detailed in the 
Chairman’s Statement on pages 4 
and 5, various strategic options are 
being pursued which would allow 
the Group to repay the RCF on 
or before 1 July 2025. The most 
progressed of those is the sale 
of the Authentication division. 
The Board notes that the probability 
of completion, timing and terms of 
the sale of the division are subject 
to factors outside of the Board’s 
control, which may in turn impact 
the cash proceeds, the costs 
associated with the transaction 
and the amounts required to 
address any pension scheme risk, 
along with the day one liquidity 
of the retained operations of the 
Group. These matters represent a 
material uncertainty which may cast 
significant doubt upon the Group’s 
ability and the Company’s ability to 
continue as a going concern for a 
period up to 28 September 2025. 
Notwithstanding the above, the 
Board is confident that the range of 
strategic options and the progress 
being made with them will ultimately 
allow the Group to repay the RCF 
in full before its expiration, satisfy 
future bonding requirements, 
mitigate any risks to the De La Rue 
UK defined benefit pension scheme 
and continue to operate the retained 
business as a going concern, though 
management acknowledge that the 
probability, timing and final agreed 
terms of any such transaction are 
subject to factors outside of the 
Board’s control.
Our modelling also shows that the 
Group should meet all its liquidity 
and covenant requirements in the 
going concern assessment period, 
excluding the need to repay the 
RCF by 1 July 2025.
Current trading and outlook
In the first quarter of 2025, the 
Authentication division traded 
in line with expectations, having 
successfully renewed the four 
significant multi-year contracts 
referred to above. As well as 
continuing revenue from current 
contracts there is potential upside 
from the considerable number of 
new business opportunities that the 
Authentication division is currently 
actively pursuing.
The recovery in the Currency 
division noted in the interim results 
continues, as reflected in the order 
book figures at March and June 
2024 set out above. This deeper 
order book has translated into higher 
revenues as well as improved gross 
and operating profit performance 
in the first quarter compared 
with the same period last year. 
The profitability of Currency has 
been further aided by an improved 
payback on the Portals termination. 
At the time of signing in 2022 we 
assumed this would take four years, 
but which we now estimate will be 
achieved in two years.
I would like to thank all the 
employees at De La Rue for their 
perseverance and determination in 
reaching this point and look forward 
to taking full advantage of the new 
opportunities we now see across 
both divisions to create growth. 
Clive Vacher, 
Chief Executive Officer
24 July 2024
The precise outturn for the Group in 
FY25 will depend on the exact nature 
and timing of any business disposal. 
We will provide further details once 
these become clearer.
Conclusion
We move into FY25 with Currency 
now enjoying a prolonged and 
substantial growth in activity 
and with Authentication pursuing 
several potential new business 
opportunities, having already 
secured substantial revenue 
with its renewal of four significant 
multi-year contracts. As a result of 
the transformation of the company 
over the past four years, De La Rue’s 
divisions occupy leadership 
positions in their respective 
industries and are well positioned to 
take advantage of the growth that is 
evident in their market segments. 
Our overall progress in the realm 
of sustainability was reflected in 
a Silver medal in Ecovadis’ 2023 
appraisal, ranking De La Rue in 
the top 15% of the thousands 
of companies assessed by this 
leading holistic sustainability ratings 
service and FT Statista has listed 
the company as a Climate Change 
Leader for a fourth successive year. 
Further information on De La Rue’s 
approach to responsible business 
can be found on pages 24 to 45.
Employees
We continue to keep the health, 
safety and welfare of our employees 
centre stage. Overall, we have had 
an excellent year for health and 
safety compliance exceeding our 
targeted lost time injury frequency 
rate (LTIFR), through the active 
continuation of our ‘Safe, Secure 
and Sustainable’ hearts and minds 
campaign. We also completed 
the year with no governmental 
reportable accidents across all 
sites, even with the backdrop 
of extensive construction work at 
our Malta site. Elsewhere we have 
supported employee welfare by 
further developing site employee 
engagement teams. These teams 
organise events and activities for 
their sites including community 
support and fundraising.
  Read more about financial 
performance on page 50
The polymer ECCB $2, designed and manufactured by De La Rue, won the International 
Bank Note Society’s ‘Bank Note of the Year’ for 2023, as well as awards from High 
Security Printing Latin America and the International Association of Currency Affairs.
10	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our markets 
Group revenue split per region
We are ideally 
placed to benefit 
from growth in 
our markets
De La Rue has customers spread 
across the world, in every continent other 
than Antarctica. Both Authentication 
and Currency divisions are therefore 
subject to a range of global trends.
34
issuing authorities with  
SAFEGUARD® polymer 
substrate banknotes
$47bn 
tax revenue lost annually 
through illicit tobacco trade 
according to WHO FCTC
The Americas
UK
17%
Rest of 
Europe
44%
Middle East 
and Africa
13%
Asia
11%
Australasia
8%
7%
11	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our markets  continued
Increasing sophistication 
of counterfeiters
Why this is important
Counterfeiters are becoming ever more 
sophisticated over time and take advantage 
of the developments in commercially available 
equipment and materials to produce realistic 
fake products. Counterfeit goods undermine 
trust, expose consumers to greater risk and 
undermine economies. 
Our response
De La Rue products and solutions are all 
designed to deter counterfeiters. Whether it 
is the use of laminated polycarbonate in the 
production of ID documents or the effective 
use of banknote design and features, our 
solutions are easy to authenticate yet extremely 
challenging for counterfeiters to simulate.
Estimated size of counterfeit market
up to $4.5trn*
*  Source: US Patent and Trademark Office
Move to digital from physical 
solutions
Why this is important
There is a trend towards providing digital 
solutions, as they are more convenient and 
sustainable. Our products must evolve to keep 
pace with technological advances and our 
physical solutions must interact seamlessly 
with the digital world. 
 
Our response
Within Authentication our solutions are digital 
enabled or digital based. DLR Certify™, our 
Government Revenue Solution system, and 
Traceology®, our Brand system, offer digitally 
enabled end-to-end track and trace systems 
as well as customer digital verification. Our 
solutions are built on the best technological 
solution to deliver the required performance. 
They are easy to implement and fast to use.
Tax stamps issued by De La Rue in FY24
over 11bn
Rise in digital payments
Why this is important
The rise in digital payments is driven 
by technological advances which have 
resulted in changing consumer behaviour. 
This increase is expected to continue but has 
slowed dramatically since Covid. The UK saw 
a slight increase in cash transactions in 2022 
as consumers turned to the inherently strong 
budgeting characteristics of cash.
Our response
Many of the significant countries in which 
De La Rue operates have infrastructure, cultural 
habits and financial literacy levels that inhibit 
the natural adoption of digital payments by 
large sections of the population.
For central banks that recognise that cash will 
have a significant role to play even in a lower 
cash society, SAFEGUARD® polymer banknotes 
are a cost-effective solution to maintaining 
a functioning cash cycle.
De La Rue is monitoring the rise of digital 
currencies and is pro-active in influencing 
discussions about access to cash and 
central bank digital currencies. 
People without access to a bank account
1.4bn*
*  Source: World Bank
Industry stabilisation post-Covid
Why this is important
Many central banks have now worked through 
the stocks of currency which they accumulated 
at the start of the Covid pandemic. Within 
Authentication we are seeing government 
agencies around the world return to normal 
operations having suspended making major 
decisions during and just after the pandemic. 
Our response
Activity levels are now returning to 
pre-pandemic patterns.
We monitor closely which territories may 
need new currency stocks, may be considering 
refreshing their ID documents or are yet to 
implement an FCTC compliant tax excise 
scheme for tobacco. 
Our sales teams and TPPs in both divisions 
have maintained strong relationships with 
key staff at the relevant government agencies 
throughout the last four years.
Increase in Currency order book during FY24
+74%
Global macro trends
12	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our markets  continued
Population growth in developing 
countries
Why this is important
Populations are still growing in developing 
countries. This leads to a greater need for 
goods, services and identification documents 
and helps sustain the use of cash over time. 
 
 
 
Our response
De La Rue is well-placed with longstanding 
customer relationships to provide banknotes 
for countries where cash will remain a 
significant payment tool. We are also well-
placed to deliver solutions for the growing 
markets for excisable goods that population 
growth brings.
Revenue from Middle East, Asia and Africa
57%
Rise in online purchases 
Why this is important
Online purchases are rising generally. Without 
the ability to inspect goods physically at the 
point of sale, this offers more potential for 
counterfeiters. The rise in online shopping 
is linked to increases in counterfeit and illicit 
trade, creating significant issues for brand 
owners and governments hoping to reduce 
this activity.
Our response
De La Rue’s brand protection solutions and 
tax excise schemes provide ways of verifying 
genuine products, combating the spread of 
counterfeit goods. Online payments are also 
encouraging payment transactions, with cash 
payments still contributing towards online 
purchases in many countries.
Global e-commerce annual transaction value
$3.1trn*
*  Source: Worldpay
Governments and companies wish 
to act sustainably
Why this is important
Our customers’ desire to act sustainably 
to safeguard the planet’s resources leads 
them to seek goods and services which 
are sustainable in nature. 
 
 
 
Our response
We are looking to achieve carbon 
neutrality from our own operations by 2030. 
Our near-term plans for carbon reduction 
have been approved by SBTi as sufficient 
to meet the targets of COP21.
Our SAFEGUARD® polymer substrate lasts 
longer, stays cleaner and is better able to be 
recycled than the cotton paper equivalent. 
By moving towards digital solutions, our 
authentication offering requires less 
consumables.
Scope 1+2 emissions/tonne produced in FY24
-10%
Rising interest rates
Why this is important
The rise in interest rates over the last 18 months 
has had a direct impact on the interest paid by 
De La Rue on our banking facilities. Separately 
inflation in some countries sees banknotes 
wear out more quickly (as central banks 
typically do not introduce new high value 
notes in a timely fashion, meaning multiple 
notes are required for transactions).
Our response
We have redoubled our effort to maximise 
cash inflow to the business, including carefully 
monitoring working capital, matching capital 
expenditure to grants received, using cash 
balances against loans outstanding and 
renegotiating our pension deficit repair 
contributions on our historic defined 
benefit pension scheme. 
EBIT/net interest ratio at 30 March 2024
1.55 (FY23: 3.03)
Global macro trends  continued
13	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our markets  continued
Authentication
The sale of counterfeit and pirated 
goods equates to somewhere 
between $1.7trn and $4.5trn per 
annum according to the US Patent 
and Trademark Office.
Illicit economic activity can include 
smuggling, counterfeiting and tax 
evasion. It undermines excise 
revenues, damages businesses, 
benefits criminals, including 
funding terrorism, bypasses 
the reward for innovation and 
may expose consumers to 
harm as goods are supplied without 
needing to meet the health, safety, 
legal or environmental requirements 
of a legitimate supplier.
Illicit trade can bring material 
risk. 1 in 10 medical products 
in low and middle income 
countries are substandard or 
counterfeit according to the WHO, 
Africa loses up to 70% of food 
production because of low-quality 
or counterfeit seeds and non-
genuine pesticides account 
for around 30% of the domestic 
agrochemical market in India. 
Illicit trade may finance organised 
crime and terrorism and may 
destabilise legitimate industries.
Governments need to minimise the 
impact of illicit trade and protect 
tax revenue and identities in order 
to fulfil a financial and moral duty, 
meet legal obligations, such as the 
WHO Framework Convention on 
Tobacco Control, decrease tax 
leakage and so generate revenue 
and provide security for jobs, 
trade and the health and 
wellbeing of their citizens. 
All industries are impacted and the 
rise of e-commerce, social media 
platforms and cryptocurrencies 
provide fertile grounds for the 
sale of counterfeit goods. Weak 
and disrupted supply chains also 
provide avenues for counterfeits 
to enter legitimate channels. 
There are a number of ways 
in which governments and 
manufacturers can tackle 
the menace of illicit trade. 
Physical tokens, increasingly in 
combination with digital solutions, 
help distinguish real products from 
fake ones. Digital traceability is 
essential to combat smuggling. 
Volume verification of production, 
through the use of tax markings 
and data analytics, ensures that 
excise revenues are correctly 
aligned with the actual volume 
of goods manufactured. 
Secure travel documents protect 
countries from ‘bad actors’ and 
aid law enforcement. 
De La Rue provides digital and 
physical end-to-end authentication 
solutions that are reliable, 
adaptable, and rapid to implement 
to protect revenue and reputations. 
We offer comprehensive traceability 
software which, together with 
physical security token and 
documents, make our expertise 
in preventing illicit and counterfeit 
trade world class. Our ID solutions 
provide secure ways to verify 
the identity of individuals.
Our Authentication division 
provides solutions to combat 
counterfeits and illicit trade 
and verify identity around 
the world. 
For more information: 
delarue.com/authentication
14	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our markets  continued
Currency 
At a time when concerns about 
electronic monitoring are growing, 
cash provides a private way of 
transacting, for example without 
the risk of hacking that electronic 
transactions invariably have. In less 
developed parts of the world, the 
technology-free nature of a cash 
transaction, with no need for 
internet access, knowledge or 
electricity is a real advantage. 
The World Bank estimates that 
5bn people did not have good 
internet access in 2021, with the 
IMF estimating that it would take 
investment of over $400bn to 
rectify this.
In difficult economic times, cash 
acts both as a store of value and a 
budgeting tool. UK Finance surmise 
that this is why the number of cash 
payments made in the UK in 2022 
rose by 6.7% when compared with 
the previous year. 
In addition, use of cash allows 
businesses to avoid transaction 
fees which can be a significant cost 
particularly for smaller traders. It is 
also sustainable, using only 17.5% of 
the energy consumed by the global 
payments industry, according to 
the IMF.
From our country-by-country 
studies, we estimate that globally 
cash in circulation is growing by 
5% per year, with the rate of growth 
in many countries, including some 
De La Rue customers, being 
substantially in excess of this.
Demand for banknotes is driven 
by increasing the value of cash in 
circulation, replacing banknotes 
that have reached the end of their 
useful life and the periodic transition 
to a new series of banknotes. 
De La Rue has built up strong 
relationships working with central 
banks and state printers around 
the world over many years. 
Banknotes are both a key part of 
any country’s economy and a key 
national symbol: our customers 
need to have absolute trust in us 
to be a partner in their banknote 
manufacture.
As a manufacturer, inventor, 
designer, and printer of banknotes, 
security features, and polymer 
substrate, we are unique. No 
other supplier is as deeply and 
effectively integrated into the 
banknote design process as 
De La Rue. Working collaboratively, 
our design teams combine their 
respective disciplines and decades 
of experience and creativity to 
deliver exceptional banknote 
designs, integrating security 
features seamlessly into them.
We offer the flexibility of using one 
or more elements of our suite of 
banknote products or an end-to-
end design and manufacture 
process. We can provide 
SAFEGUARD® and our range of 
increasingly advanced security 
features for a state printworks or 
other manufacturer to assemble 
and complete. For other customers 
we work directly in partnership 
with the central bank to create 
and manufacture a complete 
banknote or banknote series, often 
incorporating our own substrate 
and security features.
Banknotes remain highly 
relevant in the 21st century.
For more information: 
delarue.com/currency
15	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our business model
Our unique strengths
Core expertise in secure printing
Our 1,600 dedicated employees work closely with our customers to produce secure 
printed products of the highest quality.
Design expertise
Our in-house design studio leads the industry, with a team that has over 350 years 
of experience, collaborating with customers throughout the development process.
Manufacturing and development capability
We have invested in world class facilities for banknote and authentication product 
manufacture, along with targeted investment in our authentication software. We are 
able to scale up to meet future demand without further investment.
Longstanding relationships
Trust is paramount in the secure print industry. Sales cycles are long and customers seek 
to build partnerships over time. Many of our customers have dealt with De La Rue for many 
years and we have built relationships with them up to the highest level over the years.
Research and development
Our research and development activities provide focused innovation, leveraging our deep 
knowledge of our customer needs.
Trusted brand
De La Rue is a trusted British brand with longstanding relationships with many government 
agencies around the world and printing expertise stretching back over 200 years.
Suppliers and partners
We build enduring relationships with our suppliers and partners all over the world 
to ensure ethical, sustainable and reliable delivery to our customers.
How we 
create value
World leaders in our field, De La Rue 
has expertise in secure product design, 
global manufacturing and software 
solutions for supply chain traceability to 
governments and businesses worldwide.
16	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our business model  continued
How we create value
Securing trust:  
Creating value for our stakeholders
Understanding customer needs
	
– Our customers are largely national tax authorities, banknote 
issuing authorities, state printing works and international 
brand owners. We are relied upon as a trusted partner. 
We understand the national significance of the introduction 
of a new banknote series, ID document or a new tax stamp 
scheme and work closely with our customers on design 
and implementation.
Design and technical expertise
	
– We layer traditional design techniques such as engraving 
with the latest security features to produce attractive and 
robust banknotes and authentication products. These 
combine national symbols, logos, colour, features and 
substrate to create an attractive, sustainable, cost 
effective, resilient completed product.
	
– The integration skills of De La Rue’s designers ensure 
that these products are easy to authenticate, but also 
resistant to counterfeiting.
Precision manufacturing
	
– We produce goods of the highest quality at volume.
	
– Each of our products must be different at the end of 
the manufacturing process in order to be traceable, but 
each must also be verifiable, so designed for recognition 
and authentication.
Operations
	
– Our physical products are produced and shipped to meet 
customer timetables. We plan our production timetables 
carefully to meet customer needs and maximise operational 
efficiency across our sites.
	
– Our digital solutions are secure, robust and reliable, 
designed for speed of operation and ease of implementation.
	
– We maintain a range of ISO certifications across our sites 
to provide independent reassurance to our customers that 
we act ethically, manufacture safely and with high quality 
standards, with due regard to the environment and according 
to the standards set up by the secure printing industry.
Our products in use
	
– Enable secure participation in the economy.
	
– Help to deliver confidence.
	
– Support social and financial inclusion.
	
– Protect tax revenues.
	
– Tackle counterfeit goods and illicit trade.
Customers
	
– Acquire authentication solutions that provide 
security and traceability.
	
– Gain durable, high quality banknotes, 
exemplifying the country they represent, 
embedding a combination of features that 
combat counterfeiting.
Suppliers
	
– Gain a long-term working relationship 
with an ethical partner.
	
– Receive repeat orders from a customer 
that treats them with respect.
Employees
	
– We promote an inclusive culture which values 
diversity, the health and wellbeing of our 
employees and whether they can achieve 
their potential.
Communities
	
– We are conscious of our responsibilities to 
the communities in which we work and are 
committed to minimising the impact of our 
operations on the environment.
Shareholders
	
– Our strategy (see page 18) is designed to achieve 
sustainable profitability and cash generation to 
create long-term shareholder value.
17	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our strategy
Our strategic pillars
Our day-to-day 
divisional strategic 
focus has three 
broad pillars: grow 
repeatable business, 
drive efficient 
operations and 
invest for the future
What our strategic pillars cover
Grow repeatable business
Expand the GRS offering: 
	
– covering other excisable goods,
	
– expanding in targeted territories focusing on the GCC and beyond, and
	
– renewing existing contracts on favourable terms.
Within Brand Protection to grow sales of our highly secure labels and digital end-to-end traceability
Build on the success of our world-leading polycarbonate data page
Target the large market of state printworks for sales of:
	
– polymer, 
	
– security features, and 
	
– overspill services.
Continue to supply secure innovative banknotes of the highest quality to our customers
Operate in accordance with the highest ethical standards
Drive efficient operations
Stabilise the funding position of the Group
Balance Currency operations to anticipated demand – continue to print banknotes profitably
Resolve remaining legacy issues affecting shareholder value 
Deliver further areas of operational efficiency improvement, with strong focus on cash generation
Deliver seamlessly for our customers
Continue to invest in our GRS software capability and infrastructure
Invest for the future
Commercialise the next generation of effects, security features and product formats using our 
expertise in design, surface-relief micro-structures and volume holography 
Continue to implement international best practice to enhance our digital offering in Authentication
Evolve SAFEGUARD® to enable the next generation of security features and maintain ‘best for 
printers’ focus
Improve our energy efficiency, working towards carbon neutrality from our own operations by 2030
  Find out more about how we measure progress against our strategic aims in KPIs  
on pages 46 to 49.
Grow  
repeatable 
business
Increasing our 
revenue through 
relationships providing 
ongoing income.
Drive  
efficient 
operations
Streamlining our 
business to minimise 
cost while retaining 
flexibility.
Invest  
for the  
future
Focusing our 
technical expertise 
to develop the 
solutions of the future.
18	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our strategy in action
In June 2023, the Central Bank of Egypt 
launched the new polymer 20 pound 
banknote. This followed the successful 
conversion of the 10 pound banknote 
in 2022 and, as with the LE10, circulates 
on De La Rue’s SAFEGUARD® 
polymer substrate. 
The launch of the LE20 represents a 
continuation of the conversion of Egyptian 
banknotes to cleaner, more durable and 
more cost-effective banknotes, as well 
as a further expansion of SAFEGUARD® 
supplied to state printworks by De La Rue.
Our strategy  continued
Authentication 
Currency 
Explorer 
passport 
bio-data page
Conversion of 
Egyptian LE20 
banknote to 
polymer 
In June 2023, De La Rue launched its 
‘Explorer’ passport bio-data page. The 
Explorer represents the next generation 
of polycarbonate passport data page, 
containing a range of innovative design 
details and security features (some of 
which appear on the R-Series Australian 
passport). New features include a 
tamper-proof fringe hinge, a woven 
thread that is intricately woven into the 
polycarbonate layers, metallisation and 
detailed edge cut technologies, which 
combine to create a highly secure data 
page with outstanding design.
19	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Our strategy in action
Our strategy  continued
Currency 
ASSURE™  
Embedded covert security 
for polymer banknotes
Sometimes countries need a higher level 
of security for their banknotes than usual. 
Our ASSURE™ machine-readable security 
that can be embedded in polymer notes 
is only identifiable by issuing authorities, 
keeping banknote integrity secret and 
secure from counterfeiters. The feature 
is durable as it is embedded within the 
banknote, meaning it is there as a feature 
of last resort, no matter how damaged 
or worn the banknote is.
Polymer banknotes now have the 
equivalent security options to paper 
substrates, with the added benefits of 
greater durability and sustainability.
Authentication 
Mason Pearson 
countering 
diversion in the 
luxury beauty 
market
Mason Pearson is a prestigious British 
company renowned for its luxury 
handcrafted hairbrushes. 
Mason Pearson brushes began appearing 
via unauthorised online distribution 
channels, posing a potential threat to the 
company’s traditional distribution model, 
and disruption to their much sought after 
customer experience. This deterioration in 
customer service had a detrimental effect 
on Mason Pearson’s overall business.
In order to fix these brand protection 
challenges, Mason Pearson turned 
to a De La Rue solution. They used a 
combination of an offline IZON® hologram 
label which blends with their existing 
packaging, together with the online 
Traceology® software system which 
equipped the company with comprehensive 
tracking data. Each labelled box could be 
scanned and traced through the supply 
system, enabling the company to see 
where each product was sold.
So far, the De La Rue system has 
flushed out a number of unauthorised 
sales channels providing an attractive, 
effective and easy to implement brand 
protection system.
20	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Stakeholder engagement and Section 172 statement
Our Directors 
recognise the 
importance of 
communication 
and engagement 
with all 
stakeholders
In their discussions and decision making 
during the year to 30 March 2024, the 
Directors confirm that they have acted in 
the way that they consider, in good faith, 
would be most likely to promote the 
success of the Company for the benefit 
of its members as a whole. 
In doing so, they have had regard 
to stakeholders’ interests and 
specifically each of the matters 
set out in section 172(1) (a)-(f) of 
the Companies Act 2006. Whilst 
it is not always possible to meet the 
preferences of all stakeholders, the 
Board aims to ensure that all relevant 
matters are considered when 
making a decision. 
Methods used by the Board
The Executive Directors and 
other members of the Executive 
Leadership Team, supported by 
senior managers, undertake the 
key engagement with stakeholders. 
All of our internal and external 
relationships are built on trust 
and we recognise that while this 
is earned over a long period, 
it can be lost in an instant. We 
know that communication is key 
to our success and there are clear 
accountabilities for relationship 
management across the business, 
to ensure that we protect and 
develop our reputation with all 
our partners and counterparties. 
The Board is kept up to date with 
shareholder and other stakeholder 
views through reports from 
Executive Directors, members of the 
Executive Leadership Team, brokers 
and advisors, directly from meeting 
stakeholders, and from employees 
through our Non-executive 
Director responsible for employee 
engagement during Employee Voice 
Forum meetings. All of our Board 
members are encouraged to spend 
time in the business and to meet 
De La Rue’s workforce.
Section 172 factor
Relevant disclosures
Page
a) 	the likely 
consequences of any 
decision in the long 
term
	
– Chairman’s statement
	
– CEO review
	
– Our business model 
	
– Our strategy
	
– Sustainability goals
	
– Key performance 
indicators
4 to 5
6 to 10
16 to 17
18 to 20
33
46 to 49
b)	the interests of our 
employees and wider 
workforce
	
– People
	
– Business standards
	
– Key matters considered 
by the Board
	
– Ethics Committee
	
– Remuneration Report
36 to 40
42 to 45
76
 
92 to 93
94 to 112
c)	the need to foster 
business relationships 
with our suppliers, 
customers and other 
key stakeholders
	
– Securing trust through 
Authentication and 
Currency
	
– How we create value
	
– Third party partner sales 
consultants (TPPs) and 
suppliers
	
– Our markets
3
 
 
16 to 17
44
 
 
11 to 15
d)	the impact of our 
operations on the 
community and 
environment
	
– Environment & TCFD
	
– Charitable and 
community activities
27 to 35
41
e)	the desirability of 
maintaining a 
reputation for high 
standards of business 
conduct
	
– People
	
– Responsible business
	
– Raising concerns
	
– Accreditations and 
certifications
	
– Ethics Committee
36 to 41
24 to 45
39
45
 
92 to 93
f)	 the need to act fairly 
as between our 
shareholders
	
– Responsible business
	
– Chairman’s introduction 
to governance
24 to 45
70 to 71
21	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Stakeholder engagement and Section 172 statement  continued
Our strategic objectives
 Grow repeatable business
 Drive efficient operations
 Invest for the future
Whilst the Directors’ primary focus 
is to deliver a return to shareholders 
that is sustainable over the long 
term, the Directors are aware of 
their wider obligations to all 
stakeholders. 
Investors
Lenders
Pension Trustee
Employees
Strategic objectives:
Strategic objectives:
Strategic objectives:
Strategic objectives:
 
 
Our engagement 
The views of all our investors are 
an important consideration and are 
regularly summarised and presented 
to the Board. Every share carries equal 
rights, whether held by an institutional 
investor or retail shareholder. 
We engage proactively with 
shareholders and institutional fund 
managers and discuss a range of 
strategic, financial and operational 
issues. Throughout the year Clive 
Vacher has met with investors 
covering over 65% of our share capital, 
and Clive Whiley has held frequent 
meetings with institutional investors, 
in some cases monthly. 
For our employees and other 
shareholders with smaller holdings, our 
full and half yearly results presentations 
are webcast and available for all. In 
addition, shareholders are entitled to 
attend the AGM and we provide a Q&A 
facility on our website in advance of 
general meetings. At our September 
2023 AGM, all resolutions passed in 
excess of 88.90% with the exception 
of one resolution relating to the 
disapplication of pre-emption rights. 
Our engagement 
Our lenders are a key stakeholder 
for the Group and we meet regularly 
with them. 
During FY24, we entered into an 
amended facility agreement with 
our lenders with a revised package 
of covenants more suited to the 
environment in which the Company 
operates. In December 2023, we 
secured an extension to our banking 
facilities to July 2025, as well as 
cancelling £15m of the facility to reflect 
the reality of current bank base rates.
See pages 54 and 55 for more 
information. 
Our engagement 
This year has seen a high level of 
engagement with the Trustee of the 
De La Rue Pension Fund, overseen by 
the Pensions Regulator, resulting in the 
deferral of £18.75m of deficit repair 
contributions from March 2023 to 
July 2024. 
See page 55 for more information.
Our engagement 
We rely on our highly skilled workforce 
of 1,600 employees to deliver our 
business results. The Directors and 
the Board understand the strategic 
importance of the workforce to our 
future and always have due regard 
to the interests of our employees, 
contractors and other members 
of the workforce. 
The training and development of our 
workforce is critical for the Group, and 
as such this year we have invested in 
management fundamentals training for 
all people managers and a leadership 
pathway training for key individuals. 
Clive Whiley is the designated 
independent Non-executive Director 
for workforce engagement and chairs 
the Employee Voice Forum which 
met twice in the year. During the 
year, these were held on site in Logan, 
USA and Sri Lanka with site workers 
attending these, with the findings 
and recommendations being shared 
with the Board. 
See pages 38 and 77 for more 
information.
22	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Stakeholder engagement and Section 172 statement  continued
Customers, third party sales 
consultants (TPPs) and other 
suppliers
Other stakeholders: Trade 
bodies, regulators, partners 
in sustainability
Strategic objectives:
 
Strategic objectives:
 
 
Our engagement 
We are proud of the strong 
relationships that we have built with 
our customers over many years. 
Our relationship with our customers 
and suppliers is based on mutual 
understanding, respect and trust. 
While most of the engagement is led 
by executive management, the Board 
kept the status of our supply chain 
under review during the year as well 
as approving contracts of significant 
value. We are also a signatory to the 
Prompt Payment Code.
This year, we have enhanced our due 
diligence systems and procedures, 
building a much deeper and broader 
understanding of the suppliers, 
customers and partners that we 
trade with.
We complete legal compliance audits 
on all operational sites annually, looking 
at local legislation and corporate EHS 
standards. We work closely with 
suppliers and customers making 
sure that our supply chain process 
is compliant to local and international 
legislation. We are fully committed to 
meeting the EHS requirements of our 
customer base, and actively work with 
them with regards to requests for data 
and technical support. 
See page 40 for more information. 
Our engagement 
The Board has regard to the interests 
of a range of other stakeholders, 
including industry bodies, regulators 
and a range of partners in 
sustainability. 
We are heavily involved in leading 
the industry through our involvement 
with trade bodies. We are one of the 
founder members of the Bank Note 
Ethics Initiative, and Ruth Euling, 
Executive Director, is the Vice 
Chair on the International Currency 
Association. The ICA works to drive 
industry conferences, consumer 
marketing and a focus on sustainability. 
In addition, we are an active member 
of the International Tax Association, 
helping to set the standards and best 
practice in tax stamps schemes. 
We are a member of the Expert 
Working Committee for Intergraf, 
therefore working with other security 
specialists from the industry consulting 
with Intergraf on improvements to 
additional security and inclusion 
of technology.
The Directors continue to pursue 
longer-term sustainability goals, 
including carbon targets for 2030 
and 2050, in each case supported 
by action plans. In recognition of these 
efforts, in FY24 the Group was awarded 
A- for Climate Change by CDP, giving 
De La Rue leadership status in this 
area. In addition we were again listed 
as a FT Statista Climate Change leader. 
Since joining the Board as Chairman 
in May 2023, Clive Whiley has 
completed an in-depth strategic 
review of the business, while 
largely leaving the executive 
management team free to develop 
the business. This review enabled 
the Board to gauge the core 
strategic strengths of the Group 
during the challenging financial 
environment. In the course 
of his work, the Chairman 
has substantially increased the 
cadence of communication with 
our investors, lenders and the 
pension fund trustee. 
Since May 2023, he has held 
frequent, and in some instances 
monthly meetings with our top 
institutional investors, covering 
the majority of the issued share 
capital. This engagement with 
investors has covered future 
opportunities for the Company 
and has established the strengths 
and viability of each division, both 
separately and together. 
In support of this process, in June 
2023 the Company entered into an 
amended and restated revolving 
credit facility agreement which was 
later extended in December 2023 
to July 2025. The entering into of 
this facility agreement has enabled 
the business to continue to 
operate and grow during this 
challenging environment. 
Alongside the engagement 
with investors, the Chairman 
also engaged heavily with the 
pension trustee and pension 
regulator in regard to a moratorium 
on payments to July 2024 
(thereby improving cash flow) 
and a revaluation of the pension 
scheme, (agreed in December 
2023), with deficit repair 
contributions becoming payable 
from July 2024, at a lower level 
than previously agreed. This 
revised deficit repair contribution 
schedule provided De La Rue 
with a significantly improved cash 
flow profile, and will reduce cash 
outflows by £28m over the period 
to the end of FY27. 
This enhanced communication 
with investors, lenders and the 
pension trustee has continued 
while the Company continues to 
a more stable financial position. 
Grow repeatable 
business
Drive efficient 
operations
Invest for 
the future
Strategic objectives:
How we factor our stakeholders into our decision making 
23	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report
Securing trust 
through our focus on 
responsible business
Our Authentication and Currency 
divisions enable our customers to 
deliver sustainable services underpinning 
the integrity of economies and trade. 
To achieve our overarching purpose of 
securing trust between people, businesses 
and governments, it is crucial that we 
uphold the highest environmental, social, 
human rights, ethical and governance 
standards in the way we conduct 
our business.
This responsible business report outlines 
some of the ways we are fulfilling these 
commitments, upholding the principles of the 
UN Global Compact, and contributing to the 
UN Sustainable Development Goals. Further 
information demonstrating how Environmental, 
Social and Governance (ESG) considerations 
are embedded in our performance and 
strategy to support the long-term interests 
of the business and its stakeholders can be 
found throughout the Annual Report and on 
our website www.delarue.com.
 “De La Rue has been a participant 
in the UN Global Compact 
(UNGC) since 2016 and remains 
committed to the initiative.“ 
Clive Vacher, 
CEO
Our commitments
Environment
	
– We are committed to leading the industry 
on environmental sustainability and achieving 
carbon neutrality for our own operations by 
2030. 
	
– We set clear goals to minimise the impact 
of our operations on the environment. 
  Find out about our commitments to 
Environment on pages 27 to 35
People
	
– We treat everyone in an ethical and respectful 
way, promoting an inclusive culture that 
values diversity, and protecting human rights 
both within our business and in our wider 
supply chain. 
	
– We prioritise the health, safety and wellbeing 
of our people.
	
– We work hard to maintain regular engagement 
with our stakeholders including employees, 
investors, customers, suppliers, and the 
communities in which we work.
  Find out about our commitments to People 
on pages 36 to 41
Business standards
	
– Our Code of Business Principles sets out core 
principles which define the way we behave 
and work daily. 
	
– Our governance system helps us deliver on our 
responsibilities to stakeholders through the 
operation of robust policies, processes and 
monitoring systems.
  Find out about our commitments to Business 
standards on pages 42 to 45
24	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

De La Rue has been a participant in the 
UN Global Compact (UNGC), the world’s 
largest corporate sustainability initiative, 
since 2016 and we remain aligned with the 
universal principles on human rights, labour, 
environment and anti-corruption that are 
championed by the UNGC.
De La Rue has been independently assessed 
and has satisfied the requirements to remain 
a constituent of the FTSE4Good Index Series. 
This Index is designed to measure the 
performance of companies demonstrating 
strong Environmental, Social and Governance 
(ESG) practices. The FTSE4Good indices are 
used by a wide variety of market participants 
to create and assess responsible investment 
funds and other products.
De La Rue has been awarded a Silver EcoVadis 
Medal for the second year running. This result 
places us among the top 15% of companies 
assessed by EcoVadis. This recognises our 
strong management system addressing 
sustainability criteria across the four pillars of 
Environment, Labour & Human Rights, Ethics 
and Sustainable Procurement.
De La Rue has, for the fourth consecutive year, 
been recognised as one of “Europe’s Climate 
Leaders” in the Financial Times and Statista 
report. This report lists businesses leading the 
way in delivering significant reductions in their 
Scope 1 and 2 carbon emission and factors in 
transparency around Scope 3 emissions 
(supply chain emissions).
Governance and management
The Board has oversight of all our ESG 
initiatives through regular reporting, both on a 
standalone basis and as part of wider strategic 
initiatives. Clive Vacher is the nominated 
Director with overall responsibility for our 
sustainability strategy. Governance of ESG-
related matters is embedded within our 
existing Board and committee structure. 
See page 75 for an overview of this structure. 
The Executive Leadership Team (ELT) plays 
a key role, with responsibility for strategy 
implementation, setting targets, ensuring 
ongoing monitoring of performance and that 
ESG issues are an integral part of day-to-day 
business decision making. 
  For further information about 
environmental governance, see page 33
Responsible business report  continued
25	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
United Nations Sustainable Development 
Goals
We believe that, in delivering our purpose of 
securing trust between people, businesses 
and governments, and adopting internal 
polices and processes which have a positive 
impact on our stakeholders, we make a 
significant contribution to the following 
of the 17 UN SDGs:
We also make a positive contribution  
to the following SDGs
Our highly secure physical and digital 
solutions underpin the integrity of 
economies and trade. Our Currency 
products and services promote 
financial inclusion, enabling all citizens, 
including those with little or no access 
to the banking system, to participate 
in the global economy. Protecting 
government revenues supports the 
provision of health, education and 
infrastructure to alleviate poverty. 
  See pages 14 and 15 for further 
information about our impact.
We are proud of our diversity, equity 
and inclusion programme and have 
a gender target for our management 
population which is a KPI. We 
participated in the UN Global 
Compact Target Gender Equality 
initiative and report and publish 
information in line with our obligations 
under the UK Equality Act (Gender Pay 
Gap Information) Regulations. 
  See pages 37 and 81 for further 
information about our impact.
We are committed to leading our 
industry in sustainability, working on 
the sustainability credentials of our 
products through their lifecycle and 
investing in recycling and waste 
management initiatives and carbon 
footprint models. We participate 
annually in the CDP (formerly known 
as the Carbon Disclosure Project), 
have approved SBTi targets, and 
support the recommendations of 
the Task Force on Climate-related 
Financial Disclosures (TCFD). 
  See pages 27 to 35 for further 
information about our impact.
Our Authentication products help 
to tackle illicit trade, protecting 
populations from counterfeit goods, 
including medicines, food and drink 
which may be harmful to health. 
Through our track and trace 
solutions we directly contribute to 
strengthening the implementation 
of the World Health Organization 
Framework Convention on Tobacco 
Control, a key target of SDG3. 
  See pages 12 and 14 for further 
information about our impact.
We work with governments to secure 
trust and build strong economies by 
providing solutions which underpin the 
integrity of economies and trade. We 
protect labour rights and promote safe 
and secure working environments for 
our workers and expect our suppliers 
to do the same. 
  See pages 36, 38, 39 and 44 for 
further information about our 
impact.
Our GRS and brand protection 
solutions prevent counterfeiting and 
illicit trade, contributing to combatting 
organised crime. The provision of 
secure components for identity 
documents, including holograms 
and polycarbonate datapages, 
supports the target under this 
SDG to provide legal identity for all. 
 See pages 12 and 14 for further 
information about our impact.
By delivering on our purpose and 
working closely with governments, 
central banks and commercial 
organisations, we provide products 
which improve economies, particularly 
amongst developing countries. 
 See pages 13, 14 and 15 for further 
information about our impact.
How De La Rue contributes to UN SDGs
Our additional UN SDG contributions
26	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

De La Rue has been driving an ambitious and 
comprehensive environmental programme since 2020. 
During that time, we have sought to continuously improve 
our management of environmental sustainability, focusing 
on assessing the potential risks and opportunities for the 
business and reducing the impact of our operations and 
products on the environment. 
Environment
Responsible business report  continued
Environmental sustainability is core 
to our business, with Sustainability 
and Climate Change being one of 
De La Rue’s principal risks (see 
pages 56 – 63). 
We continue to be confident in 
our approach and believe that our 
efforts will have greatest impact 
in the following key areas; carbon, 
energy and energy efficiency, 
sustainable consumption and 
nature solutions. 
We will continue to focus on 
accelerating our progress in 
these areas and have set short 
and medium-term targets to 
ensure we remain on track to 
achieve our sustainability 
ambitions, aligned with the UK 
Government’s goal of achieving net 
zero by 2050. We intend to publish 
longer-term goals in 2025 and 
2026 to outline our strategy for 
net zero, following a deep dive 
assessment of our sustainability 
strategy during 2024.
Carbon 
including:
– Supply chain
– Impact of 
products
Energy
and energy 
efficiency
Sustainable 
consumption 
– Waste
– Water
– Single use 
plastics
Our material issues
27	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Carbon
Credible low carbon strategies 
require science-based emission 
reduction pathways. We have set 
ambitious near-term carbon 
reduction targets approved by 
the Science Based Targets Initiative 
(SBTi). In line with the target level 
of the Paris Agreement of keeping 
global temperature increases below 
1.5°C, De La Rue commits to reduce 
our absolute Scope 1 and 2 GHG 
emissions by 46.2% by FY30 from 
a FY20 base year. We also commit 
to reducing our absolute Scope 3 
GHG emissions by 46.2% within the 
same timeframe. We will take a 
consistent and transparent 
approach to reviewing our targets 
on a periodic basis with the next 
review due in FY25. If necessary, we 
will recalculate and revalidate the 
targets in line with SBTi policy. 
Details and annual progress against 
our carbon reduction targets can 
be found on pages 29 and 35.
Supply chain management
Around 65% of our total emissions 
come from our supply chain, 
underlining the necessity of 
measuring progress and setting 
targets for our supply base. In 2023, 
De La Rue partnered with EcoVadis, 
a global sustainability rating 
company, to ensure we were 
effectively managing risk and 
compliance in our supply chain and, 
of most relevance, driving Scope 3 
decarbonisation. Through our 
EcoVadis partnership and other 
related activities, we have been 
able to engage proactively with 
our suppliers and incorporate their 
input to improve our calculation of 
Scope 3. For example, we are able 
to identify suppliers who have set 
carbon reduction targets through 
EcoVadis. Details on our progress in 
this area can be found on page 35.
Key supplier spend on EcoVadis
50%
Impact of products
Reducing the impact of our products 
throughout their lifecycle is a key 
priority for De La Rue. In FY24, we 
updated our Lifecycle Assessment 
(LCA) model for our banknotes to 
capture recent machinery upgrades 
and our latest security features to 
ensure we are providing our 
customers an accurate product 
carbon footprint. In addition, as a 
manufacturer of polymer substrate, 
we remain committed to recycling all 
our polymer manufacturing waste 
across the Group and furthermore 
help our customers identify the right 
solutions for their worn banknotes.
Energy and energy efficiency
The best type of clean energy is to 
consume less energy, which is why 
we continuously look to identify 
opportunities to reduce energy 
usage across our operations. 
Concurrently, it is vital to our 
sustainability ambitions to increase 
the proportion of renewables in 
our overall energy consumption. 
Purchased electricity for all our UK 
sites is from renewable sources and 
we have additionally installed solar 
panels in our site at Westhoughton. 
For FY25 and FY26 we are striving 
to increase our onsite renewable 
generation through new solar energy 
projects in the UK, Malta and Sri 
Lanka. These projects will be 
reviewed in FY25. For more 
information on energy efficiency 
measures in FY24, please see 
page 35.
Electricity from renewable 
sources*
60%
*	
From purchased renewable electricity and solar 
panels in Westhoughton
Environment  continued
28	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
FY24
FY23
FY22
UK and  
offshore
Global*
% of total
UK and 
offshore
Global*
% of total
UK and 
offshore
Global*
% of total
Type of emissions
tCO2e
tCO2e
tCO2e
Direct (Scope 1)
3,455
396
3.1
6,713
461
2.9
6,122
537
3.9
Indirect (Scope 2 – market-based)
–
4,411
3.6
–
4,341
1.7
–
6,110
3.6
Indirect (Scope 2 – location-based)
2,280
6,920
3,191
8,128
4,036
8,633
Scope 1 & 2 (market-based)
3,455
4,807
6.7
6,713
4,802
4.6
6,122
6,648
7.4
Indirect other (Scope 3)**
115,261
93.3
238,186
95.3
159,206
92.6
  1. Purchased goods and services
79,014
64.0
158,900
63.6
106,573
61.9
  2. Capital goods
8,714
7.1
10,160
4.0
4,537
2.6
  3. Fuel and energy related activities
2,800
2.3
4,486
1.8
6,337
3.7
  4. Upstream transportation and distribution
12,338
10.0
41,409
16.6
28,676
16.7
  5. Waste generated in operations
373
0.3
478
0.2
668
0.4
  6. Business travel
1,154
0.9
942
0.4
774
0.5
  7. Employee commuting
1,322
1.1
1,959
0.8
2,030
1.2
  8. Upstream leased assets
81
0.1
91
–
28
–
  9. Downstream transportation and distribution
3,674
2.9
13,928
5.6
1
–
  12. End-of-life treatment of sold products
5,791
4.6
5,833
2.3
9,582
5.6
Total gross emissions (market-based)
123,523
100.0
249,701
100.0
171,976
100.0
Intensity ratio UK and Global: Tonnes of gross 
CO2e (Scope 1 and 2 market-based) per million 
GB £ turnover
26.6
32.9
34.0
Energy consumption used to calculate 
Scope 1 and 2 emissions/kWh
22,543,553
19,333,108
34,507,797
22,673,342
31,055,320
25,173,111
Notes:
*	
Global includes all sites outside of the UK.
**	
Scope 3 emission categories 10, 11, 13, 14 and 15, associated with the processing of sold products, use of sold products, downstream leased assets, franchises and investments are not applicable to De La Rue.
Greenhouse Gas Emissions
De La Rue reports on all of the 
mandatory non-financial disclosures 
required by the UK Companies Act 
2006 including our greenhouse gas 
(GHG) emissions, as required by the 
Streamlined Emissions and Carbon 
Reporting (SECR) regulation. The 
Greenhouse Gas Protocol Corporate 
Standard methodology has been 
applied to calculate the GHG 
emissions associated with 
De La Rue’s operational activities, 
along with the UK Government GHG 
Conversion Factors for Company 
Reporting 2023, IEA Emissions 
Factors and AIB6 Residual Mix 
Emissions Factors.
Streamlined Emissions and 
Carbon Reporting (SECR)
As a large, listed company, De La Rue 
is required to report its energy use 
and carbon emissions in accordance 
with the Companies (Directors’ 
Report) and Limited Liability 
Partnerships (Energy and Carbon 
Report) Regulations 2018. The data 
detailed here represents emissions 
and energy use for which De La Rue 
is responsible, including electricity, 
gas use, process, and fugitive 
emissions in offices. 
The emissions from previous years 
have been adjusted within this year’s 
report. This was due to availability of 
updated figures for March 2023, for 
which only estimates were shown in 
2023 report. The methodology to 
account for this adjustment is 
aligned to the latest reporting 
requirements. De La Rue has also 
commissioned an independent 
third-party limited assurance 
verification of our direct (Scope 1) 
and market-based indirect (Scope 
2) greenhouse gas emissions for 
FY23 aligned with the ISO 14064-
3:2019 standard. The FY23 
verification took into account the 
adjustment made in this year’s 
report and we will be commissioning 
a limited assurance verification 
of our FY24 emissions in the 
upcoming year. 
Subsequent to the verification, 
we purchased carbon offset 
credits accounting for 35% of our 
greenhouse gas emissions in FY23, 
through PAS2060 aligned carbon 
offsetting projects. This is a part of 
our phased offsetting programme to 
achieve carbon neutrality by FY30 in 
our operations.
We continued to purchase 
renewable electricity for all our 
UK sites in addition with Guarantees 
of Origins (GoOs) for Malta and 
I-RECs that ensured the Sri Lanka 
facility ran on 100% renewable 
electricity for FY24. 
Our site in Logan, USA, achieved 
a greater than 10% reduction in 
energy consumption as the site 
continued to transition from argon 
lasers to more energy efficient 
solid-state lasers. In addition, 
all sites across the Group have 
pursued more energy efficient 
replacements for our existing 
infrastructure that has reached 
its end of life.
29	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Environment  continued
Carbon neutral by 2030 for 
our operations
We have set a target to be carbon 
neutral by 2030 for our own 
operations across Scope 1 and 2 
(market-based) emissions through 
a phased offsetting programme. 
This will allow us to offset any 
residual emissions that we cannot 
reduce. This is in alignment with our 
ambition for net zero by 2050 or 
sooner. The graph above illustrates 
our plan, with future planned offsets 
calculated as a proportion of the 
targeted emissions. 
In FY24, we saw a 27% reduction 
in our total energy consumption 
against our FY20 base year. This 
reduction was primarily due to a 
drop in production activity in 
Currency as well as energy efficiency 
measures throughout the Group. 
In FY24 we also achieved a 55% 
reduction in Scope 1 and Scope 2 
(market-based) carbon emissions 
against our FY20 baseline year. 
Overall, we have achieved the 
target emissions for our 
science-based target. 
As the drop in Currency production 
in FY24 was a significant contributing 
factor towards this reduction, we 
expect our emissions to increase for 
the upcoming year as we anticipate 
our Currency production volumes 
will increase in FY25. We will 
continue to review our science-
based targets in FY25 as part 
of a periodic review process.
We have also seen a sustained 
reduction in the total Scope 1 and 2 
(market-based) gross normalised 
emissions, which have seen a 
decrease of 19% from 32.93 to 26.65 
tCO2e per £m revenue in FY24 
compared to FY23. This provides 
reassurance that even accounting 
for the drop in Currency production 
volumes, we have still seen a 
sustained reduction in our 
greenhouse gas emissions.
We saw a significant decrease in our 
total Scope 3 emissions, which fell 
by 52% overall in FY24 compared 
to the prior year. This was primarily 
driven by a 50% reduction in 
Category 1, Purchased Goods 
and Services, as a result of a 28% 
reduction in spend corresponding 
to observed drop in Currency 
production in FY24. 
Scope 3 Categories 3 (fuel and 
energy related activities) and 12 
(end of life of sold products) also 
fell largely driven by volumes. Due 
to new evidence, the methodology 
used for calculating Categories 4 
and 9 (upstream and downstream 
distribution and transportation) 
emissions were updated, and there 
was an overall 70% reduction in 
emissions for these categories 
due to a decrease in overall freight 
correlating with Currency 
production. 
Overall in FY24, Scope 3 emissions 
have reduced by 44% against our 
FY20 base year, bringing us within 
reach of our Scope 3 science-based 
target. However, similar to Scope 1 
and 2 emissions, we expect our 
Scope 3 emissions to increase 
in the upcoming year due to the 
anticipated increase in production 
volumes. We continue to focus on 
our Scope 3 emissions, working 
closely with our suppliers, partners 
and customers to reduce our 
impact on the environment. Our 
engagement with our targeted 
suppliers in the EcoVadis 
programme remains key to our 
work to better understand and 
improve our Scope 3 emissions. 
Carbon neutral by 2030
(tCO2e)
2026
2025
2027
2028
2029
2030
2024
2023
2022
Carbon Emissions tCO²e
-10,000
-5,000
0
5,000
10,000
15,000
20,000
     Scope 1 and 2 Target Emissions tCO²e
Actual Emissions tCO²e
Offset % tCO²e
Scope 1 & 2 emission/floor area 
(kgCO2e/m2)
2024
2023
2022
0.0
0.08
0.10
0.06
0.04
0.02
0.12
Floor area is inclusive of our Westhoughton and 
Malta expansions. In FY24, we have made a 28% 
reduction against FY23. This is primarily due to 
dynamic changes within the business in addition 
with implemented energy efficiency measures.
Scope 1 & 2 emission/output 
(kgCO2e/tonne)
2024
2023
2022
0.00
0.60
0.40
0.20
0.80
In FY24, we saw a 10% reduction in this metric, 
following the correction of an operating 
inefficiency in Westhoughton. 
30	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
CDP Climate Change
De La Rue has achieved a score 
of A- on our 2023 CDP Climate 
Change Questionnaire, reaching 
leadership status (A and A- 
scores). De La Rue is committed 
to being transparent in terms of 
climate disclosures and we will 
continue to demonstrate our 
leadership in addressing climate 
risks and our contribution towards 
a low carbon future through 
the CDP.
Our higher energy efficiency Regenerative 
Thermal Oxidiser in the Westhoughton 
site, which will reduce gas usage by an 
additional 30%.
Sustainable consumption 
Sustainability is the ability to exist 
and to develop solutions that 
conserve resources for the future. 
We recognise the importance of 
sustainable consumption to improve 
resource efficiency and to work with 
nature. From small scale actions, 
such as the installation of bird 
feeders at our Westhoughton site, 
to larger scale initiatives to reduce 
waste to landfill across all our sites, 
De La Rue’s targets are aligned with 
our ambitions to reduce our impact 
on nature. This is underpinned by our 
environmental management system, 
certified by ISO 14001:2015 and our 
strong track record on environmental 
compliance, evidenced by De La Rue 
achieving zero major environmental 
incidents in the past five years.
Waste management
We have responsible waste 
management practices throughout 
the Group and will always look for 
the most sustainable end of life 
treatment for our waste. We have set 
a target of zero waste to landfill by 
2030. For FY25, we intend to map 
our various waste streams and 
evaluate the current end-of-life 
treatment options to identify 
improvements. This evaluation will 
help De La Rue to develop long-term 
targets for waste management and 
to identify potential waste efficiency 
measures in our operations. 
For further detail on De La Rue’s 
progress against our short-term 
and medium-term waste targets 
please see page 35.
Solid Waste per Good Tonne of 
output against FY23
-13%
Water
De La Rue has monitored and 
reduced water consumption 
throughout the past six years. 
Water-related risks and 
opportunities are assessed under 
the Sustainability and Climate 
Change principal risk, and water 
scarcity has been identified 
as the key climate-related risk 
for De La Rue (see page 34). 
We consider effective water 
management a priority and have 
achieved our short-term targets on 
water reduction. We are also looking 
to improve our score of C on the 
CDP Water Security questionnaire. 
For more information on water-
related targets and progress 
please see page 35.
Single use plastics
We are ensuring the packaging 
used for our products is sustainable 
and aligned with our responsible 
consumption practices. Polymer 
banknotes are inherently reusable, 
and as described on pages 28 & 35, 
De La Rue is committed to reducing 
the plastic waste generated in our 
operations.
31	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Taskforce on Climate-related Financial Disclosures (TCFD)
De La Rue supports the recommendations of the TCFD, which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities. 
De La Rue has publicly declared support for the TCFD recommendations and has joined the TCFD Supporters Group to work with like-minded organisations, acknowledging that climate change 
represents a financial risk. 
In meeting the requirements of Listing Rule 9.8.6.R, we have concluded that we are aligned with recommended TCFD disclosures regarding governance, strategy, risk management and metrics 
and targets. We acknowledge that there is an ongoing action for De La Rue to improve our alignment with the TCFD recommendations as we refine our approach on Climate Scenario Analysis 
(CSA), with a focus on delivering insight for our internal and external stakeholders. We aim to improve the integration of the financial impacts of climate-related risks and opportunities into future 
strategic reports.
Pillar
Recommended  
Disclosures
Compliance Status
Alignment
Reference
Governance
a) Describe the Board’s oversight of climate-related risks and opportunities.
Full
Included in this report
Page 33
b) Describe management’s role in assessing and managing climate-related risks 
and opportunities.
Full
Included in this report 
Pages 33 – 35
Strategy
a) Describe the climate-related risks and opportunities the organisation has 
identified over the short, medium, and long term.
Full
Included in this report
Pages 34 – 35
b) Describe the impact of climate-related risks and opportunities on the 
organisation’s businesses, strategy, and financial planning.
Full
Included in this report
Pages 34 – 35
c) Describe the resilience of the organisation’s strategy, taking into consideration 
different climate-related scenarios, including a 2°C or lower scenario.
Full
Included in this report
Pages 33 – 35
Risk management
a) Describe the organisation’s processes for identifying and assessing climate-
related risks.
Full
In this report we outline the process and framework 
for identifying and assessing climate-related risks, 
also linking out to our wider risk management 
framework.
Pages 33 – 35 
and 56 – 57
b) Describe the organisation’s processes for managing climate-related risks.
Full
The Risk Committee reviews the mitigations and 
controls relating to climate risks.
Pages 56 – 57 
and 60
c) Describe how processes for identifying, assessing, and managing climate-related 
risks are integrated into the organisation’s overall risk management.
Full
Climate risks are managed through De La Rue’s 
enterprise risk management framework. Risks are 
monitored and reported to the Audit & Risk 
Committees.
Pages 56 – 57 
and 60
Metrics and targets
a) Disclose the metrics used by the organisation to assess climate-related risks 
and opportunities in line with its strategy and risk management process.
Full
Included in this report
Page 35
b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) 
emissions, and the related risks.
Full
Included in this report
Page 29
c) Describe the targets used by the organisation to manage climate-related risks 
and opportunities and performance against targets.
Full
Included in this report
Page 35
Environment  continued
32	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Governance 
The Board has overall accountability 
for the management of all risks and 
opportunities, including climate 
change. Further detail on our ESG 
and Risk Management governance 
structure can be found on pages 25 
and 57. While the Board has overall 
accountability for climate change-
related matters, the Chief Executive 
Officer, Clive Vacher, was the 
Director responsible for our climate 
change agenda during the year 
under review. 
The Board delegates specific climate 
change matters to the following 
Board committees: 
	
– Audit Committee: oversees 
the monitoring and reviewing 
of our internal control and risk 
management systems including 
a synopsis of material risks 
including climate change related 
risks from the Risk Committee 
Chair. This includes reviewing the 
scope and results of any internal 
and external assurance activities 
obtained over the disclosures 
(see page 84).
	
– Risk Committee: oversees the 
identification, evaluation and 
monitoring of climate-related 
risks. This includes reviewing the 
mitigations and controls relating 
to those risks (see page 91). 
	
– Remuneration Committee: 
oversees the remuneration policy 
and supports the alignment of De 
La Rue’s incentive plan with our 
climate-related metrics and 
targets (see page 94).
Scenario
Temperature Rise Equivalent
Scenario Descriptions
Intergovernmental Panel on Climate 
Change (IPCC) Representative 
Concentration Pathways (RCP) 8.5
3.5˚C – 4.5˚C
High emissions and disorderly transition
Emissions continue to rise without intervention 
from current rates. 
International Energy Association 
(IEA) Net Zero by 2050
Well-below 2˚C
Low emissions and orderly transition
Rapid and persistent transition to a zero-carbon 
future.
The Board is supported by the 
Executive Leadership Team (ELT) 
and the Group Health, Safety and 
Sustainability Committee (GHSSC). 
In FY24, the ELT discussed key 
strategic sustainability matters in 
its monthly meetings with climate 
subject matter experts invited to 
discuss progress against our climate 
targets and agenda. The GHSSC 
oversees progress against key 
sustainability obligations and 
targets including compliance.
Executive remuneration for the 
Executive Directors and senior 
managers is set by the Remuneration 
Committee. Changes to the Annual 
Bonus Plan (ABP) in FY24 resulted in 
ESG metrics accounting for 10% of 
the weighting attached to the ABP. 
Further details can be found on 
pages 95 – 97.
Strategy
We have ambitious and clear 
near-term carbon reduction 
targets aligned with achieving net 
zero by 2050. Our three key areas 
of focus, carbon, energy and 
energy efficiency and sustainable 
consumption and nature solutions 
will ultimately support our journey 
to net zero. In addition, they 
reflect climate-related risks 
and opportunities identified 
for the business.
Climate scenario Analysis 
De La Rue’s risk management 
framework helps us to assess 
manage, monitor and act on risks, 
including Sustainability and Climate 
Change which is one of our 
principal risks. We review our 
climate-related risks and 
opportunities over medium, 
and long-term time horizons. 
We do that in line with our risk 
management framework and 
financial planning process 
referenced in our viability 
statement (pages 64 – 68). In 
line with our financial planning 
process and due to the nature of 
climate risks, we have considered 
the following time periods for 
our analyses – short term (within 
3 years), medium term (between 
3 to 10 years) and long term 
(greater than 10 years).
In alignment with the TCFD 
recommendations, we have 
conducted qualitative scenario 
analyses using two scenarios, 
including a well-below 2°C. In 
developing the scenario analysis, 
we considered a well-below 2°C 
scenario by 2100 and a 4°C by 
2100 scenario to map the potential 
financial impacts of climate change 
on our business. In developing our 
scenario analysis, we took the two 
pathways and considered a range of 
risk and opportunity types using the 
TCFD framework. We used these two 
scenarios to model a simple and 
discrete narrative where a well-
below 2°C would primarily model 
transition risks and a 4°C scenario 
physical risks, with no significant 
transition risks assumed. For FY25, 
we will develop more robust scenario 
analyses to better evaluate and 
quantify our risks and opportunities.
Risks were evaluated as transition 
(market, technology, policy and 
legal, reputation) and physical 
(acute and chronic). Opportunity 
types considered include resource 
efficiency, resilience and 
innovation. The scope of our 
assessment included our 
operations, our supply chain, 
our products, and investment 
in research and development. 
Below we have summarised 
our key climate-related risks 
and opportunities relevant to 
De La Rue’s business and activities 
for both scenarios. All the risks 
noted below are applicable to 
both our divisions unless stated 
otherwise. These risks and 
opportunities were identified 
through group forums and 
discussions with De La Rue 
internal stakeholders and subject 
matter specialists. The impacts 
are not listed in order of 
significance, nor are they meant 
to be exhaustive. In disclosing 
the financial impact of risks and 
opportunities, any assessment 
is scenario based and thus 
should not be considered 
as a financial forecast.
33	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Risk
Risk
Type of Risk
Time Horizon
Financial Impact
Mitigation and Adaptation
Embedding climate 
action and 
progress into 
strategy
Transition 
– Reputation
Short term
As a listed company, De La Rue could face reputational risks related to 
climate change from a variety of stakeholders. As ESG and, in particular, 
climate action become embedded within financial disclosures, a 
perceived lack of action could lead to divestment from De La Rue. 
Certain customers may choose to limit or stop work with the Group 
if they perceive us as not adequately addressing climate change. 
This may impact revenue and brand perception. In addition, our 
ability to source external finance may be impacted.
With Sustainability and Climate Change as one of our principal risks, we have 
implemented several actions to build resilience including science-based targets. 
Opportunities arising from demonstrating our climate commitments include the ability 
to improve our brand image, attract a wider talent pool, and retain current employees.
Increased scrutiny 
on plastic 
(Currency)
Transition 
– Market
Medium 
term
There has been increased global focus on plastic and more specifically 
single-use plastics. 
A potential risk is the crossover of lobbying action against plastic into 
adverse comment in relation to polymer banknotes which is a core 
aspect of our business. This may result in a loss of orders and limited 
market interest which is likely to impact our revenue figures.
Polymer banknotes have been proven to have a lower carbon footprint compared to 
conventional paper banknotes and are also increasingly secure, making them a desirable 
option for our customers. Furthermore, it is rare for banknotes to be discarded 
extensively and as a polymer product, these banknotes have multiple recycling options. 
With each polymer banknote launch, De La Rue has worked with central banks and 
issuing authorities to develop public education programmes on the benefits of polymer 
banknotes. In a recent survey conducted by De La Rue, 82% of the world’s polymer 
banknotes are recycled. 
Less visibility on 
future trends
Transition 
– Market
Medium 
term 
A rapidly changing market which responds to new climate legislation 
and changes in consumer behaviour may lead a move to shorter-term 
contracts or more stringent contractual provisions.
As a result, De La Rue may find medium-term planning becomes harder 
as change requests may come more frequently. Decreased visibility 
of demand may also reduce our ability to reflect any changes in the 
production schedule which may lead to increased costs.
A significant proportion of our contracts or relationships are long term, enabling us to 
predict cost models and reduce the impact of any short-term contracts. In addition, 
we actively engage with our suppliers to ensure fair pricing in our contracts.
Cotton shortage 
driven by water 
scarcity (Currency)
Physical 
– Acute/
Chronic
Short term
De La Rue continues to promote the growth of polymer banknotes. 
However, conventional paper banknotes are still a significant part of the 
business. Cotton is the principal raw material used for paper banknotes. 
Extreme weather and extended droughts resulting in water scarcity are 
likely to have a significant effect on cotton production resulting in crop 
output decreases. This will increase the costs associated with 
purchasing cotton which is likely to affect De La Rue given the likely 
knock-on impact on the price of paper.
De La Rue has built relationships and engaged with multiple paper suppliers that are 
geographically diverse. This will help De La Rue to mitigate the impacts of any future 
cotton shortages.
Customer 
expectations for 
lower carbon 
intensive products
Transition 
– Market
Short term
As the world transitions to net zero, there will be increasing demand to 
lower the carbon intensity of products. This may lead to revenue loss as 
inaction could make De La Rue’s products undesirable. In addition, slow 
action would require rapid investment which would lead to higher costs 
for De La Rue.
De La Rue considers the impact of our products as one of our key areas of focus. 
We have multiple projects aiming to reduce our product carbon footprint. 
In addition, our SBTi targets have increased focus on decarbonising the business 
and we are defining our strategy to transition into a low carbon future.
Environment  continued
34	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Opportunities
Opportunity Type
Time Horizon
Description
Products and 
services
Medium term
Reducing the carbon footprint of our 
products and activities will help 
De La Rue transition into the zero-carbon 
economy. For example, the switch to 
polymer from paper banknotes allowed 
De La Rue to offer a more environmentally 
friendly option. Polymer banknotes have 
been proven to have a longer lifecycle 
and are able to be recycled at end-of-life. 
By developing our product Life Cycle 
Assessments we are investing in an 
opportunity to understand the carbon 
impact of our products and subsequently 
to lower our footprint. 
Resilience
Short/Medium 
Term
Building resilience as we transition to the 
low carbon economy is vital. This is why 
De La Rue has submitted science-based 
targets to reduce our carbon footprint 
and lower our impact. We expect this will 
come with an associated cost and as 
such we are reviewing our trajectory and 
aligning it with our financial planning for 
FY25 and beyond.
Metrics and Targets
Our short- and medium-term climate metrics and targets are as follows:
Themes
Target 
Performance to date
Carbon
SBTi near-term targets, Scope 1, 2 & 3 
-46.1% against FY20 base year by FY30
See page 29 for details of our performance in FY24.
Reduce Scope 1 & Scope 2 by 23% 
against FY20 base year by FY26
See page 29 for details of our performance in FY24.
Suppliers accounting for 80% of total 
procurement spend to be invited to 
complete/share an EcoVadis scorecard
In FY24, we have engaged with 75% of our targeted suppliers on 
EcoVadis and we currently have 50% of our key supplier spend 
accounted for on the platform. This is the first year of reporting on 
this target.
Energy and 
energy 
efficiency
Reduce absolute energy use by 20% 
FY26 vs FY20 base year
We achieved a 27% reduction in FY24 against our FY20 base year. 
This was a result of dynamic changes within the business which has 
affected our overall energy consumption. We believe this target is still 
fit for purpose as operations continue to stabilise. This is the first year 
of reporting on this target.
10% Group power use from onsite 
renewable sources by FY27
Solar panels at our Westhoughton site currently generate roughly 
100,000 kWh per year. We are looking to increase our use of solar both 
in the UK and overseas. This is the first year of reporting on this target.
Sustainable 
consumption
Reduce waste to landfill by 45% by 
FY26 against FY23 baseline. (Zero waste 
to landfill by 2030)
We saw a 7% decrease in waste to landfill in FY24 against our baseline 
FY23 baseline year. This is our first year reporting on this target.
Solid waste tonnes per tonne of 
good output -3% by FY24 against 
FY23 performance
We have hit our SWKPI target and will continue to monitor our waste 
intensity target in FY25. SWKPI is our intensity target for waste. Our 
performance to date is as follows: FY22: 0.24, FY23: 0.24, FY24: 0.23.
Reduce water consumption by 4% 
by FY24 against FY22 baseline
We achieved this target in FY24. De La Rue first started reporting on 
this metric in FY23. We reported a 16% decrease in FY23 and in FY24 
we has a 19% decrease in total water consumption. In FY25, we will be 
carrying out water audits for all our manufacturing sites and will be 
looking to establish a new water consumption baseline in FY25. 
In FY23, De La Rue conducted a review 
of all our reporting performance 
indicators and targets to assess their 
suitability for the business. The targets 
for FY24 detailed in the table above 
align with our key areas of focus: 
carbon, energy and energy efficiency 
and sustainable consumption and 
nature. These targets are aligned 
with the climate-related 
opportunities outlined on this 
page, and specifically, our carbon 
reduction targets have been 
designed to build resilience as we 
transition to a low-carbon economy. 
Our progress against our medium-
term targets will be monitored in 
FY25, and we will also be setting new 
short-term targets in the upcoming 
financial year. Our GHG emissions 
including Scope 1, 2 and 3 emissions 
for FY23 can be found on page 29.
In FY24, De La Rue has used an 
internal carbon price of $50 per 
tonne of carbon which is primarily 
used to evaluate internal projects 
from a carbon perspective. Changes 
within the business and our carbon 
reduction targets warrant this review 
to inform future Group strategy. 
We believe the targets we have set 
are correct for the Group and have 
captured the key strategic goals 
including reducing the carbon 
and environmental impact of our 
products. Regarding our long-term 
carbon reduction target, we are 
aligning ourselves with achieving 
net zero by 2050, or before, in line 
with the UK Government’s target. 
We continue to develop our 
pathways to achieve these goals.
Next steps
For the year under review, De La Rue 
has evaluated our climate-related 
risks and opportunities and has 
determined that our strategy is 
aligned with the above. We are 
currently unable to determine 
the full financial impact on the 
business of our sustainability 
strategy. However for FY25, we 
will look to understand further our 
exposure to climate-related risks 
and opportunities.
Risk Management
The Risk and Risk Management section 
on pages 56 to 63 describes our risk 
framework and how we identify, 
assess and manage all principal risks. 
This includes sustainability and 
climate-related risk as mentioned 
previously.
Methodology
	
– Greenhouse Gas (GHG) 
Emissions: see page 29
	
– Energy: total energy consumption 
from manufacturing sites 
including Gateshead and Head 
Office.
	
– Waste to landfill: tonnes of waste 
sent to landfill.
	
– Water consumption: total water 
consumption from manufacturing 
sites including Gateshead and 
Head Office.
35	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Our Supplier Code of Conduct, 
which was re-issued in FY24 to 
align it more closely to our Code 
of Business Principles, also defines 
the human rights standards that 
we require our suppliers to uphold 
within our supply chain. See page 40 
for further information. 
The business has remedial 
processes in place should there 
be any human rights infringements. 
These include claims procedures, 
trade union engagement procedures, 
and rights to immediately exit 
supplier relationships if human rights 
infringements are found within our 
supply chain. 
Further information outlining our 
approach to specific human rights 
matters is detailed below.
Modern slavery 
De La Rue directly employs 
around 1,600 people and provides 
livelihoods to thousands more 
indirectly. We are committed to 
preventing slavery and human 
trafficking in our operations and 
in our supply chain. Our modern 
slavery statement, available on our 
website, details the preventative 
steps we take and how we comply 
with the UK Modern Slavery Act 
2015. Modern slavery training is 
mandated for relevant employees. 
Suppliers are obliged to abide by the 
United Nations Convention on the 
Rights of the Child and International 
Labour Conventions 138 and 182. 
Our supplier onboarding process 
considers modern slavery risk.
Human rights 
De La Rue fully supports the 
principles set out in the UN 
Declaration of Human Rights and we 
have effective management systems 
in place to protect human rights. 
De La Rue has been a participant 
in the UN Global Compact (UNGC) 
since 2016 and is committed to its 
principles which include human 
rights and labour issues. 
De La Rue’s Human Rights Policy 
Statement, which is published on our 
website, confirms our commitment 
to fair pay and working conditions, 
freedom of association and 
collective bargaining, the elimination 
of forced, compulsory and child 
labour, health, safety and wellbeing, 
our expectations of our suppliers 
and ways to raise concerns. 
Our Code of Business Principles covers 
human rights issues including fairness 
and respect, modern slavery, 
employment principles, health and 
safety, anti-bribery and corruption and 
the protection of personal information. 
The Code also highlights that we seek 
to provide an environment where 
employees can raise any concerns via 
a variety of mechanisms, including a 
whistleblowing hotline, known as 
CodeLine, which is managed by an 
external third party, and a network of 
Ethics Champions across the Group 
so issues can be raised in confidence.
We are committed to creating a culture of respect and 
inclusivity for every individual who works within our 
business, prioritising their health, safety, wellbeing and fair 
treatment. Meaningful engagement with our employees, 
customers, suppliers and investors – as well as the 
communities in which we operate – enables us to react 
and respond to their needs and feedback.
People
36	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Diversity, equity and inclusion 
Our principle of Be Heard. Be Valued. 
Be You provides the framework of 
our DEI activities across the Group. 
Our Values and People Managers’ 
Charter outline our expectations of 
all employees and managers and 
these behaviours are measured 
through our performance 
management and recognition 
processes. We continue to promote 
diversity in all respects through 
proactive initiatives including training, 
awareness and continued robust 
recruitment, succession and 
development practices. For example, 
we use a calibration process to 
ensure that talent and performance 
are carried out and reviewed fairly 
and transparently. In addition, all 
recruitment is managed through 
a central recruitment system and 
interview panels must always be 
made up of at least two people 
to remove discrimination from 
the recruitment process. We are 
confident that the measures we 
have in place will help us to continue 
to make De La Rue a place where 
differences are embraced and allow 
us to explore additional ways of 
improving our working practices. 
We regularly review our policies 
to ensure they are written in an 
accessible way and we maintain 
global Inclusivity and Fairness and 
Respect policies. Our family-friendly 
policies will continue to be reviewed 
and updated and we have taken 
steps to ensure that we offer health 
and wellbeing services that support 
us in promoting diversity in all its 
forms. External benchmarking such 
as that done by EcoVadis helps us 
identify our strengths and areas for 
improvement.
While legislation in many countries 
prevents us from asking candidates 
for diversity data, the UK data that 
we collect tells us we attract a broad 
range of people across different 
diversity types including age, 
ethnicity and beliefs and we 
continue to look for opportunities 
to improve our recruitment and 
retention practices. We have also 
started to ask UK employees to 
provide us with their diversity data 
and pronouns on a voluntary basis.
We receive positive feedback about 
our internal communications 
activities focused on wellbeing and 
inclusivity. We recognise the benefits 
to employee wellbeing that inclusive 
practices can have – a place they 
can bring their whole self to work. 
We celebrate a wide range of cultural 
events throughout the year with the 
input and support of our colleagues. 
For example, our sites marked both 
International Men’s Day in November 
2023 and International Women’s Day 
in March 2024 by sharing stories of 
men and women they are proud of. 
As at 30 March 2024, the male/
female gender split across the 
organisation was 70/30 (versus a 
target of an average male/female 
ratio of 70/30 or better by FY23) and 
in management the split was 67/33 
(against a target of 60/40). We 
continue to work on initiatives to 
support the achievement of our 
gender targets. 
Our employees are treated fairly 
and equally, irrespective of any 
factor including gender, transgender 
status, sexual orientation, religion or 
belief, marital status, civil partnership 
status, age, colour, nationality, 
national origin, disability or trade 
union affiliation.
UK gender pay gap 
We publish information in line with 
our obligations under UK Equality 
Act 2010 (Gender Pay Gap 
Information) Regulations 2017. 
Since 2017, any UK organisation that 
has 250 or more employees must 
publish and report specific figures 
about their gender pay gap on an 
annual basis. 
The gender pay gap is the difference 
between the average earnings 
of men and women relative to 
men’s earnings.
Since we began reporting our 
Gender Pay Gap in 2018, we have 
seen a general improvement, 
attributed primarily to a healthy 
increase in the number of female 
appointments to our more senior 
roles and a continued focus on 
increasing the number of women 
in managerial positions. However, 
since our last Gender Pay Gap report 
published in 2023, De La Rue has 
undergone organisational changes 
and headcount reductions within our 
UK operations, and this has had the 
effect of a marginal widening of the 
gap versus last year.
In 2023, our Gender Pay Gap 
(based on a snapshot of data taken 
at 5 April 2023) sat at 7.3% (mean) 
and 11.7% (median). We are confident 
that the reasons behind this 
increase in the gap versus 2022 
are not a worsening of the absolute 
position of pay between women and 
men and we continue to see lower 
gaps than those reported in the 
wider Manufacturing industry, 11.2% 
(mean) and 15.9% (median) (ONS, 
2023). The full Gender Pay Gap 
report can be found on our website, 
www.delarue.com 
A full breakdown of our workforce 
by gender can be found below:
Gender diversity statistics at 30 March 2024
Female
%
Male
%
Total 
All employees
497
30%
1,133
70%
1,630
Management1
84
33%
168
67%
252
Senior Managers2
23
48%
25
52%
48
Executive
2
33%
4
67%
6 
Board
1
14%
6
86%
7
All employees
70%
1,133
30%
497
Management 1
67%
168
33%
84
Senior Managers2
52%
25
48%
23
Executive
67%
4
33%
2
Board
86%
6
14%
1
  Female
  Male
Notes:
1.	
All managerial employees including senior managers but excluding executives.
2.	
Includes executive management.
37	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Securing trust: 
Employee engagement 
and culture 
We continue to focus on regular 
engagement with our employees. 
We share regular business updates 
at Group, divisional and site level 
and provide many opportunities 
for two-way communications 
with our employees. 
Many of our sites run local 
employee groups to talk about what 
matters to them and to organise 
internal events. Examples of this 
include our Forum in our head 
office in Basingstoke; our Employee 
Involvement Group in our Debden, 
UK site; the ACE (Activities, Culture 
and Engagement) teams in Logan, 
USA and Dubai, UAE and the Malta 
site Sports & Social club. 
These groups organise a variety of 
events often centred around health 
and wellbeing and social events 
ranging from fitness challenges to 
billiards tournaments and on-site 
gardening time to create outdoor 
spaces in which employees can 
relax.
Activities often support and 
benefit the local community. 
See Charitable and community 
activities section on pages 40 
to 41 for more information. 
During the year, Clive Whiley 
took over from Catherine Ashton 
as our Non-executive Director 
responsible for workforce 
engagement and attended an 
‘Employee Voice’ meeting with 
our Sri Lanka site workforce. 
Our UK National Employee Forum 
and European Employee Forum 
meet regularly with senior leaders 
to discuss company matters. 
These forums represent the 
views of all employees, whether 
covered by a collective bargaining 
agreement or not. All available 
executives and relevant subject 
matter experts attended the 
Forums’ joint annual meeting 
in July 2023 and the UK Forum 
in December 2023. Information 
from these meetings is then 
cascaded through the organisation. 
At our December meeting, 
representatives received Mental 
Health Awareness training to help 
support the wellbeing of their 
colleagues and themselves.
We are extremely grateful to all 
our employees and in particular 
our representatives who give up 
their time alongside their day jobs 
to show their commitment to 
constructive engagement. 
Health, safety and wellbeing 
Occupational health and safety 
Throughout FY24, we continued to 
prioritise the health and safety of our 
workforce. Our main manufacturing 
sites are certified to ISO 45001:2018, 
the international standard for 
occupational health and safety 
management systems, and all sites 
are audited by our accredited 
provider annually. We ensure all our 
health and safety processes are 
robust and meet our responsibility 
to keep our employees and everyone 
visiting our sites safe and secure. 
This is done through clearly 
defining responsibilities, good 
communication and training, risk 
assessment and the implementation 
of appropriate controls. We continue 
to track several key metrics 
regarding health and safety, including 
governmental reportable accidents, 
lost time accidents, near miss 
reporting and corrective actions. 
This takes place alongside proactive 
measures such as HSE training, 
compliance to our Safe, Secure, and 
Sustainable inspection programme 
and by providing specific health and 
safety training for managers and 
supervisors and performance 
against FY24 health and safety 
objectives.
All significant incidents are reported 
monthly to the Executive Leadership 
Team to support and agree any 
corrective actions required. During 
the year we have continued to 
undergo major development and 
changes at our Malta site, and we 
have had no significant incidents 
resulting in harm (injury or ill-health) 
to our employees.
People  continued
Performance against FY24 health and safety objectives
Objective
Outcome
Zero lost time to accidental injuries 
and a lost time injury frequency rate 
(LTIFR) per 200,000 worked hours of 
≤0.40 over 12 months.
Achieved. Our end of year LTIFR rate 
outcome is 0.19; globally we had three 
lost time accidents. Severity of these 
lost time accidents was reduced 
compared to the previous year.
Ensure that ≥80% of all operational line 
managers and process leaders are 
trained to IOSH Managing Safely level, 
or an equivalent or higher qualification 
within 12 weeks of starting a new role.
Not achieved. Due to many operational 
changes the percentage of managers 
and process leaders trained or holding 
certified qualifications (within 12 
weeks) has averaged 72% within 
the last 12 months. 
Increase the number of reported near 
miss/my safety concerns and achieve 
a five-day closure rate of ≥85% at all 
facilities.
Achieved. The near-miss closure rate 
has exceeded the set target, 86% on 
average over the full year.
Achieve a ≥90% compliance to our 
area Safe, Secure and Sustainable 
inspection programmes.
Not achieved. Compliance to this 
programme has again run at an average 
of 85% over the year due to a 
significant number of operational 
changes and various headcount 
reductions on some sites.
Achieve good HSE training delivery 
performance of over ≥1,370 8hr person 
days per year.
Achieved. We have achieved this HSE 
training target (1,402 days) without 
factoring in employee headcount 
reductions.
FY25 health and safety objectives
Objective
Zero lost time accidental injuries and to achieve a lost time injury frequency rate 
(LTIFR) per 200,000 worked hours >= 40% below the UK Labour Force Survey 
average calculated LTIFR rate.
Maintain our operational manager and supervisor IOSH Managing Safely (or 
equivalent or higher qualification) training at over 80% within 12 weeks of starting 
a new role.
Improve our near miss/my safety concern reporting to an average of at least 1.5 
near misses per employee, with a five-day closure rate of ≥85% at all facilities.
Conduct a review of our Safe, Secure, and Sustainable inspection programmes 
with a view to achieving 90% compliance at all sites.
Ensure that at least 90% of our employees have completed HSE training, and 
continue to develop and roll out environmental awareness training.
38	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Wellbeing 
Wellbeing support is widely available 
in all our sites and we monitor and 
compare what we offer between 
sites to ensure levels of support 
are comparable. 
In the past year, across different 
countries, we have provided 
information and support on a broad 
range of topics including men’s and 
women’s health, musculoskeletal 
health, neurodiversity and 
financial wellbeing. 
We offer free services such as flu 
vaccines, health check-ups and 
access to GP and occupational 
health services as well as 
comprehensive Employee 
Assistance Programmes. 
Where possible, we offer hybrid 
working to give employees flexibility 
to their working hours and location 
and accommodate requests for 
different working patterns as 
much as we are able to whilst 
meeting business requirements. 
Our family-friendly policies offer 
different types of leave for those 
with caring responsibilities.
In parallel, we encourage our 
employees to come together 
regularly to collaborate, support 
each other and spend time socially. 
All our sites have accredited 
Mental Health First Aiders 
(or equivalent, where this exists) 
and we ensure they receive regular 
training and support.
Training and development 
We provide all employees with 
access to our Learning Management 
System (LMS) covering an array of 
both mandatory and optional 
learning and development materials. 
This gives employees the opportunity 
to access content that aligns with 
their learning styles and preferences. 
Employees and managers hold 
development conversations as part 
of our performance management 
process. We encourage all 
employees and their managers to 
create personal development plans 
which are recorded in our HR system 
to agree and capture what training is 
required and our in-house learning 
and development team can then 
support these requests. 
We continue to deliver virtual 
classroom and face-to-face 
workshops such as storytelling 
and Insights.
We encourage the use of the 
apprenticeship levy for both 
continuous professional 
development and for building 
skills and capability across all sites 
in the UK, covering areas such as 
professional coaching, software 
development, finance, project 
management and IT. 
We have recently launched a 
comprehensive training programme 
to support our people managers 
and leaders.
	
– Constructive negotiations 
with UNITE in relation to our 
Westhoughton site which 
concluded with an agreed 
two-year Pay Deal for our 
collectively bargained 
employees in Westhoughton. 
	
– Attendance from UNITE UK and 
General Workers Union external 
officials at our annual UK 
National and European Employee 
Forum meeting in July 2023.
Raising concerns 
We encourage our employees to 
speak up about any concerns 
regarding behaviours or business 
practices. Internal reporting via line 
managers, senior management, 
Ethics Champions or our Human 
Resources teams are encouraged, 
and our CodeLine whistleblowing 
service, operated by an 
independent third party, is available 
for all employees to use, and giving 
them the opportunity to report 
anonymously. Regular 
communications are issued 
regarding the importance of 
speaking up about ethical issues 
and how to do so, as well as 
ensuring posters are on display 
at sites to ensure awareness of 
the service is maintained. Further 
information about the service can 
be found in the Ethics Committee 
report on pages 92 – 93.
Working with our unions 
We maintain strong and productive 
relationships with the unions in 
the countries where we have 
manufacturing operations and in 
FY24 we recognised the following 
unions: UNITE (UK), General Workers 
Union (Malta), and De La Rue Branch 
– Internal Company Employees 
Union (Sri Lanka). 
Overall, around 56% of our 
employees globally are part of a 
Collective Bargaining Agreement. 
During the year, some of the key 
areas where we worked closely 
with our unions were: 
	
– Consultation in our Debden and 
Westhoughton sites to reduce 
headcount and align shift 
patterns to meet changing 
business requirements reflecting 
external market demand. 
	
– Successful negotiations in relation 
to a revised Collective Bargaining 
Agreement in Sri Lanka and Malta, 
resulting in a two-year deal for 
both sites. 
	
– Successful negotiations with 
UNITE securing a Pay Award for 
our Debden collectively 
bargained employees, updated 
Collective Bargained Agreement 
and Terms of Employment. 
A summary of the key training courses that we offer to employees is 
shown below:
Topic
Training delivered to
Code of Business Principles
all employees
Anti-Bribery & Corruption
employees in relevant roles
Gifts & Hospitality
employees in relevant roles
Sanctions
employees in relevant roles
Modern Slavery
employees in relevant roles
Fair Competition
employees in relevant roles
Information Security Awareness
employees in relevant roles
Security Awareness
site dependent
Corporate Travel and Travel Risk 
Management
employees in relevant roles
Business Continuity Awareness
employees in relevant roles
Storytelling
open to all
Insights discovery
open to all
Management Fundamentals
all people managers
39	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
External stakeholder 
engagement 
Engagement with our customers, 
suppliers and investors, as well as 
the communities in which we 
operate, is crucial to the success 
of our business. Some of the ways 
we interact with them are 
summarised below. 
Investors 
The Board values the importance 
of building strong relationships with 
shareholders and other investors. 
We have held roadshows with our 
investors following full and half year 
results where the Chairman, CEO and 
CFO meet significant shareholders 
alongside other engagement on a 
case by case basis. We have also 
held regular review meetings with 
members of our banking syndicate 
through the year.
Further detail can be found in 
the Section 172 statement on 
pages 21 – 23 and in the 
Corporate Governance report 
on pages 76 – 77.
Customers
De La Rue maintains close 
contacts with many of our business, 
government and central bank 
customers, frequently updating them 
on our latest news, developments 
and initiatives. Our relationships 
frequently go back over decades and 
in-person interactions are supported 
by digital marketing activities, such as 
social media, webinars, newsletters 
and the delarue.com website. 
A multi-tiered approach is taken 
towards customer needs. Our 
advanced cash cycle analytics 
platform contains comprehensive 
data and models to help inform 
the strategies of currency issuing 
authorities. Our design workshops 
involve deep immersion in the 
cultural and functional needs of an 
individual cash cycle. Our scientists 
and designers co-collaborate with 
customers on specific projects. 
Structured surveys, such as net 
promoter score, and voice-of-the-
customer interviews are carried out, 
feeding into Market Requirements 
Documents and product portfolio 
considerations. Account 
management and support team 
feedback is also regularly captured 
and used across the business. 
This year, we have incorporated 
additional analysis from third party 
market research experts, helping to 
optimise further our customer 
service and approach to our markets.
The various interactions happen 
virtually, via territory visits, via visits 
to De La Rue sites and at a range 
of conferences. These include our 
own events, for instance webinars 
featuring customers sharing the 
impact of their brand protection 
solutions, and the launch of new 
products such as the ASSURE™ 
level 3 taggant for the core of 
SAFEGUARD® polymer substrate, 
along with the ‘Explorer’ 
polycarbonate biodata page with 
world-leading security features. 
In Authentication the inside sales 
team engages with our loyal, existing 
customer base on a weekly/monthly/
quarterly basis as appropriate to 
ensure they are receiving the right 
support, they know who to speak 
to and they are aware of De La Rue’s 
solutions. This year, we have also 
enhanced our due diligence systems 
and procedures, building a much 
deeper and broader understanding 
of our customers and supporting our 
relationship building with strong data.
Suppliers 
We have been working in close 
partnership with our key suppliers, 
including continuing to build our 
portfolio of banknote paper suppliers, 
to mitigate and manage the impact of 
global supply chain challenges and 
inflationary headwinds associated 
with the global costs of labour, raw 
materials and freight, and supply 
disruptions associated with geo-
political events such as disruption 
to global shipping routes.
We have continued with our 
Scope 3 analysis work, recognising 
this significant carbon impact, and 
are currently engaging with a range 
of our key suppliers who collectively 
account for 80% of our total 
procurement spend across the 
business. We have continued to 
progress the Ecovadis ESG rating 
programme; three quarters of our 
identified suppliers have so far 
been invited to participate in the 
assessment programme. This is 
enabling us to drive both improved 
understanding and visibility of 
our suppliers’ ESG impacts and 
sustainability improvements 
across our supply chain. 
This year, we have also enhanced 
our due diligence systems and 
procedures, building a much deeper 
and broader understanding of our 
suppliers and any exposure we may 
encounter doing business with them, 
supporting our relationship building 
with strong data.
People  continued
 “We share values and 
conduct with De La Rue 
regarding good 
environmental, safety and 
governance practices; the 
partnership with De La Rue 
has contributed to making 
our company more 
resilient and diversified.“ 
Renaud Chauffert-Yvart, 
Blendpaper (banknote paper 
supplier)
40	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Charitable and community 
activities 
We aim to have a positive impact 
on the communities in which our 
operations are based, often focusing 
on supporting charities of importance 
to, and chosen by our employees.
In addition to ongoing support for 
several educational initiatives, 
examples of charitable activities 
around our sites during the year 
included: 
	
– Colleagues in our Westhoughton, 
UK site held fundraising activities 
for cancer charities including 
bake sales and a pool tournament 
whilst raising awareness of men’s 
and women’s cancers.
	
– The Authentication Commercial 
Team from our head office in 
Basingstoke, UK volunteered 
their time with the Countryside 
Regeneration Trust (CRT) in the 
South East of England, creating 
outdoor activity areas for young 
children and a bug hotel to 
promote wildlife.
	
– In our site in Debden, UK 
employees collected Easter 
eggs which were donated to 
a food bank and local charity 
Kids Inspire.
	
– Our Malta site employees 
supported a number of local 
charities including raising 
awareness and collecting 
donations for breast cancer.
	
– In Basingstoke, a group of 
employees took part in a 
running event to raise money 
for Basingstoke Neighbourcare, a 
charity which provides support 
for older people in the local area.
Several of our employees give 
their time voluntarily by serving as 
trustees of the De La Rue Charitable 
Trust, which is an independent, 
UK-registered charity established in 
1977 to provide donations to assist in 
education development, skills-based 
learning, self-sufficiency promotion 
and relief from suffering in the UK 
and across the world. The Trust 
provides donations to charities 
by supporting employees who 
raise funds through a fundraising 
matching scheme, and by making 
direct donations to a range of 
charities, with a focus on those 
supporting causes in developing 
nations, educational charities 
promoting relevant skills and 
international understanding, 
disaster funds, and local charities 
or community projects.
See to the right images of some of 
the charitable activities undertaken 
by colleagues during the year:
1	
Westhoughton event 
promoting men’s health
2	 Authentication 
Commercial Team 
volunteering day
3	 Malta breast cancer 
awareness event
4	 Viables running team 
supporting one of our 
chosen charities
1
3
4
2
41	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Securing trust: 
Code of Business Principles
This year, we have completed 
the roll-out of the new Code 
of Business Principles that was 
launched in January 2023. 
The Code is available in English, 
Maltese and Sinhala to ensure 
accessibility for all colleagues. 
The new Code is divided into three 
sections: Our People, Our Business 
Standards and Our Information. 
Further details about the subject 
areas covered in each section are 
shown in the Ethical Framework 
graphic on page 43. The Code 
includes an ethical decision guide, 
scenarios based on each subject 
covered, and details on how to 
raise ethical concerns. 
Every employee has either 
attended a training session in 
person or completed an online 
training module to confirm that 
they understand and will adhere to 
the Code and will speak up if they 
become aware of any breaches. 
Our people managers have been 
asked to complete a version of 
the online training which highlights 
their enhanced responsibilities 
under the Code. 
If an employee is found to have 
acted in breach of the Code, the 
Group takes appropriate action to 
address that breach, including 
disciplinary action and ultimately 
terminating employment in the 
most serious cases. Contractors 
and all those acting on our behalf 
are also expected to adhere to 
these standards.
The Board encourages a culture 
of strong governance across the 
business. Our ethical credentials 
are monitored by the Ethics 
Committee, via formal internal 
and external audits, and by 
senior management review 
forums. In addition to the 
governance activities described 
earlier in this Responsible business 
report, further details about the 
activities of the Board and its 
Committees can be found in the 
Corporate Governance section of 
this Annual Report on pages 75.
It is vital that we conduct our business with integrity, 
honesty and transparency. The risks of unethical 
conduct are recognised and managed through a robust 
governance and compliance structure, underpinned 
by our Code of Business Principles, and comprising 
internal policies, process and oversight and compliance 
assurance standards. 
Business 
standards
42	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

De La Rue’s ethical framework
Our people
Health, safety and wellbeing
Fairness and respect
Human rights and modern slavery
Code of Business Principles
Our business standards
Environmental sustainability
Bribery and corruption
Gifts and hospitality
Fair competition
Conflicts of interest
Fraud, tax evasion and money laundering
Sanctions
Our information
Records and reports
Protecting personal information
Confidential information and information 
security
Market abuse and insider trading
Inclusivity
Fairness and respect
Modern slavery and human trafficking
Stress management
Human rights policy statement
Group HSE sustainability policy 
Occupational health and safety manual
Supporting policies
Anti-bribery and corruption
Competition and anti-trust
Conflicts of interest
Recruitment of Politically Exposed 
Persons
Prevention of tax evasion
Gifts and hospitality
Supplier Code of Conduct
Fraud
Group HSE Sustainability policy and 
EMS manual
Sanctions
Expenses
Charitable giving
Whistleblowing
Acceptable use of information systems
Data protection
Document retention
Group baseline security manual
Confidential information and dealing
Operational delegation of authority
Securities dealing code
Social media
Global health and safety standards and 
monthly reporting
ISO management systems
Safe and Secure audits
Grievance and disciplinary processes
Gifts register
Expenses vetting
Due diligence and third party screening
Third party onboarding processes
Legal department guidelines
Environmental reporting
Global environmental standards
ISO management systems
Compliance declarations
Separation of duties
External monitoring
Procedures for managing confidential & 
inside information
Controls over share dealing
Data protection annual returns
Processes
Oversight, control and 
communication
Training & induction
Benchmarking
CodeLine 
ISO certifications
Specialist audits
BnEI accreditation
Internal audit
External audit
Risk reviews
UN Global Compact
SharePoint intranet
Employee surveys
Ethics Committee
Sanctions Board
Responsible business report  continued
43	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Ethics champions 
The Group’s network of Ethics 
Champions ensures that each 
site has local support and 
representation for Code of Business 
Principles matters and continues to 
play an integral part in ensuring that 
strong ethical values are embedded 
across the business. All new Ethics 
Champions receive one-to-one 
training. Ethics Champions are 
the local points of contact for 
employees to discuss ethical 
matters in confidence. They also 
ensure that our Code of Business 
Principles and CodeLine service 
remain high profile in all our 
locations. We seek the views 
of our Ethics Champions when 
considering any changes and, 
where possible, they are involved 
with employee inductions to ensure 
new starters know who they can 
approach with questions around 
ethical practices.
Anti-bribery and corruption 
We have a zero-tolerance policy 
on bribery and corruption and have 
a robust framework of polices and 
processes to prevent our employees, 
contractors, third party partners, 
consultants and other representatives 
from engaging in bribery or other 
corrupt practices. All employees are 
made aware of our stance through 
their acknowledgement of our Code 
of Business Principles and those 
in roles which may have a higher 
potential exposure to bribery 
and corruption risk are required 
to complete detailed mandatory 
online training every two years. 
We have continued to operate an 
anti-bribery management system 
review board, a forum which is 
attended by senior managers from 
enabling functions and the divisions. 
The role of the forum is to monitor 
the continuing suitability, adequacy 
and effectiveness of the management 
system in light of our changing 
internal and external environment as 
it relates to bribery and corruption 
risk. The activities of this forum are 
reported to the Ethics Committee. 
Our external ISO37001 (Anti-Bribery 
& Corruption) audit conducted in 
March 2024 found that the Anti-
Bribery Management System was 
greatly improved and our 
accreditation was reconfirmed 
with no non-conformances.
We have a clear approval process for 
gifts, entertainment and hospitality 
offered by or given to our 
employees. All employees are 
required to comply with the gifts 
and hospitality policy which requires 
all gifts, entertainment and 
hospitality above a nominal value 
which are given or received to be 
recorded on a central gift register. 
This register is regularly reviewed by 
executive management. Colleagues 
who have regular contact with 
customers and suppliers are 
asked to acknowledge annually their 
understanding of and adherence 
to our gifts and hospitality policy.
Third party partner sales 
consultants (TPPs) and suppliers 
We recognise that, as well as our 
employees, TPPs who represent 
us or act on our behalf around the 
world could be exposed to ethical 
risks. There is a continuing 
requirement for TPPs to undergo 
our mandatory anti-bribery and 
corruption training programme and 
to conduct business in compliance 
with our expected ethical standards. 
Due diligence is undertaken on all 
our TPPs before they are engaged 
and this process is refreshed on a 
regular basis. TPPs are given regular 
training to ensure they remain alert 
to potential risks, and we encourage 
them to raise any ethical concerns 
to us either directly or via our 
Codeline whistleblowing service. 
We have robust risk management 
measures and controls in place, 
which have been enhanced this year, 
including controls in relation to 
remuneration of TPPs, structured 
levels of approval required to 
onboard or renew agreements 
based on their size and risk, and fees 
which are based on time and effort 
and milestone deliverables to ensure 
accountability and transparency. 
Activities are monitored through 
regular reporting and we ensure that 
the remuneration structure does not 
incentivise unethical behaviour. 
Our Supplier Code of Conduct 
clearly sets out the ethical standards 
to which we expect our suppliers 
to adhere, including in relation to 
bribery and corruption and human 
rights. We have updated our Supplier 
Code of Conduct this year, ensuring 
that it is closely aligned to our Code 
of Business Principles, and are in the 
process of rolling out the updated 
Code to all of our suppliers to ensure 
that they have a clear understanding 
of the ethical standards that we 
require them to uphold. 
We have continued to monitor our 
supplier ethical risk assessment 
through the year. Our supplier 
ethics management forum which 
comprises representatives from the 
procurement and ethics leadership 
teams meets bi-monthly to discuss 
any ongoing or emerging issues, and 
to ensure that any risks or issues, 
once flagged, are escalated and 
resolved to our satisfaction.
Business standards  continued
44	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Responsible business report  continued
Cyber security and data privacy 
De La Rue takes the protection and 
security of its internal and customer 
information very seriously; the 
information security and assurance 
team who perform the internal 
governance and audit function are 
managed independently to the IT 
and Service teams to ensure there 
is no conflict of interest and clear 
segregation of duties. Further 
information can be found in the 
Risk and Risk Management report 
on page 60. 
Following continual improvement 
activities, which are reviewed by 
external experts, De La Rue’s data 
protection policies, procedures and 
documents have been enhanced to 
bring them in line with best practice.
Accreditations and certifications 
De La Rue is an accredited member 
of the Banknote Ethics Initiative 
(BnEI), which was established to 
promote ethical business practice in 
the banknote industry. The initiative 
sets out a robust framework for 
promoting high ethical standards 
with a focus on the prevention of 
corruption and on compliance with 
anti-trust law. Members are required 
to commit to the Code of Ethical 
Business Practice developed in 
partnership with the Institute of 
Business Ethics. Compliance with 
the code is subject to an external 
independent audit every three years 
which rigorously tests anti-bribery 
and anti-trust processes, procedures 
and controls against an audit 
framework. De La Rue is accredited 
at Level 1, the highest level. 
In addition to BnEI accreditation, 
De La Rue maintains ISO 
management system standards 
for anti-bribery (ISO 37001), 
occupational health and safety (ISO 
45001), environmental management 
systems (ISO 14001), information 
security (ISO 27001), security 
printing (ISO 14298), quality 
management (ISO 9001) and 
business continuity management 
systems (ISO 22301). Our ISO 
standards are all certified by a 
UKAS, INTERGRAF or international 
equivalent certified auditing body. 
Further information on the auditing 
and scope of each standard can be 
found on our website.
Training 
Regular, relevant and focused 
training is important to support high 
standards of business behaviours. 
During the period, in addition to 
training on our new Code of Business 
Principles mentioned above, we 
continued our mandatory training 
programme, allocating anti bribery 
and corruption, competition law, 
modern slavery, sanctions, and gifts 
and hospitality training to new 
joiners in relevant roles. Please see 
page 39 for further information on 
our training programme. The Ethics 
Committee reviews compliance 
training completion information.
Tax transparency 
It is important that the Group pays 
the right amount of tax at the right 
time, complying with all relevant 
tax laws and regulations in the 
jurisdictions in which we do business 
while both respecting existing 
arrangements or seeking to reach 
agreements with tax authorities. 
De La Rue’s tax strategy is reviewed 
annually by the Board and published 
on our website.
Non-financial and 
sustainability 
information 
statement
This section (pages 24 to 
45) provides information 
as required by regulation 
in relation to: 
– Environmental matters 
including TCFD 27 – 35
– Our employees 37 – 39
– Social matters 36, 44,
– Human rights 36
– Bribery & corruption 44 
Other related 
information can be 
found as follows: 
– Our business model: 
16 to 17 
– Key performance 
indicators: 46 to 49 
– Non-financial key 
performance indicators: 
49 
– Risk & risk management: 
56 to 63
– Corporate governance: 
74 to 79
– Ethics Committee: 
92 to 93 
– Directors’ report: 113 to 116
45	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Key performance indicators
We use a  
balance of 
financial and 
non-financial  
key performance 
indicators to 
measure our 
performance
Revenue
Adjusted operating profit
Link to our  
strategic pillars
 
 
Link to  
remuneration
R
Link to our  
strategic pillars
 
Link to  
remuneration
R
Definition
We measure IFRS revenue from each division, less, 
in FY21 and before, ‘pass through’ revenue relating 
to non-novated contracts following the sales of 
certain historic businesses.
IFRS operating profit, less exceptional items 
and amortisation on acquired businesses.
Why it is 
important
Increasing revenue is the bedrock upon which the 
business is able to grow.
This key performance measure of profitability 
is followed closely both within the business 
and externally.
Performance
Currency revenue fell in FY24, impacted by the 
industry downturn during the period. An increase 
in Authentication revenue was not sufficient to 
make up this shortfall at Group level.
The fall in Currency revenue in FY24 flowed through 
into a reduction in operating profit, both at a 
divisional and Group level.
Historic 
performance
2024
2023
2022
2021
2020
0
100
200
300
400
500
     Authentication
     Currency
     Discontinued
2024
2023
2022
2021
2020
-10
0
10
20
30
40
50
     Authentication
     Currency
     Discontinued
Our strategic pillars
 	 Grow repeatable business
 	 Drive efficient operations
	 Invest for the future
R   Find out more in Remuneration 
on pages 94 to 112.
A reconciliation between IFRS and 
non-IFRS measures can be found on 
pages 197 to 200.
(£m)
(£m)
46	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Key performance indicators  continued
Adjusted EBITDA and free cash flow
Net debt and facilities drawn
Net debt/EBITDA covenant ratio
Link to our  
strategic pillars
 
Link to  
remuneration
R
Link to our  
strategic pillars
Link to  
remuneration
R
Link to our  
strategic pillars
Link to  
remuneration
Definition
Adjusted EBITDA is operating profit less exceptional 
items, depreciation and amortisation. Free cash flow is 
as now defined in our LTIP: operating cash flow before 
pension contributions and tax, plus capital expenditure, 
interest paid, lease payments and dividends paid to 
minorities. The 2023 Annual Report used a different 
definition of free cash flow.
Net debt is the net of borrowings and cash and cash 
equivalents, excluding net losses on debt modification. 
RCF drawn shows the gross amount outstanding on 
the revolving credit facility at each period end.
This is the ratio between year end net debt and 
adjusted EBITDA, both adjusted in accordance 
with the definition of the covenant within our 
banking agreements.
Why it is 
important
Adjusted EBITDA gives an indication of how much 
cash the Group is generating from operations. Free 
cash flow shows how much cash is being generated 
for shareholders and is a metric used in assessment 
of our LTIP.
Net debt is a key measure of our indebtedness, 
monitored both internally and externally. RCF gives a 
focused view of the balance on which interest is paid.
Maintenance of this ratio below a certain level, for 
FY24 less than 4.0, is a key covenant within our 
banking agreements.
Performance
Adjusted EBITDA fell by 16.0% in FY24 as the 
improvement in Authentication performance did 
not fully offset the lower Currency performance. Free 
cash flow was neutral over FY24 with lower EBITDA 
counterbalanced by focus on cash management.
Although net cash flows led to an increase in net 
debt in FY24, RCF drawn stabilised as we focused 
on applying cash balances within the Group to 
reducing the RCF drawn.
This ratio was maintained below covenant limits at 
each testing point during the year. The fall in EBITDA 
in FY24 was the principal driver behind the rise in this 
ratio at the end of FY24 compared with the prior year.
Historic 
performance
2024
2023
2022
2021
2020
-50
-25
0
25
50
75
     Authentication
     Currency
     Discontinued
     Free cash flow
2024
2023
2022
2021
2020
-140
-120
-80
-100
-60
-40
0
-20
     Net debt
     RCF 
2024
2023
2022
2021
2020
2.21
1.46
0.99
2.24
2.78
0.0
0.5
1.0
1.5
2.0
4.0
3.5
3.0
2.5
     Limit
(£m)
(£m)
(Ratio)
47	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Key performance indicators  continued
EBIT/net interest covenant ratio
Total shareholder return
Basic earnings per share
Link to our  
strategic pillars
Link to  
remuneration
Link to our  
strategic pillars
 
 
Link to  
remuneration
R
Link to our  
strategic pillars
Link to  
remuneration
R
Definition
This is the ratio between adjusted EBIT and net 
interest payable, both adjusted in accordance with 
the definition of the covenant within our banking 
agreements.
Total shareholder return of De La Rue shares 
compared with that of the FTSE 250 index 
(excluding investment trusts). On the graph below 
these have been rebased to 100 on the day before 
the Turnaround Plan was launched in February 2020. 
Adjusted basic earnings per share is calculated as the 
earnings attributable to equity shareholders excluding 
amortisation and exceptional items, divided by the 
average number of ordinary shares outstanding 
during the year.
Why it is 
important
Maintenance of this ratio above a certain level, for 
FY24 more than 1.0, is a key covenant within our 
banking agreements.
This is a performance measure under both the 
historic Performance Share Plan and the new Investor 
Return Plan.
This is a performance measure under the 
Performance Share Plan.
Performance
This ratio was maintained above covenant limits at 
each testing point during the year. The fall in EBIT in 
FY24 was compounded by the increase in interest 
payable due to higher average interest rates borne 
to reduce the ratio.
The De La Rue share price rose following publication of 
both full year FY23 and H1 FY24 results which detailed 
progress in securing lower future cash outflows to 
repair the pension deficit and a revised set of banking 
covenants with a longer facility life.
IFRS loss per share improved in FY24 as IFRS losses 
were not so large as in prior year. However, adjusted 
earnings were adversely impacted by the results of 
the Currency division in FY24.
Historic 
performance
2024
2023
2022
2021
2020
1.55
7.40
6.30
5.20
3.03
0.0
4.0
2.0
6.0
8.0
     Limit
02/20
02/21
02/22
02/23
02/24
200
160
140
180
100
40
60
80
120
20
0
     De La Rue
     FTSE 250 (excluding investment trusts)
2020
2021
2022
2023
2024
45
30
15
0
-15
-30
     IFRS
     Adjusted
(Ratio)
(Ratio)
(p)
48	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Key performance indicators  continued
Gender diversity in management
Energy used per tonne of good output
Link to our  
strategic pillars
Link to  
remuneration
Link to our  
strategic pillars
 
Link to  
remuneration
Definition
We monitor our gender diversity among our 
management team, looking to reach 60/40 male/
female split.
We measure our energy efficiency in terms 
of the energy used per tonne of good output.
Why it is 
important
This is a key target that we set to encourage gender 
diversity at a senior level within the business.
We believe this is a representative indicator of the 
energy efficiency of our operations. We did not set 
a direct target for this ratio in FY24 due to the 
unpredictability of the volume of output.
Performance
While we have not yet reached our target, the 
proportion of women in management roles remains 
higher than that of the overall population. We continue 
to focus on the progression of women across the 
organisation into management positions.
Energy use per tonne good output fell in FY24 
by 9.1% because of energy efficiency measures, 
including resolving an operating inefficiency at our 
Westhoughton site, more than offsetting an overall 
lower level of activity.
Historic 
performance
     Female 
33%
     Male 
67%
2024
2023
2022
2021
2020
3,656
3,322
2,903
3,139
3,633
0.0
1,000
500
1,500
2,000
3,000
2,500
4,000
3,500
(%)
(kWh/tonne)
49	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

w
Financial review
To provide increased clarity on 
the underlying performance of our 
business, we have reported gross 
profit and operating profit on an 
IFRS and adjusted basis, together 
with adjusted EBITDA and adjusted 
controllable operating profit 
(adjusted operating profit before 
enabling function cost allocation), 
for both operating divisions. 
Further details on non-IFRS 
financial measures can be 
found on pages 197 to 200. 
100% of Group revenue for FY24 of 
£310.3m (FY23: £349.7m) originated 
from our ongoing operating divisions 
of Currency and Authentication.
Together, Currency and 
Authentication delivered 
adjusted operating profit of £21.0m 
(FY23: profit £27.8m), a fall of £6.8m 
(24.5%) period-on-period. This 
largely reflects lower revenue from 
the Currency division and a slight 
increase in operating expenses. 
The legacy Identity Solutions 
business generated an adjusted 
operating result of £nil in FY24 
with no remaining activity 
(FY23: £0.1m loss).
Building the
business
 “We met our guidance for FY24 in 
challenging markets, put the balance 
sheet on a firmer footing and 
managed our cash flows carefully 
to limit the increase in net debt.” 
Dean Moore, Interim Chief Financial Officer
50	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

The Group saw IFRS operating profit of £5.8m, as compared with a loss of £20.3m in FY23, which 
saw much higher exceptional costs, including the termination of the agreement with Portals 
Paper, a credit loss provision on Portals loan notes and substantial restructuring expenses.
Authentication
The Authentication division leverages advanced digital software solutions and security labels to 
protect revenues and reputations from the impacts of illicit trade, counterfeiting, and identity theft.
FY24
£m
FY23
£m
Change
Revenue
103.2
91.7
+12.5%
Gross profit
39.3
34.0
+15.6%
Adjusted controllable operating profit*
25.4
23.0
+10.4%
Adjusted operating profit*
14.6
14.3
+2.1%
Operating profit
12.9
5.4
+138.9%
%
%
Gross profit margin
38.1
37.1
+100 bps
Adjusted controllable operating profit margin*
24.6
25.1
-50 bps
Adjusted operating profit margin*
14.1
15.6
-150 bps
*	
Non-IFRS measure
When compared with the prior period, the most substantial increase in FY24 Authentication 
revenue was due to the increase in ID sales, notably the expected increase in production of data 
pages for the Australian passport. Within Brand, Microsoft related sales were lower than in FY23. 
As noted at the half year, the monthly run rate has stabilised, reflecting the continued restrained 
state of PC sales globally. The loss of revenue in Kenya and from HMRC in FY23, together with 
a stable overall performance in GRS, moderated overall sales growth.
Gross profit margin rose 100 basis points, when compared with the prior period, reflecting the 
mix in sales and efficient manufacturing processes. Adjusted controllable operating profits, at 
£25.4m (FY23: £23.0m) were up on last year in absolute terms but saw a slight fall in margin as 
depreciation and amortisation rose, due to further investment in software, together with staff 
incentives. Adjusted operating profits were marginally up on last year at £14.6m (FY23: £14.3m) 
with the division allocated a higher proportion of enabling function costs, as both divisional 
revenue was higher and Group revenue was lower than last year. 
In FY23, the division was impacted by substantial exceptional costs in relation to the wind 
down of Kenya and the impairment of certain software development costs. 
This has not repeated this year and in FY24 exceptional costs relating to Authentication 
amounted to just £0.7m in relation to restructuring initiatives. As a result IFRS operating 
profit rose 138.9% to £12.9m (FY23: £5.4m).
Currency
The Currency division designs and manufactures highly secure banknotes and banknote 
components that are optimised for security, manufacturability, cash cycle efficacy and 
public engagement.
FY24
£m
FY23
£m
Change
Revenue
207.1
254.6
-18.7%
Gross profit
46.6
58.2
-19.9%
Adjusted controllable operating profit*
29.5
37.6
-21.5%
Adjusted operating profit*
6.4
13.6
-52.9%
Operating loss
(1.0)
(24.8)
+96.0%
%
%
Gross profit margin
22.5
22.9
-40 bps
Adjusted controllable operating profit margin*
14.2
14.8
-60 bps
Adjusted operating profit margin*
3.1
5.3
-220 bps
*	
Non-IFRS measure
Revenue for the year in the Currency division was adversely impacted by the industry 
downturn, falling 18.7% compared with last year to £207.1m (FY23: £254.6m). Volumes were 
substantially down in all areas of the business. However by right-sizing our operations and by 
careful management of our tenders, we were able to minimise the fall in margins at a gross 
profit level. In monetary value, gross profit fell 19.9% to £46.6m (FY23: £58.2m).
Careful cost control and the reallocation of the ongoing remaining costs of the Gateshead and 
Kenya facilities to enabling function costs at the start of FY24 resulted in adjusted controllable 
operating profit falling nearly proportionally to £29.5m (FY23: £37.6m).
The allocation of enabling function costs to the division fell slightly in absolute terms, given the 
smaller proportional contribution of divisional revenue to the Group in FY24 but, because of 
the lower adjusted controllable operating profit, adjusted operating profit fell 52.9% to £6.4m 
(FY23: £13.6m).
£7.4m (FY23: £38.4m) of exceptional costs of right-sizing the business for future operations led 
the division into a marginal loss of £1.0m (FY23: loss of £24.8m) on an IFRS basis. This included 
restructuring in the UK, together with some further costs in relation to the wind down in Kenya. 
In the equivalent period last year, a much larger divisional IFRS operating loss was recorded, 
including the termination of the agreement with Portals Paper, a credit loss provision on 
Portals loan notes and substantial restructuring expenses.
Identity solutions
As noted above, the legacy Identity Solutions business saw no activity in FY24 with 
an operating result of £nil (FY23: operating loss of £0.1m).
Financial review  continued
51	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Enabling function costs
In FY24, enabling function costs of £33.9m (FY23: £32.7m) rose by 3.7% and represented 10.9% 
of Group revenue (FY23: 9.4%). 
The rise in enabling function costs is mostly due to the reallocation of the remaining ongoing 
costs of the Gateshead and Kenya facilities into enabling functions from the beginning of FY24. 
This allows for greater focus in the central management of these projects. Most activity at 
Gateshead has now ceased and we are working to relocate the remaining functions as soon 
as practicable. Excluding this reallocation, enabling function costs fell compared with FY23.
Exceptional items
Exceptional items during the period constituted a net charge of £14.2m (FY23: £47.1m) before tax.
Exceptional charges before tax included:
FY24
£m
Cash
£m
Non-cash
£m
FY23
£m
Site relocation and restructuring costs
9.0
4.3
4.7
21.1
Costs in relation to pension payment deferment and 
banking refinancing 
5.4
5.1
0.3
–
Credit loss provision/write back on Portals loan notes
(0.5)
(0.3)
(0.2)
8.5
Pension underpin costs
0.3
0.3
–
0.5
Termination costs related to the Portals Paper 
agreement
–
–
–
17.0
14.2
9.4
4.8
47.1
£9.4m (FY23: £17.4m) of the exceptional items reported in FY24 were settled in cash in the year. 
An additional £9.2m was settled in cash in relation to prior year exceptional items, being £7.5m 
related to the termination of the Relationship Agreement with Portals Paper Limited and £1.7m 
related to restructuring costs. Therefore, a total of £18.6m was settled in cash in FY24 relating 
to exceptional items.
£9.0m (FY23: £21.1m) exceptional site relocation and restructuring costs comprised:
	
– £4.1m (FY23: £2.5m) charge for redundancy and legal fees, namely £2.8m within Currency, 
£0.8m in Authentication and £0.5m in Central enabling functions, was made in relation to 
restructuring initiatives to right-size the divisions for future operations. 
	
– £4.5m (FY23: nil) of impairment charges relating to the impairment of certain assets and 
machinery in the Currency division, together with £0.2m of costs preparing these assets 
for removal.
	
– £0.2m (FY23: £1.1m) of restructuring charges related to the cessation of banknote 
production at our Gateshead facility primarily relating to the costs, net of grant income 
received of £0.1m, of relocating assets to different Group manufacturing locations.
	
– A net nil (FY23: £12.6m) in relation to the wind down of our operations in Kenya announced 
in January 2023. This included redundancy charges of £0.1m, offset by £0.1m of proceeds 
from the sale of previously impaired inventory. 
	
– In addition, FY23 included £4.3m of asset impairments and £0.6m of charges relating to 
other cost out initiatives, including the initial Turnaround Plan restructuring. 
Costs associated with pension payment deferment and the banking refinancing amounted to 
£5.4m (FY23: £nil) in the period. This included the following legal and professional advisor costs:
	
– £2.6m relating to amendments to the schedule of deficit repair contributions as explained 
in ‘Pension scheme’ below.
	
– £1.7m relating to the amendment and restatement of the terms of the revolving facility 
agreement on 29 June 2023, as detailed in ‘Banking facilities’ below.
	
– £1.1m relating to the extension of the revolving facility agreement on 18 December 2023, 
as detailed in ‘Banking facilities’ below.
Pension underpin costs of £0.3m (FY23: £0.5m) relate to legal fees, net of amounts recovered, 
incurred in the rectification of certain discrepancies identified in the Scheme’s rules. The 
Directors do not consider this to have an impact on the UK defined benefit pension liability 
at the current time, but they continue to assess this.
During FY24, a net credit loss provision release of £0.5m (FY23: £8.5m charge) was reported 
on the loan notes held in Portals International Limited where an unexpected cash repayment 
of £0.3m was received during the period and a further unexpected payment of £0.2m was 
received after the period end. 
In FY23, the Group reached a settlement to terminate a long-term supply agreement with 
Portals Paper Limited, incurring an exceptional cost of £17.0m, representing the agreed 
settlement together with associated legal costs. The final payment under the Relationship 
Agreement of £7.5m was made in April 2023.
Of the pre-tax net exceptional charge of £14.2m (FY23: £47.1m), £4.8m (FY23: £29.7m)relates to 
non-cash items, principally asset impairments, and £9.4m (FY23: £17.4m) relates to cash items.
Tax related to exceptional items amounted to a £5.2m tax credit (FY23: tax charge of £5.1m). 
Included within exceptional tax items are:
	
– £2.7m credit representing the tax relief impact of the exceptional costs detailed above, 
which is net of a £0.5m charge relating to the UK corporate interest restriction;
	
– £2.3m credit relating to the release of a provision following the expiry of an indemnity 
period, following the Cash Processing Solutions Limited business sale in May 2016; and
	
– £0.2m credit for the release of other tax provisions no longer considered necessary
Finance costs
The Group’s net interest charge was £21.2m (FY23: £9.3m). This included interest income 
of £0.5m (FY23: £1.2m), interest expense of £19.2m (FY23: £11.6m) and retirement benefit 
finance expense of £2.5m (FY23: income of £1.1m).
Financial review  continued
52	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

In FY24, no interest income has been recognised on the loan notes and preference shares held 
in Portals Paper Limited (FY23: £1.1m) as the original principal received and accrued interest was 
fully set off by the expected credit loss provision in the balance sheet as at 30 March 2024. 
Interest expense comprised:
FY24
£m
FY23
£m
Bank loan interest
12.3
7.2
Other, including amortisation of finance arrangement fees
3.7
3.2
Net loss on debt modification 
2.7
0.7
Interest on lease liabilities
0.5
0.5
19.2
11.6
The increase in bank loan interest paid in FY24 was largely attributable to the rises in Bank of 
England base rates. In FY24, these were between 4.25% and 5.25%. By comparison in FY23 these 
moved from 0.75% to 4.25%, with most of the increase taking place in the second half of the year.
The net loss on debt modification of £2.7m (FY23: £0.7m) relates to the changes in existing 
banking facilities, treated as a non-substantial modification under IFRS 9 ‘Financial Instruments’. 
The modification loss and its subsequent amortisation are non-cash items. See note 6 of the 
Financial Statements for further information.
The IAS 19 related finance cost, which represents the difference between the interest on 
pension liabilities and assets, was an expense of £2.5m (FY23: £1.1m income). The charge 
in the period was due to the opening IAS 19 pension valuation in being a deficit of £54.7m.
Taxation
The total tax charge in the Consolidated Income Statement for the year was £3.7m 
(FY23: £27.6m). This includes the impact of derecognised deferred tax asset balances totalling 
£12.2m (FY23: £11.9m). It also includes a £3.8m credit relating to a reduction in uncertain tax 
positions (FY23: £8.5m tax charge).
Included within the total tax charge was a net tax credit relating to exceptional items in the 
period of £5.2m (FY23: tax charge £5.1m) and a tax credit of £0.3m (FY23: tax credit £0.3m) 
recorded in respect of the amortisation of acquired intangibles. 
The Group paid corporate income tax of £2.3m in FY24 (FY23: £1.0m). 
The underlying effective tax rate for FY25 on continuing operations before exceptional items 
and amortisation of acquired intangibles is expected to be between 60-80%. This appears 
disproportionately high due to the impact of expected corporate interest restrictions in the 
UK and assumes no business disposals or significant changes to the net debt position.
Earnings per share
The basic weighted average number of shares for earnings per share (‘EPS’) purposes 
was 195.7m (FY23: 195.4m).
Adjusted basic loss per share was 5.3p (FY23: loss per share of 1.5p), reflecting adjusted 
basic loss falling from £3.0m in FY23 to a loss of £10.3m in FY24.
IFRS basic loss per share from continuing operations was 10.2p (FY23: 28.6p), given the 
lower net exceptional charges recorded in FY24 and reflecting a basic loss of £20.0m 
(FY23: loss of £55.9m).
Cash flow 
The conservation and generation of cash within the business has been an area of stringent 
focus during the period. Net working capital improved by £5.9m (FY23: £18.3m) as we 
concentrated on reducing inventory levels, on careful structuring of advance payments from 
customers where possible and on receipt of prompt payment. We reduced our net capital 
expenditure outflow in Malta by seeking timely receipt of associated grant income and kept 
careful control over software development spend.
More detail on the movements within our cash flows for the period are set out below.
Cash flow from operating activities was a net cash inflow of £26.2m (FY23: £23.8m inflow), 
generated after adjusting the £15.4m loss before tax (FY23: £29.6m loss) for:
	
– £21.2m of net finance expense (FY23: £9.3m).
	
– £19.3m of depreciation and amortisation (FY23: £20.0m).
	
– £4.5m of asset impairment (FY23: £9.7m).
	
– £4.2m decrease in provisions (FY23: £0.1m increase).
	
– £ 1.5m of pension fund contributions related to the administrative costs of running the 
Scheme. In FY23 a total of £16.5m cash contributions were paid to the Scheme, which 
included pension deficit repair contributions. De La Rue secured a moratorium on such 
payments in FY24.
	
– £5.9m net working capital inflow (FY23: £18.3m inflow) including:
	
– £7.6m decrease in inventory (FY23: £0.5m decrease);
	
– £2.3m decrease in trade and other receivable and contract assets (FY23: £6.0m 
decrease); and
	
– £4.0m decrease in trade and other payables and contract liabilities (FY23: £11.8m 
increase), due to the timing of supplier payments and the final payment in relation 
to the Portals termination agreement, paid just after the FY23 period end.
	
– tax payments of £2.3m (FY23: £1.0m).
Financial review  continued
53	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

The cash outflow from investing activities of £7.8m (FY23: £20.8m outflow) included:
	
– capital expenditure on property, plant and equipment, after cash receipts from grants, 
of £4.1m (FY23: £11.0m), largely relating to the construction of our expanded facility in Malta.
	
– capital expenditure on software intangibles and development assets of £4.6m (FY23: £10.4m).
	
– £0.6m (FY23: £0.2m) of interest received.
	
– £0.3m repayment of other financial assets.
The cash outflow from financing activities was £29.0m (FY23: inflow £12.6m), included:
	
– £4.0m net repayment of borrowings (FY23: draw down of £27.0m), 
	
– £14.1m (FY23: £10.3m) of interest payments, 
	
– £5.5m (FY23: £0.9m) of payments for debt issue costs, 
	
– £2.5m (FY23: £2.4m) of IFRS 16 lease liability payments, and
	
– £3.2m (FY23: £0.8m) of dividends paid to non-controlling interests, mostly due to a 
repatriation of cash from Sri Lanka. 
The net decrease in cash and cash equivalents in the period was £10.6m (FY23: £15.6m increase).
As a result of the cash flow items referred to, Group net debt increased from £82.4m at 
25 March 2023 to £89.4m at 30 March 2024.
Net debt
The analysis below provides a reconciliation between the opening and closing positions for 
liabilities arising from financing activities together with movements in cash and cash equivalents:
At 25 
March 
2023
£m
Cash 
flow
£m
Foreign 
exchange 
and other
£m
At 30 
March 
2024
£m
Gross borrowings
(122.7)
4.0
–
(118.7)
Cash and cash equivalents
40.3
(10.6)
(0.4)
29.3
Net debt
(82.4)
(6.6)
(0.4)
(89.4)
Net debt is presented excluding unamortised pre-paid borrowing fees of £5.0m (FY23: £5.0m), 
loss on debt modification of £3.5m (FY23: £0.7m) and £11.6m (FY23: £13.3m) of lease liabilities.
Banking facilities
On 29 June 2023, the Company signed a range of documents which had the effect of 
amending the terms of the revolving facility agreement with its lending banks and their agents. 
As a result of these changes, the facilities are now secured against material assets and shares 
within the Group. 
Under this amended agreement, the banking facilities’ expiration on 1 January 2025 
remained unchanged, but there were changes to:
	
– margins: with new interest rates introduced for net debt to EBITDA ratios over 2.5.
	
– changes in daily interest rates: to SONIA daily rates. 
The following changes were made to the Group financial covenant limits and spread levels 
from 1 July 2023:
	
– EBIT/net interest payable more than or equal to 1.0 times, (3.0 times previously).
	
– Net debt/EBITDA less than or equal to 4.0 times up to and including the Q4 2024 testing 
point, reducing to less than or equal to 3.6 times from Q1 FY25 through to the end of the 
agreement (3.0 times previously).
	
– Minimum liquidity testing monthly, testing at each weekend point on a 4-week historical 
basis and 13-week forward-looking basis. The minimum liquidity was defined as “available 
cash and undrawn RCF greater than or equal to £25m”, although this reduced to £20m if 
£5m or more of cash collateral was in place to fulfil guarantee or bonding requirements 
(new test). This was further amended in December 2023 (see below).
	
– additional spread rates on the leverage ratio to cover the extra levels envisaged by the 
relaxation of covenant limits:
Leverage (consolidated net debt to EBITDA)
Margin (% per 
annum)
Greater than 3.5:1
4.35
Greater than 3.0:1 and less than or equal to 3.5:1
4.15
Greater than 2.5:1 and less than or equal to 3.0:1
3.95
On 18 December 2023, the Group entered into a new agreement with its banking syndicate to 
extend its banking facilities to July 2025. From December 2023, the Group has bank facilities of 
£235m including an RCF cash drawn component of up to £160m (a reduction of £15m from the 
previous agreement) and bond and guarantee facilities of a maximum of £75m. The covenant 
tests described above continue to apply to the facilities, other than the liquidity covenant 
where the minimum headroom is now defined as “available cash and undrawn RCF greater than 
or equal to £10m”, to reflect the £15m reduction in RCF. In addition, an arrangement fee is due, 
equal to 1% of the facility, which will reduce to 0.5% if the facility is refinanced before 30 June 2024.
Covenant test results at 30 March 2024 are as follows:
Test
Requirement
Actual at 
30 March 
2024
EBIT to net interest payable
More than or equal to 1.0 
1.55
Net debt to EBITDA
Less than or equal to 4.0 
2.78
Minimum liquidity at 30 March 2024 was in excess of the £10m limit required under the 
covenant tests.
Financial review  continued
54	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

The Group also met its covenant and liquidity requirements at the end of June 2024.
The covenant tests use earlier accounting standards, excluding adjustments for IFRS 16. 
Net debt for covenants excludes unamortised pre-paid borrowing fees and the net loss 
on debt modification.
At 30 March 2024, the Group had Bank facilities of £235.0m (FY23: £275.0m) including an RCF 
cash drawn component of up to £160.0m (FY23: £175.0m) and bond and guarantee facilities 
of a maximum of £75.0m (FY23: £100.0m), due to mature on 1 January 2025.
The drawdowns on the RCF facility are typically rolled over on terms of between one and 
three months. However, as the Group has the intention and ability to continue to roll forward 
the drawdowns under the facility, the amount borrowed has been presented as long-term. 
At 30 March 2024, the Group had a total of undrawn RCF committed borrowing facilities, all 
maturing in more than one year, of £42.0m (FY23: £53.0m). The amount of loans drawn on the 
RCF cash component was £118.0m at 30 March 2024 (FY23: £122.0m). The accrued interest in 
relation to cash drawdowns outstanding as at 30 March 2024 was £0.3m (FY23: £0.3m).
Guarantees of £41.8m (FY23: £52.1m) were drawn at 30 March 2024 under the guarantee facility. 
The bond and guarantee facilities provide guarantees or bonds to participate in tenders and 
function as back up to contracts where customers require a guarantee as part of their 
procurement process. In addition, the facilities underpin some advance payments from 
customers. The Group considers the provision of such bonds to be in its ordinary course 
of business.
Pension scheme
The Company did not pay any deficit repair contributions to the Scheme during the period 
to 30 March 2024. On 3 April 2023, the Company and the Trustee agreed to defer the deficit 
repair contribution due, payable on 5 April 2023, to 26 May 2023. Subsequently, on 25 May 
2023 the Company and the Trustee agreed to defer the deficit contribution due on 26 May 
2023 to 5 July 2023. In June 2023, the Company and the Trustee agreed to defer all the deficit 
repair contributions due to recommence from 5 July 2023 and a new Recovery Plan was then 
agreed between the Company and the Trustee which deferred all deficit repair contributions 
until July 2024. Under the Recovery Plan, the amount deferred, totalling £18.75m, would be 
paid to the Scheme, from FY26 to FY29.
An actuarial valuation of the Scheme was then undertaken as at 30 September 2023. This 
showed a Scheme deficit of £78m. As a result of this valuation, on 18 December 2023, the 
Company and the Scheme Trustee agreed a new schedule to fund the deficit. The funding 
moratorium until July 2024 as previously agreed was retained, with the only payment 
being £1.25m due under the June 2023 Recovery Plan. This will be followed by deficit repair 
contributions from the Company of £8m per annum to the end of FY27, followed by higher 
contributions that at no time exceed £16m per annum and which run until December 2030 
or until the Scheme becomes fully funded. 
The next periodic actuarial valuation will be as at the end of September 2026, with the 
Scheme Trustee undertaking to provide the results of this valuation by January 2027, 
ahead of any increase in contribution from £8m per annum. 
The valuation of defined benefit pension schemes of the Group on an IAS 19 basis at 
30 March 2024 is a net liability of £51.6m (FY23: net liability of £54.7m).
The charge to the adjusted operating profit in respect of the administration of the Scheme in 
FY24 was £1.3m (FY23: £1.6m). Under IAS 19 there was a finance charge of £2.5m (FY23: finance 
credit of £1.1m) arising from the difference between the interest cost on liabilities and the 
interest income on scheme assets.
Capital structure
At 30 March 2024, the Group had net assets of £2.6m (FY23: £22.6m restated). 
In the prior period (FY23), deferred tax assets were incorrectly reported, being overstated by 
£12.4m. This has no impact on earlier reported periods. Neither does it have any cash impact 
on the Group. The prior year revision corrects the impact of incorrectly including forecast 
corporate interest restrictions within the forecast taxable profits used to support deferred 
tax asset recognition purposes. The corporate interest restrictions are considered temporary 
differences that are expected to originate in future periods and therefore excluded from the 
assessment of future taxable profits. Further information can be found in the Basis of 
Preparation on page 134.
The movement during the period included:
£m
Opening net assets – 25 March 2023 – as reported
35.0
Prior period revision
(12.4)
Opening net assets – 25 March 2023 – restated
22.6
Loss for the period
(19.1)
Remeasurement loss on retirement benefit obligations
5.4
Tax related to remeasurement of net defined benefit liability
(1.3)
Foreign exchange movements
(2.2)
Movement in cash flow hedges
(1.3)
Employee share scheme charges
1.4
Share capital issued
0.3
Dividends paid to Non-Controlling interests
(3.2)
Closing net assets – 30 March 2024
2.6
Financial review  continued
55	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Risk and risk management
How we manage 
our principal risks 
and uncertainties
Due to the nature of risk, the mitigating factors 
stated cannot be viewed as assurance that the 
actions taken or planned will be wholly effective.
Risk appetite
The Board has reviewed our principal risks and 
considered whether they reflect an acceptable 
level of risk. Where this is not the case, the 
Board has also considered what further 
investment is being made to reduce the 
likelihood and potential impact of the risk. 
The Board either approves the level of risk 
being taken or requires management to 
reduce the risk exposure.
For core areas of the business, the Board uses 
several methods to ensure that management 
operates within an accepted risk appetite. 
These include delegated authority levels, the 
approval of specific policies and procedures 
and the approval of the annual insurance 
programme. The Board receives regular 
feedback on the degree to which management 
is operating within acceptable risk tolerances.
This feedback includes regular operational and 
financial management reports, internal audit 
reports, external audit reporting and any 
reports to the whistleblowing hotline. All 
members of the ELT have individual or joint 
ownership of one or more of the principal risks. 
Management of those risks’ forms part of their 
personal objectives.
The Risk Committee meets four times a year 
to review risk management and monitor the 
status of key risks as well as the actions we 
have taken to address these at both Group 
and functional level. It also examines possible 
emerging risks by considering both internal 
and external indicators and challenges, 
together with whether it has identified the 
principal risks that could impact the business 
in the context of the environment in which 
we operate.
The Board receives regular updates on risk 
management and material changes to risk, 
while the Audit Committee also reviews the 
Group’s risk report.
Management is responsible for implementing 
and maintaining controls, which have been 
designed to manage rather than eliminate risk. 
These controls can only provide reasonable, 
but not absolute, assurance against material 
misstatement or loss. See page 90 for further 
information regarding internal controls.
Principal risks and uncertainties
The following pages set out the principal 
risks and uncertainties that we believe could 
crystallise over the next three years. The Board 
has undertaken a robust risk assessment to 
identify these risks, which are referred to as 
principal risks to the business. There may be 
other risks that we currently believe to be less 
material. These could become material, either 
individually or simultaneously, and significantly 
affect our business and financial results. Our 
ongoing risk review mechanisms will seek to 
identify and escalate any such risks. We have 
modelled potential scenarios of these risks 
crystallising to support the disclosures in the 
Viability Statement and assess the Group’s 
risk capacity. See page 68 for further details. 
How we manage risk
Risk management is the responsibility of 
the Board, supported by the Risk Committee, 
which comprises members of our Executive 
Leadership Team (ELT) and is attended by the 
Group Director of Security, HSE and Risk. The 
Risk Committee is accountable for identifying, 
mitigating, and managing risk. Further details 
about the Committee can be found on page 
91. Our formal risk identification process 
evaluates and manages our significant risks in 
accordance with the requirements of the UK 
Corporate Governance Code. Our divisional 
risk registers feed into a group risk structure 
that identifies the risks, their potential impact 
and likelihood of occurrence, the key controls 
and management processes. We then 
establish how to mitigate these risks, and 
the investment and timescales required to 
reduce the risk to an acceptable level within 
the Board’s risk appetite.
56	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Risk and risk management  continued
De La Rue’s risk management framework
Group Health, Safety and Sustainability 
(Global HSS) Committee
	
– Sets Health, Safety and Sustainability 
standards
	
– Agrees and monitors implementation of 
HSE strategy
	
– Monitors Health, Safety and Sustainability 
performance
Executive Leadership Team (ELT)
	
– Accountable for the design and 
implementation of the risk management 
process and the operation of the control 
environment
Group policies
	
– Policies for highlighting and managing 
risks
	
– Procedures and internal controls
Functional management
	
– Ensures that risk management is 
embedded into business culture, 
practice, and operations
Sanctions Board
	
– Responsible for ensuring internal control 
procedures are in place to mitigate the 
risk of breaching applicable trade 
sanctions and embargoes
Board of Directors and Company Secretary
Ethics Committee
	
– Reviews the effectiveness of internal controls
	
– Approves the annual internal and external audit plans
	
– Reviews findings from selected assurance providers
	
– Reviews ethical risks, policies  
and standards
Risk Committee
	
– Reviews and proposes the business risk 
profile
	
– Monitors the management of key risks
	
– Tracks implementation of actions to 
mitigate risks
	
– Examines and considers emerging risks 
that could impact the business
Audit Committee
57	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Risk and risk management  continued
How we manage principal risks
Risk
Internal controls
External assurance 
Oversight forum
Change
Bribery and corruption
The pressure to meet sales targets, on either a 
third party or an employee, could increase the risk 
of the payment of a bribe on behalf of De La Rue 
or anti-competitive behaviour, leading to damage 
to our reputation from a successful prosecution, 
financial loss and disbarment from tenders and 
substantial fines.
Link to our strategic pillars 
	
– Whistleblowing policy and associated procedures are 
integral aspects of the compliance framework, which 
is complemented by a whistleblowing hotline.
	
– Mandatory training on anti-bribery and corruption, 
and competition law.
	
– Our rigorous process for the appointment, 
management, and remuneration of third party 
partners (TPPs), operating independently from 
the sales function, which was enhanced in FY24.
	
– We have a focus on raising awareness through local 
Ethics Champions.
	
– We have Level 1 accreditation to the Banknote 
Ethics Initiative (BnEI), which provides 
governments and central banks assurance 
regarding our ethical standards and 
business practices.
	
– We maintain certification to ISO 37001, the 
anti-bribery management system, which 
assists the organisation to prevent, detect 
and address bribery attempts.
	
– External scrutiny of TPP fee structure.
Audit Committee
Risk Committee
Ethics 
Committee
Quality management and delivery failure
A failure in our Quality Management System, 
including specification, controls, and enforcement 
issues, could lead to a major customer quality 
incident, resulting in late delivery penalty clauses 
and increased costs.
Link to our strategic pillars 
 
	
– Implementing a product quality strategy to 
reduce instances and costs of quality incidents.
	
– Operational management boards monitoring KPIs.
	
– Design approval process.
	
– Regular reviews and audits of critical suppliers 
to ensure standardisation.
	
– Central quality team inspect and test regime 
for all processes and features.
	
– Service monitoring tools in place to manage 
performance and response times to remain 
within service level agreements.
	
– 24/7 support and IT coverage to minimise downtimes.
	
– In process inspection systems validating key areas.
	
– All sites are certified to ISO 9001, quality 
management system.
	
– Inclusion within regular customer audits.
Divisional 
business reviews
Business Process 
Review (BPR) 
updates
Risk Committee
Change in risk levels in FY24 (last 12 months)
  Increased
  Static
  Decreased
  New risk
Our strategic pillars
 Grow repeatable business
 Drive efficient operations
 Invest for the future
58	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Risk and risk management  continued
How we manage principal risks  continued
Risk
Internal controls
External assurance 
Oversight forum
Change
Macroeconomic and geo-political environment
As a manufacturing business operating worldwide, 
the Group is exposed to the challenges of the 
prevailing macroeconomic environment, 
inflationary pressures, supply chain headwinds 
and stress to sales pipelines which could impact 
its operations and ability to financially forecast 
accurately. The Group also maintains both 
Authentication and Currency operations in 
territories that are exposed to economic and/or 
political instability. This type of instability, which 
includes the uncertainties of regime change, 
creates risks both for our manufacturing footprint 
and locally based direct sales operations.
Link to our strategic pillars 
 
	
– A robust prioritisation process with regular reviews 
of programmes and projects.
	
– A robust incident management framework, 
including annual exercising.
	
– Procurement conducting single and sole source 
supplier reviews as well as risk assessments on 
financial and operational risks from suppliers.
	
– Regular reviews of the anticipated impacts of pricing 
pressures in the supply chain fed into the established 
Business Process Review (BPR) and budget review 
processes.
	
– Maintain strong employee relations in all locations.
	
– A comprehensive travel management programme.
	
– A comprehensive insurance programme.
	
– Consideration of contracts being designated in GBP or 
hard currency, if possible, subject to local regulations.
	
– Regular monitoring of financing and fiscal matters, 
seeking early advice, diversification, longer-term 
funding, and hedging, if facilities are available.
	
– ELT functional review meetings.
	
– Third party risk management alerting 
(hotspots/regions of concern) and 
risk reporting.
	
– External auditing of risk and resilience.
Divisional 
business reviews
Business Process 
Review updates
Risk Committee
Loss of key site or process
The loss of a key site or process, due to external 
threats or internal system failures, could lead to 
reduced operational capacity and result in 
disruption to customer service delivery, brand 
damage and increased costs.
Link to our strategic pillars 
	
– We invest in capacity, equipment and facilities, 
multiple sources of supply to drive down single points 
of failure.
	
– We hold business continuity planning (BCP) stock for 
critical activities.
	
– Monthly KPIs monitor BCP preparedness.
	
– Internal audit of all manufacturing sites, including BCP 
preparedness.
	
– Supplier strategy and sourcing reviews.
	
– Business continuity coordinators at all sites, 
supported by a central coordinator.
	
– Under a central certification we are certified 
at Head Office and all production and storage 
sites to ISO 22301:2019 standards, ensuring 
a robust business continuity management 
system throughout the Group.
	
– Inclusion within regular customer audits.
	
– The appropriate levels of business 
interruption insurance are in place to 
satisfy the needs of the business.
Group integrated 
security and 
business 
continuity 
steering 
committee
Risk Committee
Audit Committee
Change in risk levels in FY24 (last 12 months)
  Increased
  Static
  Decreased
  New risk
Our strategic pillars
 Grow repeatable business
 Drive efficient operations
 Invest for the future
59	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Risk and risk management  continued
Risk
Internal controls
External assurance 
Oversight forum
Change
Sustainability and climate change
Climate change is recognised as a significant 
global and business risk.
Governments, the financial community, and 
businesses (including our own and our customers) 
see the current decade 2020-2030 as a call to 
action, with major new commitments to achieving 
net zero emissions by 2050.
Link to our strategic pillars 
	
– De La Rue is committed to be carbon neutral for our 
own operations by 2030 via utilising a phased carbon 
offset programme for Scope 1 and Scope 2 emissions 
within our control.
	
– Our own internal audit programme verifies the Group 
environmental management system and assures good 
practices.
	
– We are tracking our annual progress against our 
approved Science Based Targets (SBTi). We have 
subscribed to EcoVadis, a global sustainability rating 
system for suppliers and are targeting our key 
suppliers accounting for 80% of procurement spend.
	
– We concluded our Transform Sustainability 
Programme in 2023 and will launch our Climate 
Change Programme in 2024 for oversight of our 
progress.
	
– We have mandated environment and sustainability 
awareness training at all sites.
	
– All our manufacturing sites are certified to ISO 
14001 standard which helps the organisation 
reduce its environmental impact.
	
– We participate in the CDP and have 
submitted data for the past 11 years, enabling 
us to review and reduce our carbon impact.
	
– Our alignment with the recommendations of 
the Task Force on Climate-related Financial 
Disclosures (TCFD) including climate scenario 
analysis is described within the Responsible 
Business section, pages 24 to 25.
	
– We have structured Science Based 
Targets (SBTi) in support of keeping global 
temperature increases below the 1.5°C limit.
Global Health, 
Safety and 
Sustainability 
Committee 
(GHSS)
Monthly ELT 
updates
Risk Committee
Breach of information security
A breakdown in the control environment:
	
– Including collusion or non-compliance 
(excluding external attack) could lead 
to a breach of data.
	
– Resulting in an external attack (including 
malware, ransomware and/or hacking).
Either of which could lead to a cyber security 
breach/incident impacting the confidentiality, 
integrity and/or availability of customer and/or 
other critical data.
Link to our strategic pillars 
 
	
– We have implemented control measures around 
customer, company, and employee data, 
demonstrating a clear approach to identify 
and mitigate information security risks.
	
– On an annual basis we conduct internal audits of our 
customer and ISO standards to an agreed plan. Any 
findings are risk assessed and remediation activities 
agreed and tracked.
	
– Data classification policy and handling process with 
monitoring of classification changes and email traffic.
	
– We have cyber awareness training at all levels of the 
business.
	
– Group policies support and enable our integrated 
security management system.
	
– IT technical controls include security incident and 
event management software (SIEM), event logging 
and management, managed by an in-house security 
operations centre (SOC). Ensuring information security 
is designed in from the ground up for all deployed 
hardware and software, including the use of multi- 
factor authentication (MFA) where appropriate.
	
– Due diligence performed on software and suppliers.
	
– Contractually bound data protection provisions with 
third parties handling personal data.
	
– Under a central certification we are certified 
across the Group to ISO 27001 standards, 
ensuring we manage information security 
under a robust framework.
	
– The appropriate levels of professional 
indemnity and cyber insurance are in 
place to satisfy contractual and business 
requirements, including internal and external 
incident response support.
	
– External compliance audits are conducted 
on a regular basis, including benchmarking 
to international standards.
	
– We have instigated a programme of both 
internal and external penetration and 
vulnerability testing on corporate and 
customer facing systems.
	
– Regular customer compliance and 
governance audits.
Group integrated 
security and 
business 
continuity 
steering 
committee
Monthly ELT 
updates
Risk Committee
Audit Committee
Change in risk levels in FY24 (last 12 months)
  Increased
  Static
  Decreased
  New risk
How we manage principal risks  continued
Our strategic pillars
 Grow repeatable business
 Drive efficient operations
 Invest for the future
60	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Risk and risk management  continued
Risk
Internal controls
External assurance 
Oversight forum
Change
Supply chain failure
The failure of a key supplier to deliver the 
products or services that we need on time or to 
specification, through either a supply failure or a 
business failure, could lead to disruption to our 
operations and associated costs, an inability to 
fulfil customer contractual requirements, resulting 
in penalties and forfeit of performance bonds, loss 
of customer contracts and reputational damage.
The ethical failure of a key supplier, such as a failure 
to adhere to our requirements on Modern Slavery 
or Bribery and Corruption in our supply chain, 
could lead to major reputational and financial 
damage and potentially prosecution, and a failure 
to control and limit price inflation in our supply 
chain could lead to significant erosion of our 
profitability.
Link to our strategic pillars 
	
– Key supplier risk assessments reviewing the risk 
of supply failure, credit risk, price increases and 
ethical failure.
	
– Prioritised, supplier-specific action plans for key 
risks with monthly reporting on progress to ELT.
	
– Supplier vetting platform to risk assess all key and new 
suppliers, engaging SMEs to review standards across 
ethics, quality, information and product security and 
environmental management.
	
– Regular reviews of the risk assessment to ensure 
that it remains up to date with latest available data.
	
– Ensure that all key strategic supplier contracts 
are fit for purpose.
	
– Deepened Supplier Relationship Management 
programme, with direct and regular engagement at 
executive level with all key suppliers, to provide early 
warning of issues and ensure that De La Rue’s needs 
are prioritised by our key suppliers.
	
– Utilise and fully deploy spend analytics tool to increase 
visibility of the full supply base and drive integrated 
data-driven action planning.
	
– We are externally audited for ISO 14298 
(Security Print), ISO 22301 (Business 
Continuity) and PwC on procurement 
and supply chain controls.
	
– Supplier Quality Audit programme.
Monthly 
divisional and ELT 
updates
Breach of security – product security
A breakdown in the control environment, including 
collusion, non-compliance, or an external attack, 
could lead to a security breach resulting in the loss 
of client-sensitive product and significant damage 
to De La Rue’s reputation.
Link to our strategic pillars 
 
	
– Monthly security KPIs monitor and maintain the 
holistic security environment.
	
– We ensure that all shipment routes and transit plans 
are appropriately risk assessed and have appropriate 
mitigations in place, by air, sea, or road.
	
– Dedicated security professionals at all sites, supported 
by a central function.
	
– Layered auditing at all sites, enhancing security 
behaviours and culture.
	
– Materials control to ensure product security 
verification and reconciliation.
	
– All manufacturing sites certified to ISO 14298 
and INTERGRAF 14298 and/or 15374, which 
ensures an aligned security print 
management system across the Group.
	
– We are subject to regular regulatory and 
customer compliance audits.
Group integrated 
security and 
business 
continuity 
steering 
committee
Risk Committee
Change in risk levels in FY24 (last 12 months)
  Increased
  Static
  Decreased
  New risk
How we manage principal risks  continued
Our strategic pillars
 Grow repeatable business
 Drive efficient operations
 Invest for the future
61	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Risk and risk management  continued
Risk
Internal controls
External assurance 
Oversight forum
Change
Sanctions
Entering a contract or other commitment with a 
customer, supplier or partner which is subject to a 
sanction or trade embargo could lead De La Rue to 
be in breach of sanctions. Breach could result in 
imprisonment and substantial fines for individuals, 
the leadership team (including the Board) and 
De La Rue. In addition, it may lead to a withdrawal 
of our banking facilities, as well as disbarment from 
future tenders.
De La Rue may be unable to effect payments or to 
be paid by customers due to compliance matters 
when operating in higher risk and sanctioned 
territories. 
Additionally banking partners may not be willing to 
support bonds or guarantees for some countries.
Link to our strategic pillars 
	
– A robust request for approval (RFA) process ensures 
commercial bid teams to consider risk.
	
– As a responsible business, we actively and continuously 
monitor and conduct due diligence on all of our 
customers, suppliers, and partners.
	
– We conduct regular Internal audits of our sanctions 
compliance programme.
	
– We mandate sanctions training to raise awareness 
of risks and to clarify escalation routes for concerns.
	
– Sanctions impact reviewed on a case-by-case basis 
against a known list of sanctioned territories and 
potential customers.
	
– We ensure both internal and external audit of 
sanctions compliance programme.
Sanctions Board
Audit Committee
Board briefings
Loss of key talent
Due to historic negative media coverage, there is a 
risk that there may be a reduced ability to attract 
and retain key talent with skills and knowledge 
required for the business going forward. This 
is likely to impact the organisational ability to 
deal with the current level of change, and our 
employees’ bandwidth to manage the workload.
Link to our strategic pillars 
 
 
	
– Remuneration structure designed to support retention.
	
– Organisational talent process and succession planning 
to provide early identification of single points of failure 
and capability gaps.
	
– Set clear objectives for the coming financial year 
that people can align around.
	
– Train Senior Leaders and Managers on expectations 
and how to deliver against these.
	
– Benchmarking to known best practice.
	
– External auditing of people risk.
HR Leadership 
Team reviews
Talent Board 
reviews annually
Risk Committee
Change in risk levels in FY24 (last 12 months)
  Increased
  Static
  Decreased
  New risk
How we manage principal risks  continued
Our strategic pillars
 Grow repeatable business
 Drive efficient operations
 Invest for the future
62	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Risk and risk management  continued
Risk
Internal controls
External assurance 
Oversight forum
Change
Banking facilities 
The Group maintains banking facilities that provide 
liquidity to ensure the Group has sufficient funding 
for all its needs, bonding to support existing 
contracts and new contracts where bonding is 
required and ancillary lines for financial risk 
management.
The funding and bonding facilities will mature on 
1 July 2025. The Group will be seeking to extend 
or replace these facilities with longer maturities; 
however the credit markets remain challenging 
with a difficult competitive landscape and global 
economic environment. The ability to access 
bonding services is increasingly complex given the 
regions we operate in. The Group seeks to hedge 
foreign exchange exposures and there is a risk that 
without adequate facilities then the Group may 
need to either operate with less hedging or 
consider unrated counterparties for foreign 
exchange contracts.
Link to our strategic pillars 
 
	
– Manage and develop relationships with existing and 
new banks to continue to support the business 
in its liquidity, bonding, and ancillary needs.
	
– Regular dialogue with ELT, banking partners 
and other stakeholders.
	
– Active monitoring of the available limits and proactive 
management for both cash and borrowings as well 
as guarantees to make best use of capacity.
	
– Continue to seek additional counterparties for foreign 
exchange (two new counterparties and hedging 
facilities put in place).
	
– Compliance with financial covenants.
	
– External auditing by EY.
Functional risk 
reviews
ELT reviews
Risk Committee
Audit Committee
Board briefings
Currency sales pipeline
Currency sales globally have seen a recent historic 
low, post-pandemic. There remains a concern that 
unless the lost revenue and profit from the division 
can be recovered by sales or other business 
development in the short to medium term, then 
long-term financial forecasts for the Group will 
be inaccurate and significantly under market 
expectations. This includes banknote production, 
security features and polymer sales opportunities.
Link to our strategic pillars 
 
	
– Enhanced governance and monitoring of sales 
pipeline.
	
– Enhanced focus on Sales activity – time in territory, 
customer engagement, number of visits, etc.
	
– Executive Sales & Operational Planning (S&OP) 
framework provides overview of must wins and 
critical close dates.
	
– Business Process Review (BPR) held weekly to discuss 
tactical progress on pipeline targets.
	
– Enhanced account close plans in place and monitored 
monthly by senior team including detailed reviews 
with CEO/ELT.
N/A
Business Process 
Review (BPR)
Currency and 
Executive 
Leadership 
Team reviews
Change in risk levels in FY24 (last 12 months)
  Increased
  Static
  Decreased
  New risk
How we manage principal risks  continued
Our strategic pillars
 Grow repeatable business
 Drive efficient operations
 Invest for the future
63	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Viability statement and going concern assessment
Viability 
statement and 
going concern 
assessment
may in turn impact the cash proceeds, the 
costs associated with the transaction and 
the amounts required to address any pension 
scheme risk, along with the day one liquidity 
of the retained operations of the Group. 
These matters represent a material 
uncertainty which may cast significant doubt 
upon the Group’s ability and the Company’s 
ability to continue as a going concern for a 
period up to 28 September 2025.
Strategic review
As detailed in the trading update released 
on 30 May 2024, the Directors have been 
undertaking a review of the core strategic 
strengths of the Group and how best to 
optimise the underlying intrinsic value of the 
business for the benefit of all stakeholders. 
This review and analysis has included:
	
– recognising the improved order intake over 
the last year, and the future prospects for 
the Group’s operating divisions and the 
Group as a whole;
	
– the accretive value creation that may 
be achieved with increased scale and 
capabilities in both of the operating 
divisions; and
	
– the Director’s commitment to reduce 
leverage and create greater financial 
flexibility in the funding structure of 
the Group as a whole.
This review, and associated learnings, has 
guided the Board in its process to evaluate 
strategic options for the group and each 
division. As a result, the Board is in discussions 
with a number of parties who have made 
proposals in relation to, or expressed interest in, 
the acquisition of each of the Group’s divisions. 
Going concern
Overview
In line with IAS 1 “Presentation of financial 
statements”, and the FRC guidance on “risk 
management, internal control and related 
financial and business reporting”, when 
assessing the Group’s ability and the 
Company’s ability to continue as a going 
concern, the Directors have taken into 
account all available information for a period 
up to 28 September 2025, being the going 
concern period. 
The Group’s business activities, together 
with the factors likely to affect its future 
development, performance and position 
are set out on pages 1 to 10 of the Strategic 
Report. In addition, pages 56 to 63 include 
the Group’s objectives, policies and processes 
for financial risk management, details of its 
financial instruments and hedging activities 
and its exposure to credit risk, liquidity risk 
and commodity pricing risk. The financial 
position of the Group, its cash flows, liquidity 
position and borrowing facilities are described 
on page 53 of the Strategic Report. 
As explained further below, the Board 
has determined that the going concern 
basis of accounting in the preparation 
of the consolidated financial statements 
is appropriate. 
The Group’s Revolving Credit Facility (RCF) 
expires on 1 July 2025. The cash flow forecasts 
for the Group indicate that it would not have 
sufficient liquidity to meet the obligation to 
repay the RCF in full on or before 1 July 2025. 
Management has been pursuing various 
strategic options, which would allow the Group 
to repay the RCF on or before 1 July 2025. The 
most progressed of those is the sale of the 
Authentication division. The Board notes that 
the probability of completion, timing and 
terms of the sale of the division are subject to 
factors outside of the Board’s control, which 
64	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Viability statement and going concern assessment  continued
Since the release of the trading update on 30 May 2024, the discussions with the interested 
parties have progressed in line with the Board’s expectations. The Board is satisfied that, if the 
discussions relating to the Group’s Authentication division conclude in a sale of that division on 
the terms currently under discussion, (and notwithstanding the material uncertainty as detailed 
above), there would be adequate proceeds from the transaction to fully repay the RCF, satisfy 
future bonding requirements, mitigate any risks to the De La Rue UK defined benefits pension 
scheme, and continue to operate the retained business as a going concern. 
Expiration of the RCF
Under the amended facility agreement, signed on 18 December 2023, the Group has access 
to a RCF of £235m that expires on 1 July 2025, which is within the going concern period.
Over the last year, the Board has been in ongoing dialogue with the banking syndicate providing 
the RCF. This dialogue has been constructive and the lenders are supportive of the Board 
pursuing the strategic options summarised above. 
The Directors are confident that further progression of the sale of Authentication will ultimately 
allow for the full repayment of the RCF prior to its expiration in July 2025. As a result, both the 
Group and its banking syndicate have agreed not to further extend the RCF beyond its current 
expiry date at this point in time. 
Covenants testing
The RCF allows the drawing down of cash up to the level of £160m and the use of bonds and 
guarantees up to the level of £75m.
The continued access to these borrowing facilities is subject to quarterly covenant tests which 
look back over a rolling 12-month period. In addition, there is minimum liquidity testing at each 
week-end point on a four-week historical basis and 13-week forward looking basis. The Group 
was in full compliance with its covenants throughout FY24. 
During FY24 the covenant terms were: 
	
– EBIT/net interest payable more than or equal to 1.0 times 
	
– Net debt/EBITDA less than or equal to 4.0 times until the Q4 2024 testing point, reducing to 
less than or equal to 3.6 times from Q1 FY25 through to the end of the going concern period. 
	
– Minimum liquidity testing at each week-end point on a four-week historical basis and 
13-week forward looking basis. Minimum liquidity is defined as ‘available cash and undrawn 
RCF greater than or equal to £10m’.
	
– The spread rates on the leverage ratio remain at the following levels: 
Leverage  
(consolidated net debt to EBITDA)
Margin (% 
per annum)
Greater than 3.5:1
4.35
Greater than 3.0:1 and less than or equal to 3.5:1
4.15
Greater than 2.5:1 and less than or equal to 3.0:1
3.95
In order to determine the appropriate basis of preparation for the financial statements for the 
period ended 30 March 2024, the Directors must consider whether the Group can continue in 
operational existence for the going concern review period to 28 September 2025, taking into 
account the above liquidity headroom and covenant tests.
The terms of the facility agreement also include consideration of future options for the Group 
and provision of non-financial deliverables. These requirements have been monitored 
throughout the year and have continued to be achieved to the satisfaction of all parties.
Testing assumptions 
The Group has prepared profit and cash flow forecasts which cover a period up to 28 
September 2025 (Q2 FY26), being the going concern period. This includes the following 
quarters: Q2, Q3 and Q4 FY25 and Q1, Q2 FY26 as well as monthly liquidity testing points 
over the period. 
The Directors consider that a period of at least 14 months to 28 September 2025 is an 
appropriate going concern period given this is the first quarterly covenant test which is greater 
than 12 months from the opinion date. While the current RCF is due to expire before this date, 
the Directors are confident that the further progression of the sale of Authentication will provide 
sufficient liquidity within the going concern period (notwithstanding the material uncertainty as 
described above). 
65	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Viability statement and going concern assessment  continued
Base case assumptions 
The base case forecasts over the going concern period have been developed taking into 
consideration the timing of the Currency recovery that has been materialising in the 
marketplace with order book growth and bid activity showing positive signs of a market 
rebound. In addition, renewals of key Authentication contracts, combined with the annualization 
of contracts already won and starting to produce in the current financial year, aid confidence 
in the strategic growth forecasted for that division through the going concern period up to 
28 September 2025. 
The already enacted and largely completed footprint and restructuring projects have right-sized 
the business for current demand levels. Any ramp up required over the going concern period 
will be carefully managed in line with pipeline capacity requirements and orders to avoid 
significant negative fluctuations against base plans.
FY25 results to date indicate the Group is substantially on-track to deliver the FY25 budget from 
an EBIT and EBITDA perspective, with key order book wins secured to deliver the in-year plan. 
In Currency, the Group is seeing clear evidence of the expected market recovery. While the 
overall market remains unpredictable, our conversion rate of bids to orders since the beginning 
of this financial year supports the base strategic plan numbers. At March 2024, the total order 
book stood at £239m (25 March 2023: £137m). 
The timing of tenders has been such that several significant orders have been closed recently, 
which further supports the base case modelling within the going concern period.
The Group’s base case modelling (excluding the repayment of the RCF on or before 1 July 2025)
shows headroom on all covenant thresholds across the going concern period. 
Non-financial milestones
Over the going concern period, there are a number of non-financial milestones such as the 
provision of monthly short-term cash flow (STCF) submissions and monthly progress updates. 
Management have proactively implemented a bi-monthly 13-week cash flow process with the 
outturn of this and monthly monitoring reports shared with the relevant stakeholders in line with 
the amended terms from June 2023. The Directors are confident that all of the non-financial 
conditions and monthly monitoring will continue to be met over the going concern period. 
Downside modelling
Our downside modelling has incorporated the Directors’ assessment of events that could occur 
in a ‘severe yet plausible downside’ scenario. The risks modelled are directly linked to the Risk 
Committee ‘principal risks’ described on page 56 of this Annual Report and the Directors note 
there are no new matters which present additional principal risks. The most significant material 
risks modelled were as follows: 
Risk 3 Macroeconomic and geo-political risk 
	
– Authentication new wins and implementations are not achieved in the timescales modelled 
in the base case.
	
– Cost inflation in the base case is assumed to be 4.5% in the UK, 1.5% in Malta and 10% in Sri 
Lanka, with no corresponding revenue inflation assumption. Inflationary impacts have already 
been considered in the FY25 budget, with the Group having sufficient sight of selling prices 
and costs that no additional inflationary downside is necessary for FY25 and no element of 
recovery on selling prices has been incorporated into any modelling in FY26. 
	
– Supply chain risks are monitored regularly by the Group. Fixed price contracts are in place for 
utilities until September 2024 (i.e. the end of Q2 FY25) and latest utility estimates had also 
been reviewed from external brokers which confirmed base utility costs are reducing. No 
reduction was factored into the base case and with overall inflation pressures already 
considered above, the downside risk modelled is appropriate.
Risk 10 Banking facilities 
	
– The Group will be paying an interest rate on its facilities of approximately 9% based on the 
current SONIA rate of 5.25% and the applicable margin. The base case modelling is aligned 
with the latest forward interest rate curves that indicate a significant reduction in interest 
rates over the going concern period. The bonding pipeline was also considered and a £5m 
cash collateral expectation has been factored into the base case from July 2024 to support 
the strong bid activity around the Group. Under the base case, interest would need to 
increase by circa £9.7m at the lowest point for a breach to occur in Q2 FY26. Given the 
forward interest rate curves are suggesting a reduction in interest rates, management 
have assessed this risk as remote. 
Risk 11 Kenya taxation and exit strategy 
	
– Cash outflow assumed over and above the base case, which includes acceleration 
of amounts to finalise in-country settlements. 
66	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Viability statement and going concern assessment  continued
Risk 13 Currency pipeline 
	
– Volumes and budget margins are not achieved as forecasted in the going concern period, 
including revenue contracts not landing and volume reductions against base plan. For FY25, 
this represents a margin reduction of £6.7m (34%) of our unsecured order book margin as of 
June 2024. For currency pipeline downside risks modelled, margins have been determined 
using the average margin and/or known unsecured jobs targeted.
As a result of the liquidity testing requirement, the Directors also considered historical monthly 
working capital swings over the last three years. This analysis also included assessing periods 
where management’s conclusion was that “material uncertainty” existed, specifically between 
November 2022 and June 2023. Management also analysed weekly cash outflow averages to 
ensure that adequate considerations have been made to capture ‘in quarter’ working capital 
swings that the Group can see given the volatility of working capital in the Currency business in 
particular. A £15m working capital outflow, excluding non-recurring items, was incorporated on 
top of the modelled plausible severe downside to apply monthly to liquidity testing. Sufficient 
liquidity headroom remained. 
The Directors noted that working capital and cash management have improved in the business 
over the course of FY24, resulting in a circa £10m improvement in net debt achieved vs initial 
FY24 budgeted expectations. The base case and working capital stress modelling have not been 
updated to reflect these improvements, which means there are additional mitigations with 
regards to net debt and liquidity that the Company has at its disposal for quarterly testing 
dates should they be required.
If all of these modelled downside risks were to materialise in the going concern period, the 
Group would still meet its required covenant ratios and maintain sufficient liquidity, after taking 
into account mitigating actions, such as identified cost saving opportunities which the Directors 
consider to be within the Group’s control, for example the deferral of uncommitted operating 
expenditure and a reduction in capital expenditure.
The Group’s ‘severe yet plausible’ downside modelling (excluding the repayment of the RCF 
on or before 1 July 2025) shows headroom on all covenant and liquidity thresholds across 
the going concern period. 
Stress-testing
Under the severe yet plausible downside modelling, EBIT and EBITDA would need to drop in 
excess of the Group’s historic forecasting inaccuracy over the last few years for any breach to 
occur. On liquidity this would need to drop in excess of what the Group has experienced over 
the last three years on recurring cash flow swings. This is taking into account mitigating actions 
within the Board’s control, including the timing of supplier payments and capital expenditure.
The Directors have concluded that a breach is remote on the financial covenants given:
	
– FY25 results to date indicate the Group is materially on-track to deliver the FY25 budget 
from an EBIT and EBITDA perspective.
	
– Management considers that, given the longer-term and consistent nature and renewals of its 
Authentication contracts, the key revenue and the corresponding EBIT/EBITDA risk is mainly 
in regard to the Currency division whereby the timing of contract wins and delivery of the 
current order book in line with the strategy has historically impacted performance against 
forecasts in previous periods. The Currency order book is showing encouraging signs of 
recovery, with an order book increase supported by a continued trend in win rates and the 
multi-year nature of the order book. For FY25, 68% of budgeted revenue had already been 
secured by June 2024.
	
– Severe stress testing of liquidity excluded mitigating actions, as noted above, that 
management could employ and still showed headroom under stress. The Directors consider 
the liquidity risk to be low given the current trading performance and order book profile.
	
– Additionally, the Group is currently paying an interest rate on its facilities of approximately 
9% based on the current SONIA rate of over 5% and the applicable margin. As previously 
noted, the increase in underlying SONIA rate required to breach covenants is deemed to 
be remote by the Directors.
	
– The Directors are comfortable that any non-financial conditions and reporting requirements 
have been achieved and will be throughout the going concern period. 
Additional modelling 
In addition to the above, management have performed modelling that assumes the theoretical 
sale of the Authentication division. This modelling took into account the expected use of funds, 
which includes full repayment of the RCF, mitigation of any risk to the De La Rue UK defined 
benefit pension scheme and expected transaction costs. This modelling indicated sufficient 
cash liquidity, including the expected use of funds, between the theoretical completion date 
and the end of the going concern period, taking into account the required liquidity of the 
remaining Group through to 28 September 2025, with the Group benefitting from reduced 
interest costs in particular.
67	
De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Viability statement and going concern assessment  continued
However, management acknowledge that the probability and timing of completion and final 
agreed terms of any such transaction are subject to factors outside of the Board’s control, 
which could lead to a scenario whereby the Group and Company would have to seek alternative 
financing to repay the RCF on or before 1 July 2025, or obtain an extension to the RCF from the 
lenders. Both of these options are outside of the Board’s control.
Furthermore, even in the event that the transaction is completed prior to 1 July 2025 and the 
RCF is repaid, the amount that will be retained by Group is subject to factors outside of the 
Board’s control, having taken into account the Group’s cash position on disposal, the final sale 
price, transaction costs and any cash outflows addressing the pension risk. 
Conclusion
Based on the above, the Board has concluded the following: 
1.	  Both the base case modelling and the severe yet plausible modelling indicate that the Group 
would generate sufficient positive cashflows to continue operating as a going concern over 
the 14-month period ending 28 September 2025, excluding the need to repay the RCF 
on or before 1 July 2025. Similarly, there would be no expected breaches of financial and 
non-financial covenants (assuming no changes to the existing covenants).
2.	 Given recent discussions, the Board is confident that further progression of the sale of 
Authentication will ultimately allow the Group to repay in full the RCF before its expiration 
on 1 July 2025, satisfy future bonding requirements, mitigate any risks to the De La Rue UK 
defined benefits pension scheme, and continue to operate the remaining business as 
a going concern. 
3.	 Management’s base case modelling indicates that the Group would not have sufficient funds 
or the ability to repay the RCF on or before 1 July 2025 when it becomes due, given that the 
timing, probability of completion and terms of the sale of the Authentication division are 
subject to factors outside of the Board’s control. The circumstances which would follow 
non-repayment of the RCF on or before 1 July 2025, including the manner in which the 
Group’s lenders would seek to recover funds, would not be within the control of the 
Directors. Furthermore, even in the event of a transaction completing, the proceeds that 
will be retained (and immediately available) in the Group to address its ongoing liquidity 
requirements following the repayment of the RCF, are subject to factors outside of the 
Board’s control. These include the Group’s cash position on disposal, the final sale price, 
transaction costs and any cash outflows addressing the pension risk. These matters 
represent a material uncertainty which may cast significant doubt upon the Group’s 
ability and the Company’s ability to continue as a going concern for a period up to 
28 September 2025. 
The financial statements do not contain the adjustments that would result if the Group 
and Company were unable to continue as a going concern
Viability statement 
The Directors have considered the longer-term viability of De La Rue Plc in line with the 
recommendations under the UK Corporate Governance code. Consistent with the prior year, 
the Directors believe that an appropriate period to consider the Group’s viability is over a 
two-year period from the balance sheet date (FY25 and FY26) or 20 months from the date of 
approval of these financial statements, to 28 March 2026. This includes the period to the end 
of the existing RCF and an assumption that this facility would be fully repaid with the conclusion 
of the strategic options as detailed above.
In assessing the viability of the Group, the Directors have reviewed the principal risks as set out 
in pages 56 to 63 and considered foreseeable scenarios of one or more of the principal risks 
crystallising in the same time period in the context of its strategic plan. The main risks modelled 
to have an impact on the viability of the Group are set out below, with the quantitative impacts 
modelled being consistent with those adopted for the Going Concern period as set out in 
pages 66 to 67: 
	
– Risk 3 Macroeconomic and geo-political 
	
– Risk 10 Banking facilities
	
– Risk 11 Kenya taxation and exit strategy 
	
– Risk 13 Currency pipeline
There are certain scenarios that the Directors have not individually modelled (e.g. a terrorist 
attack or an event of nature) as either sufficient insurance coverage exists or the risk is covered 
by the modelling performed on certain scenarios for other principal risks.
The Directors are satisfied that, if the discussions relating to the Group’s Authentication division 
conclude in a sale of that division on the terms currently under discussion (notwithstanding the 
material uncertainty as detailed within the Conclusion section of the Going Concern disclosure 
on this page), there would be adequate proceeds from the transaction to fully repay the RCF, 
satisfy future bonding requirements, mitigate any risks to the De La Rue UK defined benefits 
pension scheme, and continue to operate the retained business as a viable business until at 
least 28 March 2026, being the end of the viability assessment period. However, the Directors 
consider that the material uncertainty referred to in respect of going concern may cast significant 
doubt over the future viability of the Group and company should these events not complete.
Strategic report 
This Strategic report, comprising pages 2 to 68 inclusive, was approved by the Board  
on 24 July 2024.
By order of the Board
Jon Messent
Company Secretary
24 July 2024
68	 De La Rue plc Annual Report 2024
Governance report
Financial statements
Strategic report

Board leadership and 
company purpose
70
Board of Directors
72
Governance at a glance
74
Division of responsibilities
78
Nomination Committee report
80
Audit Committee report
84
Risk Committee report
91
Ethics Committee report
92
Remuneration
94
Directors’ report
113
Directors’ responsibility statement 117
Governance report
Securing trust
Delivering our purpose requires clear 
and visible leadership, the right culture 
and robust corporate governance.  
This enables us to earn and repay  
our stakeholders’ trust.
The Company’s 
governance structure is 
intended to ensure that 
we are able to focus on 
the right issues, at the 
right time. 
Trusted
Strategic report
Governance report
Financial statements
69	 De La Rue plc Annual Report 2024

De La Rue’s purpose is to secure trust between 
people, businesses and governments.
We operate in markets where security, integrity 
and accountability are paramount.
Delivering our purpose requires clear leadership, 
an open and honest culture together with robust 
corporate governance. This enables us to earn 
the trust of our stakeholders.
Dear Shareholder,
I am pleased to present the 
Governance Report for FY24, my 
first year as your Chairman. We 
believe that high standards of 
corporate governance are vital in 
helping to create and protect value. 
We set out on the following pages 
how the Board has worked to 
promote good governance 
and is conducting our business 
responsibly, taking our stakeholders’ 
interests into account. 
Strong governance
We are committed at De La Rue 
to do business in the right way. 
We have a robust governance 
framework, which helps to create 
the checks and balances for us to 
deliver the business outcomes and 
financial results that we and our 
stakeholders wish to see. 
Board changes
As you will read further in the 
Nomination Committee report 
on page 80, this year has seen 
substantial changes to the 
composition of the Board. 
The previous Chairman, Kevin 
Loosemore, and Non-executive 
Directors Catherine Ashton and 
Margaret Rice-Jones retired from 
the Board during 2023. In addition 
Rob Harding resigned as Chief 
Financial Officer to pursue another 
opportunity. I would like to take this 
opportunity to thank them all for 
their significant contributions to 
De La Rue over their tenures. During 
the year we welcomed Dean Moore 
initially as independent Non-
executive Director, but subsequently 
as Interim Chief Financial Officer, 
and Brian Small to the Board 
as an independent Non-executive 
Director. You can read more on their 
inductions to the De La Rue Board 
on page 82. 
In terms of Board diversity, our levels 
are not where we want them to be 
for the longer term, and we will 
continue to keep this under review 
when appointment opportunities to 
the Board become available. I am 
confident that we have the right 
combination of skills, expertise 
and knowledge for the Board for 
De La Rue’s current stakeholder 
needs, with members who are 
passionate about the business. 
We have the right Board for the 
Company, and we were able to staff 
this quickly and effectively to meet 
the Company’s immediate and 
ongoing challenges. Further, we 
continue to keep succession 
planning and talent development 
under review. You can see our 
diversity levels across the business 
and more information on the 
opportunities available to our 
employees on pages 37 and 81.
Owing to the number of changes to 
the Board, our internally led Board 
evaluation focused on looking 
ahead and how we can work 
together to deliver sustainable 
shareholder value. I am pleased to 
report that the results from the 
evaluation were positive, and as 
such all Directors are proposed 
for re-election at the 2024 AGM. 
You can read more on this 
on pages 82 to 83. 
Board leadership and company purpose
  Read more on our  
workforce on page 77
  Read more on Board 
inductions on page 82
  See the key activities  
of the Board on page 76
70	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Our workforce
We have a committed and 
hardworking workforce at De La Rue, 
and we recognise that our people 
are key to the success of the Group. 
There continues to be significant 
change throughout the organisation 
and we are immensely grateful for 
the efforts of every single individual 
during this time. 
Since joining the Group, I have been 
able to attend our Employee Voice 
Forum, to listen first hand to what 
our employees are proud of about 
working for De La Rue, and to hear 
any matters they wished to share 
with the Board. You can read more 
on this on page 77. 
Annual General Meeting
Our forthcoming AGM will be hosted 
at our head office in Basingstoke on 
25 September 2024. Alongside my 
fellow Directors, I hope that you are 
able to join us. 
Clive Whiley, 
Chairman
Compliance statement
The Board encourages a culture 
of strong governance across the 
business and continues to apply 
the principles of good governance 
set out in the Financial Reporting 
Council’s (FRC) July 2018 edition of 
the UK Corporate Governance Code 
(the Code), which can be found at 
www.frc.org.uk. The Board considers 
that it and the Company have, 
throughout the period to 30 March 
2024, complied with all of the 
provisions of the Code. 
The FRC has recently published 
an updated Code whose provisions 
will largely apply for financial years 
starting on or after 1 January 2025. 
We will continue to review our 
practices and procedures as 
appropriate to ensure the Board 
complies with the new Code. 
This Governance section has been 
organised to follow the structure and 
principles of the Code to illustrate 
how we have applied the Code 
throughout the year.
UK Corporate Governance Code 2018
Board leadership and company purpose  continued
Chairman’s 
introduction
	
– Chairman’s introduction
	
– Board of Directors
	
– Governance framework
	
– Key matters considered  
by the Board
	
– Employee relations
	
– Shareholder relations
	
– Our behaviours
70
72
75
 
76
77
77
77
Division of 
responsibilities
	
– Division of responsibilities
	
– Independence and  
Time commitments
78 
79
Composition, 
succession and 
evaluation
	
– Nomination Committee report
	
– Board composition
	
– Board induction
	
– Succession planning
	
– Board evaluation
80
81
82
82
82
Audit, risk and 
internal control
	
– Audit Committee report
	
– Key accounting matters
	
– Financial reporting
	
– External auditors
	
– Internal audit
	
– Internal control and 
risk management
	
– Risk Committee report
	
– Ethics Committee report
84
85
88
88
89
 
90
91
92
Remuneration
	
– Remuneration 
Committee report
	
– Directors’ Remuneration report
	
– Annual report on remuneration 
 
94
98
100
71	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Appointed to the Board 
on 18 May 2023
Current directorships and 
business interests
	
– Mothercare plc, Chairman
	
– Sportech plc, Non-executive Director
	
– Griffin Mining Limited, Non-executive 
Director
Career, skills and experience
Clive has 40 years’ experience, both 
as an Executive and Non-executive 
Director, across a wide range of 
industries and geographies in regulated 
and listed company governance 
positions. He was previously Chairman 
of Dignity plc and a Non-executive 
Director of Grand Harbour Marina plc 
(listed in Malta), Camper & Nicholsons 
Marina Investments Limited and Stanley 
Gibbons Group plc. 
Clive was responsible for successfully 
guiding Mothercare’s emergence as an 
internationally-focused brand business 
alongside, at Dignity, leading 12% of the 
UK funeral market in the eye of the 
Covid-19 pandemic.
Contribution to long-term 
sustainable success 
Clive’s track record demonstrates 
that he is capable of operating in all 
operational, financial or regulatory 
circumstances and the Board believes 
his depth of experience and skills are 
what is required to pilot the business.
Appointed to the Board 
in October 2019
Career, skills and experience
Clive has extensive experience in 
running complex P&Ls for global 
industrial companies in both the 
commercial and government/defence 
sectors. He has a track record of 
turnarounds, international business 
transformation and strategic 
development, including leading divisions 
of international corporations and 
standalone listed companies. 
Clive was a Director, President and Chief 
Executive Officer of Canadian-listed 
Dynex Power, leading its privatisation 
sale to the Chinese Rail and Rolling Stock 
Company in March 2019. Previously, he 
held senior leadership positions with 
Pratt and Whitney, Rolls-Royce, General 
Dynamics Corporation and B/E 
Aerospace. 
Clive is an alumnus of MIT, Stanford, 
Columbia and the LSE and currently 
sits on the advisory board of the Lincoln 
International Business School at the 
University of Lincoln, UK.
Contribution to long-term 
sustainable success 
Clive has a strong track record of 
delivering successful turnaround 
strategies in a range of industries.
Appointed to the Board as an 
Independent Non-executive Director 
on 26 June 2023 and as Interim Chief 
Financial Officer on 4 August 2023
Current directorships and 
business interests
	
– Griffin Mining Limited, Non-executive 
Director
	
– THG plc, Non-executive Director
Career, skills and experience
Dean is a chartered accountant 
with over 35 years of public company 
experience in companies operating 
in many different sectors and 
environments. He is a highly respected 
finance professional and non-executive 
director with a proven track record.
He was previously Chief Financial Officer 
at Dignity plc, Cineworld plc (on an 
interim basis), N Brown Group plc, T&S 
Stores plc and Graham Group plc, and 
formerly Non-Executive Chair at Tuxedo 
Money Solutions Limited and 
Independent Non-executive Director at 
Dignity plc, Cineworld plc and Volex Plc.
Contribution to long-term 
sustainable success 
Dean’s significant experience of the 
strategic development of listed 
companies, in both senior executive 
roles and in non-executive 
appointments is ideally suited to 
supporting the Board and the executive 
team in delivering future growth.
Appointed to the Board in April 2021
Career, skills and experience
Ruth joined De La Rue in 1988 as a 
graduate trainee and has spent over 
30 years working in the international 
government sector, living and working 
in the UK, Mexico, Colombia, Spain 
and Malaysia. 
During her career at De La Rue, 
she has held a number of executive 
management positions within the 
Currency, Identity and Brand businesses 
in Sales, Marketing, Manufacturing and 
General Management. Ruth was 
appointed Managing Director of the 
Currency Division in 2019. Prior to that 
she was Sales Director for the Currency 
businesses from 2012 until 2019. 
In 2018, Ruth joined the advisory board 
of the International Currency 
Association, helping lead the currency 
industry in creating a single, cohesive 
voice. She was elected its Vice-Chair 
in 2022. She is also a member of the 
advisory council for Commonwealth 
Enterprise and Investment Council.
Contribution to long-term 
sustainable success 
Ruth has an unrivalled knowledge of 
the international currency market, and 
extensive contacts in finance ministries, 
central banks and state print works 
around the world.
Clive Vacher, 
Chief Executive Officer
Clive Whiley, 
Chairman
Our Board is composed 
of highly skilled, highly 
entrepreneurial individuals 
who bring a range of skills, 
perspectives and corporate 
experiences from multi-billion 
pound revenue companies to 
our boardroom discussions. 
Key for committees
  Nomination Committee
  Audit Committee
  Risk Committee
  Ethics Committee
  Remuneration Committee
  Committee Chair
Ruth Euling, 
Executive Director and MD, 
Currency
Dean Moore, 
Interim Chief Financial Officer
Board of Directors
72	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Appointed to the Board in July 2016
Current directorships and 
business interests
	
– Travelport Worldwide Ltd, CFO 
and EVP
Career, skills and experience
Nick has extensive international 
experience in the technology and 
information security industries. In 2019, 
he was appointed as Chief Financial 
Officer of travel technology company, 
Travelport. Before joining Travelport, he 
served as Chief Financial Officer of 
security software firm, Sophos Group 
plc, for over nine years. Nick was also 
Chief Financial Officer at Micro Focus 
International plc, having previously held 
CFO roles at Fibernet Group plc and 
Gentia Software plc. Prior to that, he 
held various senior financial positions 
at Comshare Inc. and Lotus Software.
Contribution to long-term 
sustainable success 
Nick is a chartered accountant and 
highly experienced CFO, with strong 
strategic management skills.
Appointment to the Board 
in September 2022
Current directorships and 
business interests
	
– TT Electronics plc, CFO and 
Executive Director
Career, skills and experience
Mark is a chartered accountant with 
a deep understanding of finance and 
operational activities, acquired during 
a career spent in senior finance/
management roles with FTSE listed 
companies. He has been a Director of 
TT Electronics plc and its Chief Financial 
Officer since January 2015 and 
previously held equivalent roles with 
BBA Aviation plc. His other previous 
experience includes several years 
working in a variety of management 
roles in Continental Europe and Australia, 
as well as a strong focus on driving 
business transformation in the US. 
Mark has spent the last 25 years working 
in global industrial businesses and has 
extensive experience of driving business 
and functional re-structuring and 
transformation, M&A, and equity 
and debt capital markets.
Contribution to long-term 
sustainable success 
Mark is a strategically-minded chartered 
accountant, with extensive financial 
management experience in complex 
global manufacturing businesses and 
strong experience in listed companies 
and public markets.
Appointment to the Board 
on 8 September 2023
Current directorships and 
business interests
	
– Pendragon plc, Non-executive 
Director 
	
– Mothercare plc, Non-executive 
Director
Career, skills and experience
Brian is a chartered accountant and an 
experienced FTSE 250 CFO with broad 
general management experience in 
retail, wholesale and consumer-branded 
manufacturing. Brian was the CFO for 
JD Sports Fashion plc from 2004 to 
2018 before retiring to focus on 
non-executive roles. He was also a 
Non-executive Director of Boohoo.com 
from 2019 to 2023. 
Contribution to long-term 
sustainable success 
Brian’s tenure as a FTSE250 CFO which 
provides valuable knowledge and 
experience to the Board. 
Appointed as General Counsel 
on 3 April 2023 and as Company 
Secretary on 11 April 2023
Career, skills and experience
Jon brings to De La Rue a wealth of 
experience in Company Secretarial, 
Legal and Governance, having held 
numerous executive roles in both listed 
and private companies operating in 
industrial, manufacturing, property, 
security and the defence sectors. His 
most recent role was as Group General 
Counsel and Company Secretary with 
QinetiQ Group plc, a multi-national FTSE 
250 operating primarily in the defence, 
security and critical national 
infrastructure markets.
Brian Small, 
Independent Non-executive 
Director
Jon Messent, 
General Counsel and 
Company Secretary
Mark Hoad, 
Independent Non-executive 
Director
Board of Directors  continued
Nick Bray, 
Senior Independent Non-executive 
Director
Securing trust:
…with a broad agenda
The Board regularly 
discusses strategy, financial 
and operational matters, 
people, culture and 
governance. The key 
matters discussed by 
the Board can be found 
on page 76.
…with the right skills
Having the right skills and 
knowledge on the Board is 
essential for decision 
making and driving the 
evolution of our business. 
To see the results from our 
internal board effectiveness 
review go to pages 82 to 83.
…with strong controls
Ensuring we consider 
the Group’s risks and 
monitoring our financial and 
narrative reporting is vital 
alongside our external and 
internal auditors. To read 
about our relationship with 
them, go to pages 88 to 90.
73	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Governance at a glance
Corporate 
governance is the 
system by which 
companies are 
directed and 
controlled, being 
a combination of 
people, structures 
and processes
matter expertise to devote time and 
attention to the areas where they 
can make a difference.
Reports from the Nomination, Audit, 
Risk, Ethics and Remuneration 
Committees are included later 
in this Governance report.
Attendance at scheduled 
Board meetings
The Board met on eight scheduled 
occasions during the year, with 
additional meetings held as required 
to provide approvals or discuss 
matters at short notice, which did 
not always require attendance from 
all Board members. Attendance at 
the scheduled Board meetings is 
shown below. 
Where a Director is unable to 
participate in a Board meeting, they 
review the meeting materials and 
communicate their opinions and 
comments on the matters to be 
considered to the Chairman of 
the Board. 
Clive Whiley
8/8
Clive Vacher
8/8
Dean Moore1
6/6
Ruth Euling2
7/8
Nick Bray
8/8
Mark Hoad
8/8
Brian Small3
5/5
Rob Harding4
3/3
Catherine Ashton5
1/1
Margaret Rice-Jones6
3/3
Notes:
1	
Appointed to the Board on 26 June 2023
2 	
Ruth Euling was unable to make one Board 	
	
meeting due to a conflicting prior appointment 
3	
Appointed to the Board on 8 September 2023
4	
Resigned from the Board on 28 July 2023
5	
Resigned from the Board on 12 June 2023
6	
Resigned from the Board on 7 September 2023
Governance in support of the 
corporate purpose
Our corporate purpose is to secure 
trust between people, businesses 
and governments.
To enable us to fulfil our purpose 
and support our customers and 
our stakeholders, De La Rue needs 
robust internal structures and 
processes. These are designed 
to ensure, as far as possible, that 
we are trusted by our stakeholders. 
Those structures and processes 
combine to make up our corporate 
governance framework. By training 
our people in what is expected of 
them and how we expect things to 
be done, we create the conditions 
under which we can fulfil our 
corporate purpose.
Corporate governance
The Company’s governance 
structure is intended to ensure that 
the right people are able to focus on 
the right issues, at the right time. The 
goal is to create and preserve value 
for all our stakeholders, including 
our shareholders.
As well as the Board Committees 
recommended by the Code, we 
have created a mix of Board and 
management committees that 
consider the key issues and risks 
facing the Company. This enables 
groups with the required subject 
Board attendance
98%
Board independence  
excluding the independent 
Chairman
50%
74	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

* 	
The Board also operates a Disclosure Committee, chaired by the Chairman, which oversees the governance and control of the disclosure of inside information in accordance with market abuse regulations.
Our governance 
framework
Certain Board 
responsibilities are 
delegated to formal 
Board committees 
which play an important 
governance role.
Governance at a glance  continued
Board Committees*
Certain matters are delegated to Committees of the Board. The terms of reference for these Committees can be found on the De La Rue website at www.delarue.com.
  Board
  Board committees
  Management committees
The Board sets the Group’s purpose, strategy and goals and monitors the delivery of these. In addition, the Board has duties to stakeholders and to deliver returns to shareholders  
sustainably over the longer term. A key responsibility of the Board is overseeing and monitoring (with the support of the Audit Committee, Risk Committee and Ethics Committee)  
our risk management programme and internal control environment.
Strategy: see pages 18 to 20
S.172 Statement: see pages 21 to 23
Risk Management: see pages 56 to 63
Finance review: see pages 50 to 55
Management Committees
These Management Committees support the Board and provide governance oversight on certain matters.
Executive Leadership Team
– Operates under the direction and authority of the Chief Executive Officer. 
– Manages the day-to-day running of the Group and its business. 
– Develops and implements strategy, monitoring the operating and financial performance and the prioritisation and allocation of resources.
CEO review: see pages 6 to 10
KPIs: see pages 46 to 49
The Board
75	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements
Sanctions Board
– Responsible for ensuring internal control procedures are in place to mitigate the risk 
of breaching applicable trade sanctions and embargos.
– Reports into the Ethics Committee.
For more information: see page 43
Group Health, Safety and Sustainability Committee
- Makes recommendations on health & safety and sustainability strategy.
- Monitors compliance with H&S and sustainability obligations.
- Tracks key H&S and sustainability KPIs.
- Recommends appropriate training and actions to maintain H&S and sustainability 
improvements and performance.
For more information: see page 38
Nomination Committee
Reviews the structure, size and 
composition of the Board and its 
Committees, managing 
succession planning to ensure a 
balance of skills, knowledge and 
experience and having regard to 
diversity.
See pages 80 to 83
Audit Committee
Reviews and monitors the 
integrity of the Company’s 
financial reporting, risk 
management systems and 
internal controls and the 
effectiveness of the internal audit 
function and external auditors. 
See pages 84 to 90
Risk Committee
Oversees the Group’s risk 
management framework. 
Identifies, evaluates and monitors 
the principal risks facing the 
Group and reviews mitigation 
activities. 
See page 91
Ethics Committee
Makes recommendations to the 
Board on ethical matters and 
reinforces the Group’s 
commitment to ensuring 
business ethics are a fundamental 
and enduring part of the Group’s 
culture.
See pages 92 to 93
Remuneration Committee
Implements the approved 
Directors’ remuneration policy, 
sets pay for the Chairman and 
Executive Directors, and monitors 
the policies and practices applied 
to senior management 
remuneration.
See page 94 to 112

Governance at a glance  continued
Key matters considered by the Board in FY24
There is regular dialogue between the Chairman, Chief Executive Officer, and Company Secretary to ensure that the Board agendas contain the 
appropriate mix of strategy, financial and operational, people, culture and governance matters to ensure the Board is able to discharge its duties 
effectively. Key matters considered during FY24 include:
	
– Ongoing updates from the 
Executive Directors on the 
amendment and extension to 
bank facilities
	
– Ongoing updates from the 
Chairman on discussions with 
the pension trustee and 
pension regulator
	
– Approval of and, where 
appropriate, ratification of large 
bids, and of appointments of 
high-level third party partners 
	
– Updates from the Managing 
Directors of both Currency and 
Authentication divisions
	
– Review and approval of strategy 
for FY24 to FY27 
	
– Approval of the budget for FY25
	
– Updates from the Risk 
Committee on principal risks 
and uncertainties across the 
Group
	
– Confirmed the Group’s risk 
appetite and which risks should 
be insured
	
– Health, Safety, Security and 
Environmental updates
	
– Cyber security updates
	
– Ongoing updates on the 
engagement with large and 
institutional shareholders 
throughout the year in relation 
to Board composition 
	
– Received and considered 
feedback from institutional 
investors and regular investor 
relations reports
	
– Agreed that the Chairman 
would be the Workforce 
Engagement Director and 
engage with employees via the 
Employee Engagement Forum
	
– Held the Annual General 
Meeting with all Directors 
standing for reappointment 
being reappointed 
	
– Approved the half and full year 
financial statements and the 
Annual Report and Accounts
	
– Approved the Going Concern 
and Viability statements
	
– Reviewed trading performance 
	
– Reviewed and approved the 
April 2023, September 2023 
and October 2023 trading 
statements and considered 
media reaction and institutional 
investor feedback
	
– Approved the updated Tax 
strategy
	
– Appointment of Clive Whiley as 
Chairman
	
– Appointment of Dean Moore as 
Non-executive Director and 
later as Interim Chief Financial 
Officer
	
– Appointment of Brian Small as 
Non-executive Director and 
Chair of the Remuneration 
Committee
	
– Appointment of Mark Hoad as 
Chair of the Audit Committee
	
– Appointment of Nick Bray as 
Senior Independent Director
	
– Undertook a 2024 Board 
effectiveness review
	
– Approved the updated Modern 
Slavery Statement
Strategy and financing
Stakeholder engagement
Monitoring and managing risk
Reporting and accountability
Ensuring good governance
Key activity timeline
	
– Half year results
	
– Appointment of interim CFO
	
– Trading Update
	
– Resignation of Kevin Loosemore 
as Chairman
	
– Appointment of Clive Whiley as 
Chairman
	
– Trading Statement
	
– Appointment of joint broker
	
– Dean Moore appointed as 
Interim CFO
	
– Brian Small appointed as 
Non-executive Director
	
– Results of AGM
	
– Trading Update
	
– Resignation of Catherine Ashton 
and Margaret Rice-Jones
	
– Appointment of Dean Moore as 
Non-executive Director
	
– Full year results
February
March
December
January
April
May
October
November
August
September
June
July
	
– Publication of Annual Report 
and Notice of AGM
 
 
 
 
 
 
Our strategic pillars
 	 Grow repeatable business
 	 Drive efficient operations
	 Invest for the future
76	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Governance at a glance  continued
Employee relations
The Board understands that having 
the right corporate culture comes 
from the top and is a critical enabler 
for both the delivery of the 
Company’s strategy and the 
maintenance of effective risk 
management and internal controls. 
The Directors recognise that they 
must lead by example, promoting 
ethics and integrity in line with our 
standards. We continue to build a 
high-performance culture across 
the business to support the delivery 
of our strategy.
As employees are one of the Group’s 
key stakeholders, the Board has 
monitored employee engagement 
throughout the year including:
	
– Receiving updates from the 
Executive Leadership Team (ELT)
	
– Receiving reports from Group 
Director of HR
	
– Reviewing and approving 
succession and talent frameworks
	
– Attendance by the Chairman at 
the Employee Voice Forum, 
having an open conversation with 
employees focused on what has 
gone well, any challenges faced 
by employees, and whether there 
was anything employees felt the 
Board should be made aware of. 
	
– The Executive Directors attending 
site visits throughout the year to 
meet employees in person. In 
particular this year, Clive Vacher 
visited sites in Westhoughton, 
Malta, Gateshead and Dubai and 
Ruth Euling visited our Debden 
and Westhoughton sites. 
As set out in the Responsible 
business report on pages 24 to 45 
we also launched management 
fundamentals training and a range 
of wellbeing sessions on a variety 
of topics including neurodiversity, 
mental health and the importance 
of staying healthy. 
Shareholder relations
The Board considers the views of 
the Company’s current and potential 
shareholders to be important and 
looks to engage with shareholders 
whenever possible. We run an active 
investor relations programme with 
our major shareholders, led by the 
Chairman, and in which the CEO, 
CFO and Senior Independent 
Director are involved who all provide 
feedback to the Board. During the 
year, the Board worked on an 
accelerated appointment plan for a 
new Chairman, and the engagement 
with shareholders in respect of Clive 
Whiley’s appointment was led by 
Nick Bray as Interim Chair at the time. 
During the year, Clive Whiley 
engaged with the Company’s 
principal institutional investors via 
one-to-one meetings and group 
meetings. These meetings were 
attended by various senior 
executives including the Chief 
Executive Officer, who met with 
holders of the majority of the 
issued share capital during the year. 
The key focus of shareholder 
engagement throughout the year 
was Board composition and the 
appointment of Clive Whiley as 
Chairman, banking facilities and the 
strength of the Company’s balance 
sheet – see page 23 for more 
information. 
Our principal engagement with our 
retail shareholder base is at the 
AGM, at which all Directors attended 
in person, and our Committee Chairs 
were available to answer questions. 
We also webcast our results 
presentations, allowing any 
shareholder to listen in, and these 
are also available subsequently 
on our website.
At the 2023 AGM, the resolution 
relating to the authority to allot 
additional shares on a non-pre-
emptive basis received votes 
against in excess of 20%, which 
is seen as significant by the 
Investment Association. 
The Board was disappointed in this 
outcome, given that the resolution 
followed the provisions of the 
Pre-Emption Group’s Statement 
of Principles. Further, the authority 
sought would have been limited 
to issuance of equity for cash in 
connection with an acquisition 
or specified capital investment. 
Subsequent to the AGM, we 
have engaged with our largest 
shareholders to understand their 
views on this resolution, which 
included that this authority could 
result in inappropriate levels of 
dilution. The Board will continue to 
propose resolutions to shareholders 
which it considers to be in the best 
interests of the long-term success 
of the Company. 
Our behaviours
All businesses depend on a skilled, 
dedicated and motivated workforce 
in order to deliver their strategy. 
It is therefore critical that the way 
in which we manage our workforce 
supports the long-term sustainable 
success of the Group. We aspire to 
the highest standards of business 
conduct based on integrity, 
transparency and collaboration. 
We have a Code of Business 
Principles which sets out our 
corporate values and how we expect 
our employees to conduct business. 
This is supplemented by the People 
Managers’ Charter, which sets out 
our expectations for all levels of 
leadership. 
Our culture is inclusive, and we seek 
to improve it continuously. Therefore, 
we encourage our workforce to 
speak up to raise any concerns 
about ethical breaches or 
malpractice. As part of this, we 
have a dedicated whistleblowing 
hotline to allow matters to be raised 
confidentially or anonymously by 
all employees. 
For more information see the 
Responsible Business section 
on pages 42 to 45.
77	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Division of responsibilities
As at 30 March 2024 the Board had 
seven members, being the Chairman, 
three Executive Directors (the Chief 
Executive Officer, the Interim Chief 
Financial Officer and the Managing 
Director, Currency) and three 
Non-executive Directors. Biographies 
setting out the skills and experience 
of the Directors are set out on pages 
72 and 73. There is a clear division 
between Executive and Non-
executive responsibilities which 
ensures appropriate accountability 
and oversight. 
The Directors are, individually and 
collectively as a Board, accountable 
to shareholders for their performance 
and for governance throughout the 
Company, supported by the 
Company Secretary. 
The Chairman and the Non-
executive Directors meet regularly 
without the Executive Directors 
present and, at least on an annual 
basis, the Non-executive Directors 
meet without the Chairman. 
The Board meets regularly 
throughout the year, follows a formal 
work programme and has adopted 
a schedule of matters which are 
required to be brought to it for 
decision on a timely basis. The key 
areas for the Board’s sole decision 
include Group strategy, long-term 
objectives and budgets, the Group’s 
values and culture, approval of 
annual and interim results, 
acquisitions, disposals and material 
business changes, internal control 
and risk management systems, 
any changes to the Group’s capital 
structure, and the dividend policy. 
The Board delegates some of its 
responsibilities to the Nomination, 
Audit, Risk, Ethics and Remuneration 
Committees. The work of these 
Committees can be found on pages 
80, 84, 91, 92 and 94. Each of these 
Committees has its own terms of 
reference which can be found 
on our website. 
The Board also delegates certain 
operational matters to the Executive 
Leadership Team, who meet regularly 
to communicate, review and agree 
on issues and actions of Group-wide 
significance. The ELT develops, 
implements and monitors strategic 
and operational plans, and considers 
the continuing applicability, 
appropriateness and impact 
of risk. It leads the development 
and implementation of the Group’s 
culture and aids the decision making 
of the Executive Directors in managing 
the business. 
There is a clear division of 
responsibilities between the roles 
of the Chairman, Chief Executive 
and Senior Independent Director. 
This is set out in writing and 
agreed by the Board, and is 
available on the Company’s 
website, www.delarue.com. This is 
summarised in the following table. 
As Chairman, Clive Whiley is 
responsible for:
	
– Providing leadership of the 
Board, setting its agenda, 
style and tone, promoting 
constructive challenge, 
debate and sufficient time 
for discussion.
	
– Ensuring information flows from 
the Executive Directors to the 
Board and from the Board to 
key stakeholders, therefore 
facilitating constructive Board 
relations and the effective 
contribution of all Directors.
	
– Having oversight and 
responsibility for the 
composition and capability of 
the Board, its Committees and 
senior management, including 
acting as Chair of the 
Nomination Committee and 
the Ethics Committee.
	
– Ensuring high standards of 
corporate governance and 
probity throughout the Group 
are established and maintained. 
	
– Developing and maintaining 
constructive relationships 
with the Company’s investors 
and lenders.
In his role as Chief Executive 
Officer, Clive Vacher is 
responsible for:
	
– Maintaining and motivating a 
senior management team with 
the appropriate knowledge, 
experience, skills and attitude 
to manage the Group’s 
day-to-day activities.
	
– Demonstrating personal 
leadership and a management 
style which encourages open 
working relationships at all 
levels within the Group.
	
– Ensuring, alongside the Chief 
Financial Officer, the control 
and coordination of the Group’s 
financial and funding policies as 
approved by the Board.
	
– Ensuring that the Company has 
in place appropriate and robust 
risk management and internal 
control mechanisms including 
health, safety and 
environmental policies and 
wellbeing of its workforce.
	
– Leading on the Group’s 
sustainability strategy and 
climate change related 
commitments.
	
– Setting the operating plans 
and budgets required to 
deliver the strategy.
	
– Engaging with shareholders and 
key stakeholders and briefing 
the Board in any material views 
and issues.
As Interim Chief Financial Officer, 
Dean is responsible for:
	
– Supporting the Chief Executive 
Officer.
	
– Managing the Group’s finance 
strategy, financial reporting, 
risk management and internal 
controls.
	
– Managing the programme 
of meetings with investors.
	
– Providing leadership to the 
finance function.
Chairman
Clive Whiley
Chief Executive Officer
Clive Vacher
Interim Chief Financial Officer
Dean Moore
78	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Division of responsibilities  continued
Independence and  
time commitments
All the Non-executive Directors are 
considered to be independent, both 
in thought and relative to the criteria 
set out in the Code.
The Chairman and each of the 
Non-executive Directors have a 
breadth of strategic, management 
and financial experience gained 
in their specialist areas in a range 
of multinational businesses. 
No one individual or small group 
of individuals dominates the Board’s 
decision making. 
The Board has established a process 
to review at least annually any actual 
or potential conflict of interest, the 
most recent review being March 
2024. Any transactional conflicts are 
required to be notified, and would be 
reviewed, as they arise. 
As part of a Non-executive Director’s 
selection process, candidates are 
asked to confirm that they will have 
sufficient time to meet their 
responsibilities as Directors and to 
undertake not to accept any further 
appointment without first clearing 
the proposed role with the Chairman. 
In his role as Senior Independent 
Director, Nick:
	
– Is available to shareholders if 
they have concerns which 
contact through the normal 
channels of Chairman, Chief 
Executive Officer or Chief 
Financial Officer has failed to 
resolve, or for which such 
contact is inappropriate.
	
– Is available to other Directors 
should they have any concerns 
which are not appropriate to 
raise with the Chairman or 
which have not been 
satisfactorily resolved by the 
Chairman.
	
– Leads on any recruitment of a 
new Chairman, other than when 
being considered for the 
position.
In her role as Executive Director, 
Ruth is responsible for:
	
– Supporting the Chief Executive 
Officer.
	
– Delivery of the Currency 
division’s operational and 
financial performance.
As members of the ELT, all 
Executive Directors have a wider 
responsibility for monitoring the 
delivery of intended goals across 
the entire business, and for 
implementing and maintaining 
appropriate risk management 
processes and internal controls. 
In their roles as Non-executive 
Directors, Nick Bray, Mark Hoad 
and Brian Small:
	
– Provide constructive challenge 
and contribute to the 
development of strategy.
	
– Review the performance of 
management in meeting agreed 
goals and objectives and 
delivering against business 
plans and budgets or forecasts.
	
– Monitor the accuracy and 
completeness of financial and 
narrative information provided 
to the market.
	
– Assist in the establishment of a 
framework of prudent and 
effective controls, which enable 
risk to be assessed and ensure 
that the systems of risk 
management and internal 
control are robust and 
defensible.
	
– Monitor succession planning 
and management development. 
	
– Ensure that the voice of the 
workforce and other 
stakeholders is considered by 
the Board. 
	
– Are members of the 
Nomination, Audit, Ethics and 
Remuneration Committees.
In addition to their roles, Mark 
Hoad is responsible for chairing 
the Audit Committee and Brian 
Small for chairing the 
Remuneration Committee. 
As Company Secretary, Jon:
	
– Supports the Chairman in 
ensuring a timely flow of high 
quality information to the 
Directors.
	
– Advises the Board on regulatory 
compliance and corporate 
governance matters.
	
– Acts as point of contact for 
investors on matters of 
corporate governance.
	
– Ensures probity and good 
governance practices at Board 
level and throughout the Group.
	
– Is responsible for chairing the 
Risk Committee.
Senior Independent Director
Nick Bray
Other Executive Director
Ruth Euling
Independent Non-executive 
Directors
Nick Bray
Mark Hoad
Brian Small
General Counsel & Company 
Secretary
Jon Messent
79	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Nomination Committee report
Dear Shareholder,
I am pleased to present to you my 
first Nomination Committee report 
as Chairman for the period ended 
30 March 2024. This year, the 
Committee has been involved 
with a significant number of Board 
changes, and ensuring that the 
Board is comprised of the 
appropriate skills and experience. 
Board and Committee changes
Firstly, Kevin Loosemore stepped 
down as Chairman on 1 May 2023, 
and following an accelerated and 
comprehensive selection process 
led by Nick Bray as Senior 
Independent Director, I was 
appointed as Chair on 18 May 2023. 
Dean Moore was appointed in June 
2023 as Non-executive Director, and 
subsequently Interim Chief Financial 
Officer in August 2023, following the 
departure of Rob Harding as Chief 
Financial Officer in July 2023 at 
the end of his notice period. 
Both Catherine Ashton and Margaret 
Rice-Jones retired from the Board 
in June and September 2023 
respectively and we appointed Brian 
Small as Non-executive Director and 
Chair of the Remuneration 
Committee in September 2023. 
Brian, as a chartered accountant 
and an experienced FTSE 250 CFO, 
provides valuable experience and 
knowledge to the Board. 
My appointment as Chairman was 
conducted through Russell Reynolds, 
an external search consultancy, 
which had no other connection 
to the Company or its directors. 
Board diversity
Diversity, equality and inclusion 
continue to be areas of focus for 
the Committee and the Board, with 
the Board’s diversity policy being 
aligned to that of the wider Group, 
which is to strive to have a workforce 
representative of the communities 
in which we operate. 
The Board acknowledges that 
its diversity is not in line with the 
recommendations set out in the 
Parker Review and the FTSE 350 
Women Leaders Review or the 
targets within the UK Listing Rules. 
However, the individuals on the 
Board have a depth of financial 
experience, strategic knowledge and 
availability to guide the Group during 
this challenging period. Nick Bray will 
remain on the Board until the 2025 
AGM, at which point he will retire 
having served for nine years. 
During FY25 the Committee will be 
considering further appointments to 
the Board, having full regard to the 
benefits of diversity in all its forms 
and compliance with relevant 
guidance and rules.
Clive Whiley
Chair, Nomination Committee 
Current members:
Clive Whiley (Chair)
Nick Bray
Brian Small 
Mark Hoad
Clive Vacher
Former members:
Dean Moore
Catherine Ashton 
Kevin Loosemore 
Margaret Rice-Jones 
	
– 5 scheduled meetings
	
– 100% attendance from all members during their membership
Having the right skills and knowledge on the 
Board and the leadership team will help drive 
the evolution of the Group’s business.
Committee members and attendance
Principal responsibilities
Board composition:
	
– Review the structure, size and 
composition of the Board and 
its Committees, to ensure that 
they remain appropriate, 
aiming to maintain a balance 
of skills, experience, knowledge 
and diversity
	
– Ensure that all Board 
appointments are made 
on a formal, rigorous and 
transparent basis
Succession:
	
– Consider succession plans 
for the Board and senior 
management, anticipating the 
challenges and opportunities 
facing the Company and the 
need for a diverse pipeline 
of talent
	
– Oversee the Board’s diversity 
policy and its implementation
Effectiveness:
	
– Review the independence 
and time commitment of 
the Non-executive Directors
	
– Act on the results of the 
effectiveness reviews in 
relation to individual Directors
80	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Nomination Committee report  continued
The Listing Rules now set out 
diversity requirements that 40% of 
the Board should be women, at least 
one of the Chairman, CFO, CEO or 
SID positions should be a woman 
and that at least one member of 
the Board should be from an ethnic 
minority background. The current 
Board composition does not meet 
these requirements. However, 
diversity is a key focus for the 
Committee, and it will be taken 
into consideration for future 
Board composition and succession 
planning. The Committee is aware 
of the lack of diversity, but believes 
that the financial and operational 
experience on the Board is 
particularly suitable for the current 
stage of the Group’s evolution.
Diversity as at 30 March 2024
Board
  Female	
1
  Male	 	
6
Direct reports into the Executive 
Leadership Team
  Female	
16
  Male	 	
15
Executive Leadership Team
  Female	
2
  Male	 	
4
Independence 
  Executive
  Independent Non-executive
  Chairman
Tenure to 30 March 2024 
Clive Whiley
10 months
Clive Vacher
4 years, 5 months
Dean Moore
9 months
Ruth Euling
2 years, 11 months
Nick Bray
7 years, 8 months
Mark Hoad
1 year, 6 months
Brian Small
6 months
Gender balance of the Board and Executive Leadership Team (ELT)
As at 30 March 2024
Number of 
Board 
members
Percentage of 
the Board
Number of 
senior 
positions on 
the Board 
(CEO, CFO, 
SID and 
Chairman)
Number in 
executive 
management 
(ELT)
Percentage of 
executive 
management 
(ELT)
Men
6
85%
4
4
67%
Women
1
15%
0
2
33%
Not specified/ 
prefer not to say
n/a
n/a
n/a
n/a
n/a
Composition and diversity
The diagrams on the right show 
the Board’s composition, tenure 
and diversity characteristics. The 
biographical details of the Directors 
can be found on pages 72 and 73 
showing their experience and skills 
for which they were appointed. 
Whilst the primary objective and 
responsibility when making new 
appointments to the Board is to 
ensure the strength of the Board, 
we are committed to promoting a 
culture of respect and inclusivity for 
every individual across our business. 
We continue to promote a culture 
that values and thrives on diversity 
in all areas, including an inclusive 
and diverse culture in terms of 
ideas, skills, knowledge, experience, 
education, gender, social and ethnic 
backgrounds and cognitive and 
personal strengths. 
Operation of the Committee
The Committee is comprised 
of the Company’s independent 
Non-executive Directors and 
the Chief Executive Officer. 
Kevin Loosemore retired from 
the Board and the Committee 
on 1 May 2023 and Clive Whiley 
joined the Board as Chairman 
and Chair of this Committee 
on 18 May 2023. 
Catherine Ashton and Margaret 
Rice-Jones retired from the 
Board and the Committee on 
12 June 2023 and 7 September 
2023 respectively. Brian Small 
joined the Committee on 
8 September 2023. Dean Moore 
was appointed to the Committee 
on 27 June 2023, relinquishing 
his role on 4 August 2023 upon 
his appointment as Interim 
Chief Financial Officer. 
During the year, at the 
Nomination Committee 
Chair’s request, the Group HR 
Director was invited to meetings 
as appropriate. 
The Committee’s effectiveness 
was reviewed as part of the 
overall Board Effectiveness 
review. For further information 
on this, please see pages 82 
to 83. 
81	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Nomination Committee report  continued
Board appointments 
and induction
The Committee oversaw the process 
of the appointment of three new 
Directors during the year, who could 
all make a positive contribution to 
the Board and its discussions on 
the Group’s strategic development. 
A detailed brief was prepared and 
shared with Russell Reynolds (which 
has no other connection with the 
Company or any of its Directors), 
who was tasked with finding suitable 
chairperson candidates. The process 
culminated with the appointment of 
Clive Whiley. Dean Moore and Brian 
Small were appointed further to 
introduction by the Chairman, 
followed by interviews with and 
agreement by each member of 
the Board. 
All new Directors receive a tailored 
induction on joining the Board. They 
also receive a detailed briefing which 
includes details of their duties and 
responsibilities as a Director and 
other governance-related matters. 
The induction process also covers 
finance and governance matters 
that provides new Directors with an 
opportunity to glean insights from 
and build relationships with key 
individuals. Feedback on the 
induction was fed back to the 
Company Secretary to inform 
future induction processes. 
Clive Whiley’s induction
Clive Whiley’s induction to his role as 
Chairman has included meeting with 
the Non-executive and Executive 
Directors including the Chairs 
of the Audit and Remuneration 
Committees and the Company 
Secretary, the members of the 
Executive Leadership Team and 
senior management across Currency 
and Authentication. He also visited 
our key sites in Debden and Malta to 
gain an understanding of our teams, 
products and processes. 
He was also appointed to the role 
of Workforce Engagement Director 
and through this has met the 
Group HR Director and employees 
to understand the current sentiment 
across the Group. In addition, 
his introduction has involved 
comprehensive engagement 
with the Company’s principal 
shareholders, pension trustee, 
its lending syndicate, and its 
corporate advisors. 
Dean Moore’s induction
Dean Moore’s planned induction as 
Non-executive Director was changed 
following his amended appointment 
as Interim Chief Financial Officer in 
August 2023. Dean met senior 
management across the finance 
team, and both the external and 
internal auditors to understand 
their procedures and views of the 
business. Dean’s induction has been 
aimed principally at developing his 
understanding of the Company’s 
financial position and prospects 
in order that the benefit of his 
extensive listed company chief 
financial officer experience can 
be brought to bear in dealing with 
the Company’s immediate and 
ongoing challenges. 
Brian Small’s induction
Brian Small’s induction was tailored 
to his role as Non-executive Director 
and Chair of the Remuneration 
Committee. Brian met senior 
leadership, including in Currency, 
Authentication, and Finance. 
During Brian’s induction meetings, 
he was able to gain insight into the 
business of the different divisions 
and their key priorities and 
challenges. He also met the Group 
HR Director to gain an understanding 
of the remuneration frameworks 
and policies across the business. 
As with the other inductions 
noted, an important objective 
has been to ensure a high level of 
understanding of the Company’s 
finances in order that his substantial 
listed company chief financial officer 
experience can be engaged for the 
Company’s benefit. 
Succession planning
The Committee recognises that 
having the right Directors and 
senior management is crucial for the 
Group’s success. A key task for the 
Committee is to ensure that there is 
a robust and rigorous succession 
process to ensure the right mix of 
skills and experience throughout 
the Group as the business evolves. 
The Committee’s approach to 
succession planning is linked to the 
Company’s overall strategy, values 
and mission and includes diversity 
considerations. Our policy is to 
appoint the best people available 
for each role and to ensure that the 
Board members are collectively able 
to provide the range of perspectives, 
insights and constructive challenge 
required to make decisions 
effectively. Appointments are 
therefore based on merit by 
assessing candidates on objective 
criteria. It is the Board’s view that 
it is presently ideally configured for 
meeting the financial and structural 
challenges the Company faces. 
This year, talent development 
and succession planning has 
been reviewed by the Executive 
Leadership Team and shared with 
the Nomination Committee for their 
awareness.
The Board meets the Executive 
Leadership Team members and 
other key managers both formally 
and informally to exchange views 
and ideas. During the period, 
there was a focus on succession 
planning within the Finance team 
following a period of change within 
the leadership.
Board evaluation
The Chairman is responsible, 
with the support of the Nomination 
Committee, for ensuring that the 
Company has an effective Board 
with a suitable range of skills, 
knowledge, experience and diversity. 
In accordance with the Corporate 
Governance Code, the Company 
conducts a formal annual 
performance evaluation process 
for the Board, its Committees and 
individual Directors, including the 
Chairman. The Chairman routinely 
holds one-to-one meetings with all 
Directors to review their contribution 
to the Board. 
This year’s review of the 
effectiveness of the Board and 
Committees was carried out 
internally through questionnaires, 
using an online system managed 
by Lintstock, completed by each 
member of the Board to gather 
comments on a range of matters 
including the composition and 
dynamics of the Board, the Board 
support and focus of meetings, the 
Chairman and Committees and 
oversight on strategy, risk and 
people and performance priorities. 
82	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Nomination Committee report  continued
Lintstock produced a report 
summarising the results of the 
survey, with both quantitative 
and qualitative data. The report 
was shared with the Board and its 
Committees, who discussed the 
findings and agreed appropriate 
actions. 
Feedback received on the 
Chairman was positive, stating the 
comprehensive engagement with 
the debt and equity investors had 
improved trust and credibility of the 
Group and that the Chairman was 
supportive and challenging towards 
management to perform in line with 
expectations.
Conclusions from the FY24 
Board evaluation
Some of the key strengths 
identified included:
	
– The Board’s oversight of risk.
	
– The range of skills and experience 
on the Board needed to deal with 
the specific challenges the 
Group faces.
	
– The dynamics of the Board, which 
were seen to be highly supportive, 
with the Non-executive Directors 
providing high quality challenge 
and support. 
	
– The management of Board 
meetings, with the board papers 
being of high quality with a 
substantial improvement in the 
timeliness of availability of the 
papers in the last year.
The Board’s focus throughout the 
year has been managing through a 
period of change and uncertainty, 
however, the continuing priorities 
for the Board were:
	
– To continue to provide support 
and guidance to management to 
help them tackle the short-to-
medium-term challenges faced 
by the business.
	
– To stabilise the business to 
ensure its future and to consider 
the Group’s Executive succession 
planning and the effectiveness 
of talent management processes.
	
– To address the lack of diversity 
on the Board as and when 
appropriate. 
As set out in last year’s annual 
report, an internal performance 
evaluation was undertaken of the 
Directors, the Board and its 
Committees. The progress made 
against the FY23 evaluation is set 
out in the following table.
Progress against FY23 evaluation
Agreed change
Progress
Each Board meeting should commence 
with a private session for the Chairman 
and other Non-executive Directors, and 
be followed by a joint session with the 
Chief Executive Officer.
	
– This meeting structure has been 
used on occasion. However, there 
has been very considerable 
engagement, and cross-
engagement of these groupings 
over the course of the year on an 
ad hoc basis. 
During a period of significant uncertainty 
in the Company’s markets and the 
challenging business context that this 
creates, to re-introduce a Directors’ call 
in those months with no scheduled Board 
meeting, following publication of the 
management accounts. 
	
– These calls have taken place in every 
month of FY24, sometimes on more 
than one occasion within a month. 
Re-election of Directors at the 
2024 AGM
All Directors serving at the date of 
this report will stand for re-election 
at the 2024 AGM. Following the 
Board performance evaluation 
(set out above), the Committee 
considers each of the Directors to 
be effective in their respective roles. 
It judges that they demonstrate 
commitment and is of the opinion 
that all Directors continue to provide 
valuable contributions to the 
long-term success of the Company. 
The Board strongly supports their 
election and re-election to the Board 
and recommends that shareholders 
vote in favour of the relevant 
resolutions at the 2024 AGM. 
83	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Audit Committee report
Dear Shareholder,
On behalf of the Audit Committee, 
I am pleased to present my first 
Audit Committee report for the 
period ending 30 March 2024.
The Group’s key accounting matters, 
together with how the Committee 
has addressed them, can be found 
on pages 85 to 87. During the year, 
and subsequent to it, a key area of 
focus for the Committee has been 
the going concern assumption and 
the ability of the Group to continue 
to comply with its banking facility 
covenants. As part of this, 
consideration was given to the 
Group’s liquidity and forecast 
cash flows under many potential 
scenarios, and the extension to the 
Group’s banking facilities. The Going 
Concern statement can be found on 
pages 64 to 68.
A further key focus for the 
Committee this year was post-
retirement benefits, and in particular, 
the impact the Group’s pension 
obligations have on the financial 
statements. In June 2023, the Board 
agreed with the pension trustee to a 
15 month moratorium on pension 
deficit repair contributions until July 
2024. From this date, the repair 
contributions would amount to £8m 
per annum until FY27, with further 
payments, not exceeding £16m until 
December 2030, or until the pension 
scheme is fully funded. This has 
significantly improved the Group’s 
cash flow profile whilst improving the 
safeguards to the pension scheme 
and its members. You can read 
further on this on page 55.
In addition, the Committee was 
pleased to hear that the Financial 
Reporting Council’s Corporate 
Reporting Review team undertook a 
desk top review, and whilst they do 
not benefit from detailed knowledge 
of the business or underlying 
transactions and provide no 
assurance, they did not find any 
significant areas of improvement 
during their review of the Group’s 
audited FY23 annual report and 
accounts. 
Mark Hoad, 
Chair, Audit Committee 
Current members:
Mark Hoad (Chair)
Nick Bray
Brian Small 
Former members:
Dean Moore
Catherine Ashton
Margaret Rice-Jones 
	
– 6 scheduled meetings
	
– 100% attendance from all members during their membership
Committee members and attendance
We provide comfort to the Board ensuring that 
we have oversight of the financial statements 
and the Group’s system of internal controls and 
risk management. 
Principal responsibilities
Financial reporting:
	
– Monitor the integrity of the 
Group’s financial reporting
	
– Review significant financial 
reporting issues and 
accounting judgements
	
– Review the adoption of new 
accounting standards
External audit:
	
– Responsible for the relationship 
with the external auditors, 
including the scope and extent 
of the external audit, their 
performance and fees
	
– Review and monitor the 
external auditors effectiveness, 
independence, objectivity 
including the level of provision 
of non-audit services
Internal audit:
	
– Oversee the relationship with 
the internal auditors, including 
the internal charter, annual 
work programme, fees and 
their independence and 
effectiveness
	
– Monitor and challenge 
management’s response to 
internal audit findings and 
whether these are being 
implemented in a manner 
that supports the work of 
the internal auditors
Risk management and 
internal control:
	
– Review and monitor the 
effectiveness of the systems 
of internal control and risk 
management, including 
financial, operational and 
compliance controls
84	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Key accounting matters in relation to FY24
The Committee reviews whether suitable accounting policies have been adopted and applied consistently and assesses if management has made appropriate estimates and judgements in the 
preparation of the financial statements. In addition, the Committee has reviewed and considered and challenged a number of key accounting areas and judgements in preparing the financial 
statements, as set out below.
Topic
What is the risk?
What did the Committee do?
What conclusion did it reach?
Revenue recognition
Revenue (and therefore profit) is not 
recorded in the correct financial year, 
resulting in an incorrect statement 
of performance
The Committee considered the Group’s revenue recognition policies and 
procedures to ensure that they remained appropriate and that the Group’s internal 
controls were operating effectively in this area.
Feedback was also sought from the external auditors over the application 
of the revenue recognition policy including ongoing compliance with IFRS15. 
Specific focus was given to revenue recognised on a “bill and hold” basis and 
where revenue on new contracts entered into in the year was being accounted 
for on an “over time basis”. 
Following a review of the varied 
sources of information received, 
the Committee concluded that 
the accounting treatments and 
judgements were reasonable 
and appropriate.
Classification of 
exceptional items
Costs or income are incorrectly 
categorised as, or omitted from, 
exceptional items, resulting in a 
misstatement of profits for the year.
As part of the Committee’s deliberations over whether the annual report and 
accounts, taken as a whole, is fair, balances and understandable, the Committee 
also considered the amounts disclosed as exceptional items. The nature of the 
items classified as operating exceptional items during the period is described 
in note 5. 
The Committee considered the accounting treatment and disclosure of 
these items in the financial statements including seeking the views of the 
external auditors.
On the basis of its review, the 
Committee concluded that the 
accounting treatment and 
disclosures in relation to these 
items were appropriate.
Accounting for the 
extension of the factory 
in Malta
The timing of the accounting for the 
new lease on the Malta site extension 
was not recorded appropriately. 
The Committee reviewed Management’s judgement as to whether the Company 
has control of the Malta site during the construction period. If the Group has the 
right to control the use of the identified asset for only a portion of the term of the 
contract, the contract contains a lease for that portion of the term. In order to 
control the asset, the lessee must have the right to obtain substantially all of the 
economic benefits from the use of the asset and the right to direct the use of the 
asset. It was determined that control exists only after the build is completed and 
the site becomes available for use. Management considers that given the building 
was under construction at year end date and therefore there were no economic 
benefits as the asset was not ready for use at that time. 
Therefore, management have concluded that no lease should be recognised in 
FY24. The lease will be recognised when the building becomes available for use.
The Committee concluded that 
Management’s assessment that the 
lease will be recognised when the 
building becomes available for use 
is appropriate.
Audit Committee report  continued
85	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Topic
What is the risk?
What did the Committee do?
What conclusion did it reach?
Changes to the terms of 
the Group’s banking 
facilities 
Banking facility amendments in June 
2023 and December 2023 may not be 
accounted for correctly as non-
substantial modifications under IFRS 9 
“Financial Instruments”. 
The Committee reviewed Management’s judgement as to whether the 
amendments to the banking facilities made in June 2023 and December 2023 
had been correctly accounted for as a non-substantial modifications under IFRS 9. 
The changing in the banking facilities did not result in an extinguishment of debt. 
The difference between the amortised cost carrying amount of the previous terms 
of the facility and the present value of the updated terms of the facility, discounted 
using the effective interest rate, resulting in a modification loss.
The net loss on debt modification was £5.6m, including a loss on the debt 
modification in June 2023 of £4.8m and a loss on the debt modification in 
December 2023 of £0.8m. 
The Committee has concluded that 
it supports the accounting of the 
June 2023 and December 2023 
banking facility amendments as 
non-substantial modifications 
under IFRS 9. 
Recoverability of other 
financial assets
The carrying value of investments 
made by the Group in entities within 
the Portals Group is recognised as an 
incorrect or inappropriate value in the 
balance sheet, resulting in an under or 
over-statement of assets.
The Committee notes that management has carefully assessed the recoverability 
of the other financial assets on the balance sheet as at 30 March 2024 based on 
information available to them and determined that an expected credit loss 
provision reported in FY23 was still appropriate. 
During FY24, £0.3m was received to settle some of these other financial assets. 
This was unexpected and no further amounts were expected as at 30 March 2024. 
However, a further £0.2m was received, again unexpectedly, in June 2024 in 
settlement of some of these other financial assets. The £0.5m credit has been 
reflected in exceptional items in FY24 (note 5). After a further review, management 
has concluded that there has been no change in this assessment of the remaining 
other financial assets in FY24.
The amount presented on the balance sheet within other financial assets as at 30 
March 2024 of £nil (25 March 2023: £nil) included the original principal received 
and accrued interest amounts, fully offset by the expected credit loss provision. 
The Committee has concluded that 
it supports retaining the expected 
credit loss that was recorded in 
prior years. 
The Committee noted that if factors 
change again in the future, this 
may alter the judgements made 
resulting in a revision to the value 
of expected credit loss provision 
to be recognised.
UK post-retirement 
benefit obligations
The valuation of the pension scheme 
assets and/or liabilities is incorrectly 
or inappropriately valued. This would 
result in the balance sheet being 
misstated.
The Committee received and considered reports from management based on 
analysis prepared by independent actuaries and the external auditors in relation 
to the valuation of the UK defined benefit pension scheme and challenged the 
key actuarial assumptions used in calculating the scheme liabilities, especially 
in relation to discount rates, RPI and CPI inflation rates and mortality. 
The Committee discussed the reasons for the movements on the IAS 19 valuation 
deficit. The Committee was satisfied that the assumptions used were appropriate 
and were supported by independent actuarial specialists. Details of the key 
assumptions used are set out in note 23 to the consolidated financial statements.
The UK pension scheme assets valuations aligned with the year end of 30 March 
2024 and therefore there were no estimation adjustments made to the valuation 
of assets between this date and the valuation dates of the 31 March 2024.
The Committee considered the 
difference in valuation caused by 
the year end of 30 March 2024 and 
reporting dates of 31 March 2024 to 
not be significant when compared 
to total UK defined benefit pension 
scheme assets The Committee 
decided that a critical accounting 
judgement was not required for FY24.
Audit Committee report  continued
86	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Topic
What is the risk?
What did the Committee do?
What conclusion did it reach?
Recoverability 
assessment and 
impairment charges 
related to plant and 
machinery and 
capitalised product 
development costs
The impairment assessments carried 
out by the Group have not identified 
all applicable impairments.
The Committee reviewed Management’s assessment of impairments made in the 
year. Impairment charges of £3.4m were made in relation to plant and machinery 
and £1.1m in relation to assets in the course of construction. A review was carried 
out of assets held in the Currency division and as a result £4.5m of assets were 
identified for impairment, mostly relating to assets that were originally to be 
utilised in another location where there is no longer the demand.
The Committee concluded that 
the impairments made in the year 
were appropriate.
Estimation of provisions
The value of provisions at the balance 
sheet are incorrectly or inappropriately 
calculated, resulting in a misstatement 
of profits for the year end of the closing 
balance sheet position.
The Group holds a number of provisions relating to warranties for defective 
products and contract penalties. The Committee reviewed and discussed reports 
from management and the external auditors concerning the significant provisions 
held for such matters including any provisions with notable movements and 
challenged management over the judgements applied in determining the value of 
provisions required.
The Committee enquired of management and the external auditors as to the 
existence of other matters potentially requiring a provision to be made. The 
Committee concluded that it was satisfied with the value of provisions held.
The Committee has considered the 
latest available information provided 
by management including the latest 
view of external advisers and is 
confident with the judgements 
made in preparing the financial 
statement in the current period.
Carrying amount of 
investment in the 
subsidiary and amounts 
owed to Group 
undertakings in the 
Company (only) financial 
statements
The carrying value of the investment 
in subsidiary and amounts owed 
by Group undertakings in the Plc 
Company financial statements 
is misstated.
The Committee considered management’s assessment of the recoverable amount 
of the Company’s “Investment in Subsidiary” and previously impaired “Amounts 
owed to Group undertakings”, management has identified a number of indicators 
of an impairment reversal. These include improved trading in the Company’s 
subsidiaries, expressions of interest in the divisions of the Group and an increase 
in the market capitalisation of the Group. 
This assessment concluded that both the Investment in Subsidiary (£72.9m) and 
the gross value of the Amounts owed by group undertakings were recoverable. 
As a such, no impairment charge has been recorded in relation to “Investments 
in Subsidiaries” in FY24 (FY23: £85.6m) and a reversal of the previous impairment 
charge of £113.9m is recognised in FY24 relating to “Amounts owed by Group 
undertakings”. 
The Committee concluded that 
Management’s assessment of the 
carrying value of the investment in 
subsidiary and recoverability of 
amounts owed by Group 
undertakings in the Plc Company 
financial statements is appropriate, 
including the reversal of the 
previously recognised impairment.
Going Concern
The use of an inappropriate basis of 
accounting, should the Group prove 
not to have access to sufficient 
liquidity to pay is debts as they fall due 
in the near term.
The Committee gave careful consideration to the going concern statements made 
in the half and full year financial statements. The Committee conducted rigorous 
reviews of the Group’s financial forecasts, challenging key assumptions and giving 
careful consideration to plausible downside scenarios modelled, when assessing 
the impact these would have on the going concern status of the Group. A material 
uncertainty has been identified, refer to pages 64 to 68 in the Strategic Report. 
The Committee concluded that 
was appropriate for the Directors 
to use the going concern basis of 
accounting, taking into account the 
material uncertainty identified.
Audit Committee report  continued
87	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Audit Committee report  continued
Financial Reporting
Fair, balanced and 
understandable
The integrity of the Group’s financial 
reporting is of critical importance 
and it is a core responsibility of the 
Committee to review this reporting 
and the key accounting judgements 
contained in the financial statements. 
The Committee reviewed, at the 
Board’s request, the content of this 
FY24 Annual Report and advised 
that, in its view, when taken as a 
whole, the document is fair, balanced 
and understandable and provides 
the information necessary for 
shareholders to assess the Group’s 
position, performance, business 
model and strategy. 
For the FY24 Annual Report, in 
making its recommendation to the 
Board, the Committee drew on its 
experience supplemented by:
	
– Reviews of the monthly 
management accounts, 
enabling trends and key business 
dynamics to be monitored 
throughout the year
	
– Review of reports from the 
Group Financial Controller 
and internal auditors
	
– Clear guidance provided on 
the requirement to draft in a fair, 
balanced and understandable way
	
– Reviews of the Annual Report 
undertaken at different levels 
of the Group including by the 
Executive Leadership Team, with 
an opinion that the reporting 
meets the required standards 
and consistent reporting 
confirmed to the Committee 
	
– The review of the narrative 
reporting conducted by the 
external auditors as part of 
their review
	
– Reviews of the narrative reporting 
by the Audit Committee Chair 
and other Directors prior to 
formal consideration of the draft 
Annual Report by the Board. 
The Committee advised the Board, 
and in turn the Board confirmed, that 
the FY24 Annual Report, when taken 
as a whole, is fair, balanced and 
understandable and provides the 
information necessary for 
shareholders to assess the Group’s 
performance, business model 
and strategy. 
External auditors
Following a competitive tender 
process that was led by the 
Committee, the Board appointed 
Ernst & Young LLP (EY) as the 
Company’s auditors in 2017. At the 
2023 AGM, EY were reappointed by 
shareholders as the external auditor 
for the year ended 30 March 2024 
and the Board was authorised to 
determine the external auditor’s 
remuneration. This year is San 
Gunapala’s second audit as 
engagement partner following 
the mandatory five year partner 
rotation last year. 
The EY audit partner attends 
each Committee meeting to ensure 
two-way communication of matters 
between the external auditors and 
Committee members. The EY audit 
partner also maintains regular 
contact with both the Committee 
Chair and the Chief Financial Officer. 
The scope and key focus of the 
forthcoming year’s audit is 
discussed with and approved by 
the Committee, who also review and 
approve the fees for that audit and 
the review of the half year financial 
statements. 
At the end of each meeting, the 
Committee has discussions with 
the auditors, without management 
present, covering a range of financial 
reporting, accounting, internal 
control and risk matters and 
receives and reviews the auditors’ 
reports and management letters, 
which are one of the main outputs 
from the external audit. 
Structure and operation of the Committee
The Committee is comprised of 
our independent Non-executive 
Directors. Nick Bray retired as 
Committee Chair at the conclusion 
of the 2023 AGM, at which point 
Mark Hoad became Chair. 
Catherine Ashton and Margaret 
Rice-Jones retired from the Board 
and the Committee on 12 June 
2023 and 7 September 2023 
respectively. Dean Moore was 
appointed to the Committee on 
27 June 2023, relinquishing his 
role on 4 August 2023 upon his 
appointment as Interim Chief 
Financial Officer. Brian Small 
joined the Committee on 
8 September 2023. 
Biographical details of the 
Committee members are set 
out on page 72 to 73 detailing 
the depth of experience of the 
Committee members. All members 
are regarded by the Board as 
having relevant and recent financial 
experience. They are all chartered 
accountants with long careers as 
senior finance professionals, Nick 
Bray currently working as Chief 
Financial Officer of Travelport, 
Mark Hoad being the Chief 
Financial Officer of TT Electronics 
plc and Brian Small previously 
being the Chief Financial Officer 
of JD Sports Fashion plc. 
During the year, at the Audit 
Committee Chair’s request, all or 
parts of the meeting are attended 
by the Chairman of the Board, 
Chief Executive Officer, Chief 
Financial Officer, Group Finance 
Director, General Counsel & 
Company Secretary and the 
Group Financial Controller, as 
well as the internal and external 
auditors. In addition, the Group 
Director of Security, HSE & Risk 
and the Group Director of Tax and 
Treasury also attend Committee 
meetings as required. 
Throughout the year, the 
Committee members met with 
the internal and external auditors 
without Executive Directors 
being present. 
The Committee’s effectiveness 
was reviewed as part of the 
overall Board effectiveness review. 
For further information on this, 
please see pages 82 to 83.
88	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Audit Committee report  continued
There is a cap on the fees for 
permitted services, which must not 
exceed 70% of the average of the 
fees paid for such services in the last 
three consecutive financial years. 
EY was engaged during the year to 
provide non-audit services to the 
Group relating to the half year 
interim statement review. 
For FY24, non-audit fees were 21% of 
audit fees (FY23: 20%) and were 28% 
(FY23: 14%) of the average audit fees 
for the preceding three years. None 
of the non-audit services provided 
by the external auditors was 
regarded as a significant 
engagement by the Committee. 
The fees paid to the external 
auditor for both audit and non-audit 
services are set out in note 4 to the 
financial statements on page 147.
Effectiveness of the external 
auditors and proposal for re-
election at the AGM
The Committee is satisfied that the 
external auditors remain fully 
independent, objective and effective 
and has recommended to the Board 
that a resolution of the 
reappointment of Ernst & Young LLP 
should be put to the shareholders at 
the 2024 AGM. 
Independence and objectivity
The Committee is responsible for 
monitoring and reviewing the 
objectivity and independence of 
the external auditor. The Committee 
places great emphasis on audit 
quality – encompassing the skills 
and knowledge of the audit team, 
their mindset and culture and the 
quality of the judgements reached 
by the senior members of the 
audit team. 
In its dealings with the external 
auditors, the Committee looks for 
evidence that their work is being 
completed from a position of 
independence, with objectivity and 
professional scepticism. In addition, 
the Committee considers the views 
of senior members of the finance 
team and how they have dealt 
with the external auditors. The 
Committee also considered that 
the non-audit services provided in 
the year were permissible under the 
UK Ethical Standard. 
Further, EY have their own 
safeguards in place to avoid 
compromising their objectivity and 
independence. EY provide a written 
report to the Committee on how 
they have operated in accordance 
with the ethical standards required 
of audit firms, and how they have 
complied with professional and 
regulatory requirements and best 
practice to ensure their 
independence. 
Internal Audit
Internal auditors
The internal audit function provides 
an important assurance role and is 
complementary to the work of the 
external auditors. 
PricewaterhouseCoopers LLP (PwC) 
have provided internal audit services 
to the Group since FY14. The 
personnel involved in the internal 
audit team have changed over 
their tenure, and the Committee 
is satisfied that they have 
maintained independence. 
The Committee oversees the 
appointment of the internal auditors, 
and also reviews and approves the 
internal audit charter, the annual 
programme of audit assignments, as 
well as the fees payable. The annual 
internal audit plan is aligned with the 
Company’s risk register and forms 
part of a medium-term rolling 
programme of audit assignments, 
predicted on a risk-led approach. 
The Committee meets regularly 
with the internal auditors, without 
management, to discuss their findings, 
the implementation of remedial 
actions and the Group’s internal 
control environment more generally. 
The Committee considered its 
discussions with the external 
auditors and believes that EY has 
sufficiently challenged the Group 
throughout the year, and that it was 
satisfied with EY’s performance. 
Non-audit services
A policy is in place that governs 
the provision of non-audit services 
provided by the external auditor to 
the Company, in order to safeguard 
EY’s objectivity and independence. 
This is only used in certain limited 
circumstances where it may be cost 
effective or otherwise advantageous 
for EY to provide certain non-audit 
services, for example where their 
skills, experience and familiarity with 
the Group make that firm the most 
suitable supplier. 
The Committee monitors 
compliance with this policy, and the 
procedures for approval of proposed 
fees which is as follows:
Chief Financial 
Officer
Up to £25,000
Chief Financial 
Officer and 
Committee Chair
Between £25,000 
and £50,000
Chief Financial 
Officer, Committee 
Chair and the Board Over £50,000
The FY24 internal audit plan was 
approved by the Committee in 
March 2023 and kept under review 
during the year. All of the internal 
audit assignments were completed 
during the year, other than one 
review which was completed shortly 
after the year end focusing on 
data maturity, which management 
would look to fully incorporate the 
recommended actions into ongoing 
work streams for improvement. 
Following its review by the Executive 
Leadership Team, the Committee 
in March 2024 considered and 
approved the internal audit 
charter and plan for FY25. 
A review of the effectiveness of 
the internal auditors was completed 
and presented to the Committee 
in July 2024. This was undertaken 
by means of a questionnaire 
circulated to those audited in the 
year, senior members of the Finance 
function and the Committee, and 
supplemented the Committee’s 
ongoing monitoring of PwC’s work. 
The Committee concluded that the 
internal auditors quality of work, 
experience and expertise was 
appropriate for the size of the 
business and that PwC performed 
effectively and constructively 
with management. The Committee 
were also satisfied that the actions 
management had taken to 
implement agreed improvement 
actions supported the effective 
working of the internal audit function. 
89	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Audit Committee report  continued
Risk management
The key elements of the Group’s risk 
management framework and 
procedures are set out on pages 56 
and 63. The Committee reviewed 
the principal risks facing the Group 
at each meeting, and reviewed 
emerging risks throughout the year, 
on receipt of reports from the Risk 
Committee. In addition, each of the 
principal risks is discussed by the 
Board during the year. 
Combined assurance model
The Group’s internal control 
environment operates a ‘three lines’ 
model, which the Committee 
monitors throughout the year:
	
– First line of defence: work 
undertaken by operational and 
line management, supported by 
local operating procedures and 
systems.
	
– Second line of defence: central 
function checks against Group 
policies and standards, and senior 
management assurance, 
reporting and monitoring. 
This work is enhanced by the 
independent audits that take 
place across a range of areas as 
part of our programme of BnEi 
and ISO accreditations and 
certifications. 
	
– Third line of defence: the internal 
audit function focusing on the 
processes and procedures 
followed locally and Group-wide. 
Internal control and risk 
management
Internal control
The Committee oversees the 
implementation and maintenance of 
the Group’s internal controls, with a 
particular focus on internal financial 
controls. It does so through reports 
received from the internal auditors 
and any reports from the external 
auditors on internal control matters 
noted as part of their audit work. 
In addition, the Group operates a 
system of annual self-assessment 
of internal policy and control 
declarations. These are made at 
various levels of management and 
detail and certify that the control 
environment in their business area 
is appropriate and functioning. 
Any non-conformances are notified 
as part of this process and, where 
remedial actions are appropriate, 
these are followed up by senior 
management to ensure that a 
satisfactory internal control 
environment is maintained. 
These controls and procedures 
are designed to manage, but not 
eliminate, the risk of failure of 
the Group to meet its business 
objectives and, as such, provide 
reasonable but not absolute 
assurance against material 
misstatement or loss. 
By reviewing the collective outputs 
from these sources of assurance, 
the Committee and the Board gain 
ongoing assurance over the design 
and operation of internal controls 
across the Group. 
Effectiveness review: internal 
control environment
On behalf of the Board, the 
Committee is responsible for 
reviewing the effectiveness of the 
Group’s internal control systems, 
which covers all material controls, 
including financial, operational and 
compliance controls and which 
operates within the corporate 
culture and values set by the Board. 
A formal effectiveness review was 
performed during the year and 
considered by the Committee, which 
concluded that none of the areas 
identified for enhancement 
constituted a significant failing 
or weakness for the Group. 
Mark Hoad
Chair of the Audit Committee
24 July 2024
Internal controls over 
financial reporting
Management is responsible for 
establishing and maintaining 
adequate internal controls over 
financial reporting, including over 
the Group’s consolidation process. 
Internal controls over financial 
reporting are designed to provide 
reasonable assurance regarding 
the reliability of financial reporting 
and the preparation of financial 
statements for external reporting 
purposes.
A comprehensive strategic planning, 
budgeting and forecasting system 
is in place which includes:
	
– Senior management review of 
monthly financial information 
including trading results and 
cash flow statements, which 
is reported to the Board
	
– The ELT undertakes a monthly 
review performance against 
the budget and forecast
	
– Senior financial managers 
regularly carry out Group 
consolidation reviews and 
analysis of material variances. 
90	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Risk Committee report
Activities during the period
The Directors have overall 
responsibility for the Group’s 
systems of internal control and risk 
management, which includes the 
identification of the Group’s principal 
and emerging risks. Details of how the 
Directors fulfil this responsibility and 
the principal risks the Group faces 
can be found on pages 56 to 63. 
Routine items considered by the 
Committee at every meeting:
	
– The Group’s principal risks and 
uncertainties (see pages 58 to 63 
for further detail and the status of 
the mitigating actions and 
controls relating to those risks)
	
– Reviews of emerging risks not 
included in the Group risk register, 
including ‘horizon scanning’ 
sessions. 
In addition, the following matters were 
also considered during the period:
	
– Review of the risk disclosures 
and the Committee’s report 
within the 2023 Annual Report
	
– Review of the risk disclosures 
within the FY24 Interim Report
	
– ‘Deep dive’ sessions with 
operational or functional risk 
owners: 
	
– Loss of key sites or process 
	
– A failure in the supply chain with 
a specific focus into the current 
cylinder strategy and non-
contracted key supplier spend
	
– Bribery & Corruption with a 
specific focus on new 
customer due diligence 
processes
	
– Performance of, and 
communications between, our 
divisional and central enabling 
functions’ risk committees 
	
– Insurance market conditions, 
particularly in relation to cyber 
risks insurance and directors’ 
and officers’ liability insurance 
	
– Business continuity planning 
	
– Review of our risk management 
policy and framework 
	
– Review of the Committee’s 
effectiveness. 
The Committee’s work interfaces 
with that of a number of other Board 
Committees, most notably the Audit 
Committee. The Committee Chair 
reports on the material matters 
discussed at each Committee 
meeting to the next meeting of the 
Audit Committee. The minutes of 
meetings of the Risk Committee are 
shared with the Directors. Feedback 
from the Board or Audit Committee 
is shared at the next Committee 
meeting. The Committee is 
supported in its work by other 
management meetings and 
committees, including divisional 
and central enabling functions’ risk 
committees and other meetings 
and bodies dealing with specific risk 
areas such as sanctions, HSE and 
security and the Ethics Committee.
Jon Messent
Chair of the Risk Committee
24 July 2024
Current members:
Jon Messent (Chair)
Clive Vacher
Natasha Bishop
Ruth Euling
Dean Moore
Dave Sharratt
Former members:
Rob Harding
	
– 3 scheduled meetings
	
– 100% attendance from all members during their membership, 
with the exception of Dave Sharratt who was unable to attend 
one meeting due to a prior commitment. 
Committee members and attendance
Our role is to support the Board by leading 
oversight of the identification and evaluation of 
the risks facing the Group and monitoring how 
these are managed. 
Principal responsibilities
	
– Monitor and develop the 
Group’s risk management 
policy and oversee the 
implementation of its risk 
management framework for 
identifying and managing risks
	
– Promote a risk management 
culture and control 
environment
	
– Identify and keep under review 
the principal risks faced by the 
Group, and review the related 
mitigations and controls
	
– Identify and assess any 
emerging or developing risks
	
– Review the effectiveness of the 
Group’s risk management 
system 
	
– Provide reports on the status 
of risk management to the 
Audit Committee and Board, 
and externally through the 
Annual Report. 
Operation of the Committee
The Committee comprises the 
Executive Directors and ELT 
members and is chaired by 
the Company Secretary. Jon 
Messent became Chair of the 
Committee on 18 May 2023, and 
Dean Moore became a member 
on 4 August 2023 upon his 
appointment as Interim Chief 
Financial Officer. Rob Harding 
left on 28 July 2023. 
At the request of the Committee 
Chair, the Group Director 
of Security, HSE and Risk and 
other managers with operational 
or functional ownership of risks 
are invited to meetings as 
appropriate.
91	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Ethics Committee report
Activities during the period
During the period to 30 March 2024, 
the Committee focused on the 
following activities:
Code of Business Principles (CBP)-
related initiatives, including: 
	
– The roll-out of the new CBP 
following its launch in January 
2023 
	
– Monitoring the completion of 
compliance training courses 
including anti-bribery and 
corruption, gifts & hospitality, tax 
evasion, competition law, modern 
slavery and sanctions awareness 
	
– Ongoing and planned awareness-
raising initiatives and training to 
ensure expected ethical 
standards are maintained and 
further embedded throughout 
the organisation 
The management of the third party 
sales partners (TPP) programme 
including: 
	
– The TPP remuneration model
	
– Enhanced TPP compliance and 
risk mitigation mechanisms
	
– Reviewing the ongoing activities 
and management of TPPs
Oversight of other business ethics 
matters: 
	
– Update on activities related to 
the ISO 37001 anti-bribery 
management system and the 
Banknotes Ethics Initiative (BnEI) 
accreditations 
	
– Review of sanctions risks and 
actions undertaken or planned to 
manage those risks, including the 
implementation of an enhanced 
due diligence and sanctions 
monitoring system
	
– Review of the gift register for 
Executive Directors 
	
– Review of reports on issues 
raised through the whistleblowing 
hotline – CodeLine – and other 
channels and review of results of 
any investigations into ethical or 
compliance breaches or 
allegations of misconduct 
Ethical risks 
It is vital that we uphold the highest 
ethical standards in the way we 
conduct our business in order to 
maintain the trust and confidence of 
customers and everyone we deal 
with. We recognise that our business 
is exposed to risks of unethical 
conduct because of the nature and 
value of many of our contracts, and 
because standards of integrity may 
not be consistent across all the 
countries in which we operate. We 
have a robust compliance 
programme in place to manage 
these risks. Further information, 
including a description of our ethical 
framework can be found in the 
Responsible business report on 
pages 42 to 45.
Current members:
Clive Whiley (Chair)
Nick Bray
Mark Hoad
Brian Small
Former members:
Kevin Loosemore
Catherine Ashton
Margaret Rice-Jones
Dean Moore
	
– 2 scheduled meetings
	
– 100% attendance from all members during their membership
Committee members and attendance
Doing business in the right way is crucial for us 
to be successful on a sustainable basis over 
the long term.
Principal responsibilities
	
– Oversee, on the Board’s behalf, 
the Group’s compliance with 
ethical business practices, 
including the appointment and 
remuneration of our Third Party 
sales Partners (TPPs)
	
– Assist the Board to fulfil its 
oversight responsibilities in 
respect of ethical matters, 
with the aim that the Group 
conducts is business with 
integrity and honesty
	
– Advise the Board on the 
identification of ethical risk and 
the development of strategy 
and policy on ethical matters
	
– Monitor compliance with the 
Company’s policies and 
procedures on ethical matters, 
including the operation of its 
whistleblowing hotline
	
– Oversee the investigation 
of any material irregularities 
identified or reported and 
review any subsequent 
findings and recommendations, 
and report this to the Board. 
92	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Ethics Committee report  continued
Operation of the Committee
The Committee is comprised of 
our independent Non-executive 
Directors. Kevin Loosemore 
retired from the Board and the 
Committee on 1 May 2023 and 
Clive Whiley joined the Board 
and became Chair of this 
Committee on 18 May 2023, 
with Brian Small joining the 
Committee on 8 September 
2023. Catherine Ashton and 
Margaret Rice-Jones retired 
from the Board and the 
Committee on 12 June 2023 and 
7 September 2023 respectively. 
The Chief Executive Officer, 
Interim Chief Financial Officer 
and other senior management 
may attend meetings at the 
invitation of the Committee 
Chair. Members of the Executive 
Leadership Team and other 
employees, including senior 
members of divisional 
leadership teams and the Ethics 
Director may be asked to attend 
from time-to-time to address 
specific matters. 
Whistleblowing 
We encourage all employees and 
people acting on our behalf to speak 
up if they have any concerns. Ethical 
questions or concerns can be raised 
through an externally operated 
confidential reporting service. 
All reports are taken seriously and 
investigated as appropriate and all 
findings and remedial actions are 
reported in detail to, and reviewed 
by, the Ethics Committee.
Clive Whiley
Chair of the Ethics Committee
24 July 2024
Training 
Regular, relevant and focused 
training on ethics-related subjects 
is important and the Committee 
receives regular reports about our 
ethics and compliance training 
programme. Training during the 
period included: 
	
– E-learning and face-to-face 
training relating to the roll-out 
of the new Code of Business 
Principles, including 
acknowledgement by colleagues 
that they understand and will 
comply with it 
	
– Anti-bribery and competition law 
training where relevant for new 
starters and those changing roles 
and bi-annual refresher anti-
bribery training 
	
– E-learning and face-to-face 
sanctions awareness training 
	
– Online training modules for TPPs 
	
– One-to-one training for new site 
Ethics Champions 
	
– Modern slavery awareness 
training 
	
– Confirmation of understanding 
of and adherence to gifts and 
hospitality policy 
93	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration
Chair’s introduction 
to Remuneration
This report is presented in three 
main sections: an annual statement 
from the Chair of the Committee; 
the Directors’ remuneration 
policy; and the annual report on 
remuneration for FY24. The Directors’ 
remuneration policy was approved 
by shareholders at the AGM on 
7 September 2023 and had a 
binding effect from that date. 
This policy is not subject to a 
vote at the 2024 AGM. 
Dear Shareholder,
As Chair of the Remuneration 
Committee, I am pleased to present 
the Directors’ remuneration report 
for the period ended 30 March 
2024, my first as Chair, which has 
been prepared by the Committee 
and approved by the Board. I would 
like to extend my thanks to Margaret 
Rice-Jones for her contribution and 
commitment to developing the new 
remuneration policy. 
This is the first year of operation of 
our new remuneration policy which 
was overwhelmingly approved by 
shareholders at the AGM on 
7 September 2023. 
This year, I would like to focus on 
two themes: the performance of 
the Group in the financial year that 
ended on 30 March 2024 and the 
application of the remuneration 
policy for FY25 with reference 
to the remuneration principles 
to the wider workforce.
Our guidance for full year adjusted 
operating profit for FY24 reflected 
a downturn across the currency 
industry seen during FY23. The 
target performance for the 
business took into consideration 
the challenging competitive and 
global economic environment in 
which we continue to operate. 
Following approval of our remuneration policy 
last year, as a Committee we will continue to 
ensure that our Directors and workforce are 
incentivised and rewarded for the delivery of 
sustainable shareholder value and reliable 
business performance. 
Principal responsibilities
Remuneration
	
– Setting and reviewing the 
remuneration of the Chairman, 
Executive Directors and senior 
managers who report to the 
Chief Executive Officer
	
– Ensuring that all remuneration 
paid to Directors is in 
accordance with the 
Company’s previously 
approved remuneration policy
	
– Ensuring that all contractual 
terms on termination, and any 
payments made, are fair to the 
individual and the Company
	
– Monitoring the reward policies 
and practices throughout the 
business
Incentive plans
	
– Determination of the design, 
conditions and coverage of 
annual and long-term incentive 
plans for Directors and senior 
executives and approval of 
total and individual awards 
under the plans
	
– Determination of targets 
for any performance-related 
pay plans
Governance and compliance
	
– Ensuring that provisions 
relating to disclosure of 
remuneration as set out in 
the relevant legislation, the 
UK Listing Rules and the UK 
Corporate Governance Code 
are fulfilled
Current members:
Brian Small (Chair) 
Nick Bray
Mark Hoad
Former members:
Catherine Ashton 
Margaret Rice-Jones 
Dean Moore
	
– 4 scheduled meetings
	
– 100% attendance from all members during their membership
Committee members and attendance
94	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Chair’s introduction to Remuneration  continued
Investment and expansion in our 
Malta site continue for both our 
Currency and Authentication 
businesses. Management has 
focused not only on building 
business success but on strong 
organisational foundations, 
including health and safety, 
diversity, employee engagement 
and wellbeing, recognising the 
enormous contribution all our 
employees have made to securing 
the future of the business. 
Despite continued challenges in 
speed of market recovery affecting 
the top line growth the business has 
reported an operating profit in line 
with expectations and a net debt 
position slightly better than 
expectations. 
Under the FY24 Annual Bonus Plan 
(ABP) there has been limited bonus 
award payable to Executive Directors, 
in line with formulaic outcomes. 
The Committee is confident that 
the level of award is representative 
of the performance of the Group 
and recognises the significant 
contribution of the executives in 
achieving the reported results while 
reflecting some of the ongoing 
challenges we continue to address. 
We believe that it is vital that 
executive remuneration is fair 
and competitive so that the Group 
continues to attract, motivate and 
retain the highly talented people 
required to deliver the challenging 
targets to which we have committed. 
While we continue to experience 
market challenges and the impact of 
volatility in the macro environment, 
we are finding success in our 
markets allowing us to stabilise our 
position. This is resulting in a more 
consistent performance in line with 
market expectations.
Above all, the Committee’s objective 
is to ensure that our Directors’ 
remuneration policy incentivises and 
rewards the delivery of sustainable 
shareholder value and consistent 
and reliable performance in the 
business.
Activities of the Committee in 
the period
	
– Approval of the Executive 
Leadership Team (ELT) Group 
and strategic individual objectives 
for the year
	
– Implementation and evaluation of 
the new Directors’ remuneration 
policy performance
	
– Review of performance targets 
for short and long-term incentive 
plans
	
– Approval of pay awards for the 
Chairman, Executive Directors 
and other ELT members
FY24 has seen us achieve the 
guidance set, reflecting the actions 
we have continued to take since 
2020 to improve our resilience to 
changing market conditions and the 
markets we operate in now show 
signs of recovery. 
We have continued to see a high 
tender win rate in Currency and 
have built a strong order book for 
FY25 as the market conditions 
continue to improve. 
Authentication has reported 
improved revenue and profitability 
versus the prior year underpinned 
by strong ID sales. 
We were able to extend our banking 
facilities to July 2025 and agree an 
amended schedule of contributions 
towards our pension deficit. 
We have continued with our ongoing 
plans to right-size our banknote 
facilities to match market demand 
with a focus on operational 
efficiency, flexibility, cost and 
capability. During the year we 
also completed the wind-down 
of operations in our Kenya facility. 
	
– Review and approval of the 
Directors’ remuneration report 
for FY24
	
– Review of market trends 
and latest developments in 
governance
	
– Review of inclusion principles 
for ESG in incentives
	
– Awards under the UK Sharesave 
scheme
	
– Review of broader workforce 
remuneration in consideration 
of executive remuneration
	
– Review of the report on gender 
pay gap and action plan
Structure of Directors’ 
remuneration report
This report is presented in two 
main sections: a summary of the 
remuneration policy and the annual 
report on remuneration for FY24.
A copy of the full remuneration 
policy approved in 2023 can be 
found in the 2023 Annual Report 
on the Company’s website: 
www.delarue.com.
We were extremely pleased that 
the remuneration policy received a 
96.8% positive vote by shareholders 
in favour of the changes to the policy.
Operation of the Committee
The Committee is comprised 
of the Company’s independent 
Non-executive Directors.
Catherine Ashton and Margaret 
Rice-Jones retired from the 
Board and the Committee on 
18 May 2023 and 7 September 
2023 respectively. Brian Small 
joined the Committee as its 
Chairman on 8 September 2023. 
Dean Moore was appointed to 
the Committee on 26 June 
2023, relinquishing his role 
on 4 August 2023 upon his 
appointment as Interim Chief 
Financial Officer. 
During the year, at the 
Remuneration Committee 
Chair’s request, the Group HR 
Director and external advisors 
are invited to all or part of the 
meetings as appropriate. 
The Committee’s effectiveness 
was reviewed as part of the 
overall Board effectiveness 
review. For more information 
on this, see page 71. 
No Executive Director or 
employee is present for or takes 
part in discussions in respect of 
matters relating directly to their 
own remuneration.
95	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Chair’s introduction to Remuneration  continued
No Executive Directors received 
a salary increase during the year.
No bonus payments were made 
under the Annual Bonus Plan 
during the year in relation to FY23.
We have continued to provide 
significant wellbeing benefits and 
support in all locations, including 
financial, physical and mental 
wellbeing. We continue to review 
the provisions in place in order 
to best support our employees.
We maintained both formal and 
informal communications channels 
at site, divisional and Group levels to 
ensure employees had a choice of 
mechanisms to share their feedback 
and ask questions, as well as 
providing access to regular updates 
about business performance using 
online and offline platforms.
Activities of the business in 
the period
The primary areas of focus for the 
business during FY24 have been:
	
– Increased focus on driving 
efficiency and greater cost 
competitiveness 
	
– Proactive procurement strategies 
to take advantage of the change 
in paper supply 
	
– Targeted profitable growth and 
conversion of customers, in key 
product segments of Polymer, 
Security Features and both Brand 
and Government Revenue 
Solutions (“GRS”)
	
– Ongoing footprint and capacity 
review adding production 
capability and flexibility with 
Malta 
	
– Positive cash management
	
– Delivering in line with ESG 
strategy in all areas
	
– Supporting high levels of 
employee engagement and 
communication
	
– Creating certainty on potential 
future cost pressures by securing 
structured pay awards while 
maintaining focus on balanced 
rewards and wellbeing support 
for all employees
	
– Continuing to align executive 
an1hareholder interests
Shareholder experience 
As reported elsewhere in this annual 
report, during FY24 the business 
performance was in line with 
expectations. The Currency business 
continued to demonstrate a high 
tender win rate, providing a strong 
order book into FY25. Our 
Authentication business benefited 
from key contract renewals in GRS, 
Brand and ID.
The work carried out during the 
period to stabilise the financial 
performance of the business has 
reassured shareholders and resulted 
in an increase in the share price.
The Board does not expect to pay 
dividends unless and until the 
Company is generating sustainable 
positive free cash flow.
Remuneration outcomes FY24
As discussed elsewhere in this 
report, following a challenging FY23 
and re-setting of expectations into 
FY24, the business has continued 
to prioritise profitable sales growth, 
taking advantage of market 
improvements while relentlessly 
continuing to focus on cost and 
efficiency gains, resulting in 
reporting an adjusted operating 
profit of £21.0m in line with market 
expectations and a net debt ahead 
of expectations.
Employee experience
During FY24, our operating sites in 
the UK, Malta, Sri Lanka and the USA 
remained operational. 
In order to reflect market demand, 
we continued to reduce costs, 
improve efficiencies and right-size 
our manufacturing footprint. 
We made the difficult decision 
t1educe headcount and make 
changes to shift patterns in our 
UK manufacturing sites as well as 
winding down operations in Kenya. 
Employees who were subject to 
redundancy received outplacement 
and wellbeing support and were 
awarded enhanced redundancy 
payments above the national 
statutory requirements.
We conducted a pay review for all 
eligible employees in July 2023 and 
negotiated further multi-year pay 
deals for our collectively bargained 
employees in Malta, Sri Lanka and 
Westhoughton as well as securing 
agreement on the July 2023 
award for those colleagues in 
our Debden site.
Our Currency business delivered a 
divisional adjusted operating profit 
of £6.4m thanks to the focus on 
operational efficiencies in recent 
years. Our Authentication division 
achieved positive revenue growth 
of 12.5% largely due to an increase 
in ID sales.
Annual Bonus Plan (ABP) scorecard 
financial measures account for 80% 
of maximum ABP with the remaining 
20% based on achievement against 
strategic personal objectives 
including a specific ESG metric.
While delivering in line with market 
expectations and exceeding the 
operating profit underpin set under 
the ABP, performance did not trigger 
the entry point targets. The ABP 
financial metrics were set at a 
stretching level higher than market 
expectations. However, payment for 
delivery against strategic personal 
objectives was determined under 
the Plan rules.
Further details on our performance 
against bonus measures is set out 
on page 101.
96	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Chair’s introduction to Remuneration  continued
I trust you will find this report 
clear and informative, and that the 
Committee can continue to receive 
your support at this year’s AGM.
Current ABP structure and 
weighting %
  Revenue 
20%
  Profit
30%
  Net debt
30%
  Strategic ESG objective
10%
  Strategic personal objectives
10%
Brian Small
Chair of the Remuneration 
Committee
24 July 2024
We still believe that measures for 
ABP are the right ones and believe 
that the balance of remuneration 
between both short- and long-term 
incentives is appropriate for the 
business. 
The performance period for the PSP 
awards granted in 2021 concluded 
during the year. Performance did not 
meet threshold levels and therefore 
none of these awards have vested.
The Committee reviewed all 
remuneration outcomes in the 
context of the business outcomes 
and the experience of the 
shareholders and the wider 
workforce. In all cases it decided not 
to adjust the formulaic outcomes. 
We are pleased that our previous 
remuneration report was supported 
by shareholders at the AGM on 
7 September 2023, with 99.52% 
of votes cast in favour.
We welcome and are grateful 
for the constructive feedback our 
shareholders have provided in the 
last year, which has informed our 
deliberations and helped shape 
our approach to remuneration.
Executive Director changes 
As announced previously, Rob 
Harding resigned as Chief Financial 
Officer and left the business on 28 
July 2023. Dean Moore joined the 
Board on 26 June 2023 as Non-
executive Director, and subsequently 
relinquished this role to be 
appointed as Interim Chief Financial 
Officer on 4 August 2023.
Priorities for FY25
The work of the Committee in FY25 
will continue to focus on ensuring 
that executives are fairly rewarded 
for their contribution to the Group 
and incentivised to deliver returns 
for shareholders, while driving a 
strong culture aligned to its 
Environment, Social and Governance 
(ESG) strategy. The Committee 
is supportive of the continued 
inclusion of a specific ESG metric 
in the ABP. Key metrics on health 
an1afety, diversity and specific 
step1o support the environmental 
sustainability journey will also 
continue to form part of personal 
strategic objectives for Executive 
Directors and the wider 
management population.
Compliance statement
This report has been prepared 
on behalf of, and has been 
approved by, the Board. It 
complies with the Large and 
Medium-sized Companies and 
Groups (Accounts and Reports) 
Regulations 2008 (SI 2008/410) 
as amended, the UK Corporate 
Governance Code and the FCA’s 
Listing Rules and takes into 
account the policies of 
shareholder representative 
bodies. 
The Companies Act 2006 and 
the Listing Rules require the 
Company’s auditor to report on 
the audited information in their 
report, and to state that this 
section has been properly 
prepared in accordance with 
these regulations.
97	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Directors’ remuneration policy  continued
Annual Bonus Plan
Long Term Incentive Plan
80% Group  
financial performance
10% strategic 
personal 
objectives and 10% ESG
Performance Share Plan
Investor Return Plan
50% EPS
50% free 
cash flow
TSR underpin*
60% cash 
40% deferred shares
Performance-tested vesting after three years 
two year post-vesting holding period
Malus and clawback and shareholding requirements
Note:
*	
Median performance vs FTSE 250 three year performance
Illustration of the application of remuneration policy
The following charts illustrate the potential value of the Executive Directors’ remuneration package in various 
scenarios in a typical year. Salary levels are as at 30 March 2024.
Chief Executive Officer
Minimum
Target
Maximum
Maximum with
50% growth
100%
55.1%
32.6%
26.7%
19.6% 13.1%
12.1%
23.2%
15.5%
19.0%
19.0%
28.7%
35.3%
£545,617
£989,510
£1,673,347
£2,042,858
Managing Director, Currency
Minimum
Target
Maximum
Maximum with
50% growth
100%
58.5%
35.1%
28.7%
17.4%11.6%
12.6%
20.8%
13.9%
17.1%
17.1%
30.2%
37.1%
£184,460
£315,473
£525,889
£641,815
  Fixed remuneration
  Annual Incentive Plan (Cash)
  Annual Incentive Plan (Deferred Shares)
  Long Term Incentive Plan
Dean Moore as an Interim Chief Financial Officer does not receive any variable pay.
Directors’ 
remuneration policy
Summary of remuneration policy
The overriding objective of the 
remuneration policy is to encourage, 
reinforce and reward the delivery 
of sustainable shareholder value 
while providing an effective 
mechanism to attract, retain and 
motivate executives and senior 
management to deliver long-term 
growth and value.
The Remuneration Committee 
believes executives should be 
rewarded through performance-
related pay scales that are 
commensurate with the delivery 
of value for the business and with 
annual increases comparable 
to awards across the majority 
of the workforce.
Incentives and particularly long-term 
incentives should account for a 
significant proportion of the overall 
remuneration package of Executive 
Directors so that their reward is 
aligned with shareholder interests 
and the Group’s performance, 
without encouraging excessive 
risk-taking.
Performance-related elements 
of remuneration therefore form a 
significant proportion of the total 
remuneration packages. This is 
illustrated on this page.
The Committee continues to 
take into account performance 
on Environmental, Social and 
Governance (ESG) matters with 
annual bonus having a direct link 
to both delivery against strategic 
personal objectives and a specific 
measurable ESG target.
98	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Directors’ remuneration policy  continued
Illustrative scenario charts
Performance scenarios for the ABP and LTIP assume the following:
Minimum
Target
Maximum
Maximum with share growth of 50%
There is no cash bonus or deferred share 
award under the ABP or vesting under the 
Long Term Incentive Plan
Target cash bonus and deferred shares under 
the ABP, target vesting under the Long Term 
Incentive Plan
Maximum cash bonus, maximum deferred 
shares under the ABP, maximum vesting under 
the Long Term Incentive Plan
Maximum cash bonus, maximum deferred 
shares under ABP, maximum vesting under 
the Long Term Incentive Plan with share price 
growth of 50%
Assumption for scenario charts:
Minimum
Target
Maximum
Maximum with share growth of 50%
Fixed pay (base salary, benefits and pension)
Fixed pay (base salary, benefits and pension)
Fixed pay (base salary, benefits and pension)
Fixed pay (base salary, benefits and pension)
No bonus payout
50% of maximum bonus opportunity (67.5% of 
salary for CEO, 57.5% of salary for CFO and 
other Executive Directors)
100% of maximum bonus opportunity (135% of 
salary for CEO, 115% of salary for CFO and 
other Executive Directors)
100% of maximum bonus opportunity (135% 
of salary for CEO, 115% of salary for CFO and 
other Executive Directors)
No vesting under ABP or the Long Term 
Incentive Plan
60% will be payable immediately in cash and 
40% will be deferred in shares
60% will be payable immediately in cash and 
40% will be deferred in shares
60% will be payable immediately in cash and 
40% will be deferred in shares. 40% of ABP 
deferred shares vesting valued at 60%
25% of shares vesting (25% of salary for CEO 
and CFO and other Executive Directors)
100% of shares vesting (100% of salary for 
CEO, CFO and other Executive Directors)
100% of shares vesting valued at 150%
Executive Director remuneration mix FY25
Based on the above performance scenarios the table below illustrates that a significant proportion of Executive Directors’ remuneration is biased towards variable pay at maximum:
% of pay at 
minimum 
achieved
% of pay at
target 
achieved
% of pay at 
maximum 
achieved
CEO
Fixed
100
55
33
Variable
–
45
67
MD, Currency
Fixed
100
58
35
Variable
–
42
65
CFO
Fixed
100
100
100
Variable
–
–
–
The remuneration mix above is based on the remuneration policy as it is intended to be operated for FY25. For further information on the Directors’ remuneration policy please see 
www.delarue.com. Dean Moore as an Interim Chief Financial Officer does not receive any variable pay.
99	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration 
This section of the Directors’ remuneration report shows how the Remuneration Committee implemented the policy on Directors’ remuneration in the year ended 30 March 2024 including 
all elements of remuneration received by Executive Directors and the incentive outturns for FY24.
Single figure of remuneration for each Director (audited)
The table below shows how we have applied the current remuneration policy during FY24. It discloses all the elements of remuneration received by the Directors during the period.
Fixed
Variable
Salary and feesa
Benefits (excluding 
pensions)b
Pensionse
Total  
Fixed
Bonusc
Long term incentive 
(vested)d
Total
Variable
Total
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2024
£’000
2023
£’000
Executive Directors
Clive Vacher
480
477
28
28
48
48
556
66
–
–
–
–
622
553
Ruth Eulingf
154
265
9
37
16
–
179
21
–
–
–
–
200
302
Dean Mooreh
235
–
–
–
–
–
235
–
–
–
–
–
235
–
Rob Hardingi (Resigned 28 July 2023)
98
291
24
14
6
17
128
–
–
–
–
–
128
322
967
1,033
61
79
70
65
1,098
87
–
–
–
–
1,185
1,177
Chairman
Clive Whileyg
158
–
38
–
–
–
196
–
–
–
–
–
196
–
Kevin Loosemore (Resigned 1 May 2023)
17
206
–
–
–
–
17
–
–
–
–
–
17
206
Non-executive Directors
Nick Bray
60
60
–
–
–
–
60
–
–
–
–
–
60
60
Brian Small
34
–
–
–
–
–
34
–
–
–
–
–
34
–
Mark Hoad 
56
26
–
–
–
–
56
–
–
–
–
–
56
26
Margaret Rice-Jones (Retired 7 September 2023)
30
65
–
–
–
–
30
–
–
–
–
–
30
65
Catherine Ashton (Resigned 12 June 2023)
10
52
–
–
–
–
10
–
–
–
–
–
10
52
Aggregate emoluments
1,332
1,442
99
79
70
65
1,501
87
–
–
–
–
1,588
1,586
Notes:
The figures in the single figure table above are derived from the following:
a	
Salary and fees: the actual salary and fees received during the period.
b	
Benefits (excluding pensions): the gross value of all taxable benefits received in the period, including for example car allowance and private medical and permanent health insurance.
c	
Bonus: A description of the performance measures that applied for the year FY24 is provided on page 101.
d	
Long term incentive: no awards have vested for current Executive Directors since appointment.
e	
Pension: See page 101 for further details of pension arrangements.
f	
Ruth Euling’s 2024 salary is as a result of a change in working hours with effect from April 2023. The value includes a reduction of £4,607 relating to additional holiday entitlement purchased through salary sacrifice.
g	
The benefits figure for Clive Whiley reflects taxable business expenses.
h	
For FY24, Dean Moore received £5,857 fees as a Non-executive Director from the period of 27 June 2023 to 4 August 2023 and from 4 August 2023 onwards he received a salary of £229,529 as interim Chief Financial Officer.
i	
Rob Harding’s benefits value includes a payment of £19,739 for outstanding holidays on leaving the business.
100	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Changes in Executive Directors during the year
Chief Financial Officer, Rob Harding, resigned on 31 January 2023 and left employment 
and the Board on 28 July 2023. 
Dean Moore relinquished his role as Non-executive Director and became Interim Chief Financial 
Officer with effect from 4 August 2023. He is not subject to inclusion in any ABP or LTIP Awards 
nor does he receive any pension contributions. 
Individual elements of remuneration
Base salary and fees (audited)
Base salaries for Executive Directors are normally reviewed annually by the Remuneration 
Committee and are set with reference to individual performance, experience and 
responsibilities, Group performance, affordability and market competitiveness.
The Directors’ remuneration policy approved by shareholders at the 2023 AGM sets out an 
expectation that increases in salary for Executive Directors will not normally exceed the range 
of increases awarded to other employees in the Group except in the specific circumstances 
listed in the remuneration policy.
The Committee determined that Executive Directors would not receive a pay award during 
FY24. The change in Ruth Euling’s salary figure below is as a result of a change in working hours 
with effect from April 2023.
Base 
salary level
July 2023
£’000
Base 
salary level
July 2022
£’000
Increase
%
Clive Vacher
480
480
–
Dean Moore
350
–
–
Ruth Euling
159
267
–
The remuneration policy for Non-executive Directors, other than the Chairman, is determined 
by the Board. The Remuneration Committee determines the Chairman’s fee. Fees reflect the 
responsibilities and duties of Non-executive Directors while also having regard to the 
marketplace. The Non-executive Directors do not participate in any of the Group’s share 
incentive plans, nor do they receive any benefits or pension contributions. It is the intention that 
consistent with the policy for Executive Directors, increases for Non-executive Directors would 
not normally exceed the range of increases awarded to the wider workforce.
The fees for the Non-executive Directors and the Chairman did not increase in FY24. 
The Committee has determined that no further increase will be made in FY25.
The fees for 2023 are as follows:
Non-executive Director fees
July 2023
£’000
July 2022
£’000
Basic fee
51.7
51.7
Additional fee for chairmanship of Audit and Remuneration Committees 
and Senior Independent Director
8
8
External directorships of Executive Directors
The Board considers whether it is appropriate for an Executive Director to serve as a non-
executive director of another company. Clive Vacher and Ruth Euling hold no remunerated 
external directorship appointments. Dean Moore is currently independent Non-executive 
Director at both Griffin Mining Ltd and THG plc. 
Pension contributions (audited)
During FY24 Clive Vacher’s pension contributions remained in line with those available 
to the workforce; he received a pension contribution of 10% on the basis of a 6% individual 
contribution. All other Executive Directors also received a pension contribution in line with 
levels available to the workforce, no greater than 10% employer contribution. 
None of the Executive Directors in the period were a member of the legacy defined benefit 
schemes. Clive Vacher and Ruth Euling received a pension contribution of 10% of salary on the 
basis of a 6% individual contribution, in line with levels available to other UK-based employees.
Rob Harding received a pension contribution of 9% of salary on the basis of 6% individual 
contribution. Any new Executive Director would likewise receive pension contributions in line 
with levels available to the workforce.
Variable remuneration (audited)
Annual bonus for FY24
The Annual Bonus Plan for FY24 was issued with the following financial structure and targets:
Measure
Threshold
Target
Maximum
Actual
% of 
maximum 
achieved
Group revenue
£325.5m
£333m
£385.0m
£310.3m
0%
Group adjusted operating profit
£22.3m
£26.5m
£30.0m
£21.0m
0%
Average net debt
£95.6m
£88m
£83.0m
£99.3m
0%
101	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
All financial metrics, Group revenue, adjusted operating profit and average net debt were based 
on an entry point set at the upper end of consensus expectation and maximum award being 
achieved at a stretch target significantly above market expectations. While the Group adjusted 
operating profit underpin was met, and the Committee was therefore satisfied that it was 
appropriate for the non-financial elements to pay out. The specific financial targets under 
the ABP for FY24 outlined above were not met and as such no award will be made under 
the plan in relation to the financial metrics.
Eighty per cent of award is linked to the achievement of the financial metrics, 10% of the 
Executive Directors’ bonus is based on achievement of strategic personal objectives and a 
further 10% is linked to achievement of a specific ESG metric. Personal strategic objectives were 
aligned to the delivery of the strategic plan and comprised of both tactical and transformational 
targets focused on the achievement of core strategic priorities. ESG metrics are based on 
formulaic outcomes. The detail of the objectives, for all Executive Directors, which were 
consistently aligned, are outlined below:
Summary of personal strategic objectives
Summary of performance
Grow repeatable and profitable 
business
	
– Deliver an improved order book beyond 
FY24 budget expectations
	
– Win key and critical contracts and 
extensions in both Currency and 
Authentication
	
– Secure refinancing by end December 
2023
Achieved
	
– Improved order book into FY25 
was achieved
	
– All key and critical contracts 
and contract extensions won
	
– Refinancing extension agreed 
Drive efficient operations and 
continued removal of legacy issues
	
– Ensure the business is positioned 
to be cash generative by FY25
	
– Develop organisational structure and 
footprint to deliver further cost 
reduction and efficiency in FY24
Partially achieved
	
– Net debt was £89.4m at 30 March 2024, 
which is an improved performance 
against budget and external expectation. 
	
– Continued cost saving and efficiency 
projects ran during FY24 delivering 
further in year savings 
ESG
	
– Ensure suppliers accounting for 80% of 
total procurement spend are on 
EcoVadis
Partially achieved
	
– 50% of total spend suppliers have 
engaged in an EcoVadis assessment
Component 20% of maximum award
Award partially achieved
In reaching its decision on ABP outcome, the Committee considered the formulaic outcome 
of the targets as well as the Company’s underlying financial, operational and strategic progress 
during the year, and the Executive Directors’ personal contribution to the delivery of the 
strategic objectives. The Committee also took into account wider stakeholder perspectives. 
The Committee considered that the formulaic outcomes for Executive Directors were reflective 
of the underlying business performance. As a result, it was determined that Clive Vacher will 
receive an award of 13.5% and Ruth Euling will receive 13.2% of salary. 
Long-term incentive – Performance Share Plan (PSP) and Investor Return Plan (IRP) 
During FY24, the long-term incentives were implemented under the new policy approved at the 
AGM in 2023. The LTIP awards were issued as a combination of Performance Share Plan (PSP) 
and Market Value Share Options. Awards under the existing Performance Share Plan are subject 
to two performance conditions (free cash flow and EPS) both equally weighted and measured 
over three year periods. The market value options granted under the new Investor Return Plan 
will be subject to an underpin that our Total Shareholder Return at least equals the return of 
the FTSE Mid-250 (excluding Investment Trusts) Index measured over a three-year 
performance period.
This is a share settled long-term incentive aligned closely with business strategy and the 
interests of shareholders through the performance measures chosen and the link to share price 
growth. The plans are designed to provide Executive Directors and selected senior managers 
with a long-term incentive that promotes sustainable and long-term performance and 
reinforces alignment between participants and shareholders.
Performance measures applying to long-term incentives 
In 2020, the PSP measures were revised and RTSR (Total Shareholder Return relative to FTSE 
250 companies, measured over three years) was used instead of ROCE alongside the previous 
EPS metric. 
From 2023, PSP awards were subject to performance conditions based on average growth 
in adjusted basic EPS and average free cash flow measured over three financial years.
IRP awards are subject to an RTSR underpin linked to median performance vs the FTSE 250 
measure over a three-year period.
102	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
IRP awards would give participants the right, but not obligation, to buy shares at a set price 
after a three-year vesting period and an opportunity to hold for a further seven years prior to 
exercise. Value of options under the IRP would be commensurate with a portion of the total 
award for executives applying a fair value same date grant.
In addition, the Remuneration Committee must be satisfied that the vesting reflects the 
underlying performance of the Group and retains the flexibility to adjust the vesting amount 
to ensure it remains appropriate.
Any adjustments will depend on the nature, timing and materiality of any contributory factors.
PSP award vesting in FY24
PSP grants made in 2021 outlined below have not met performance criteria and therefore 
no awards vested under the PSP in FY24 for any Executive Director.
LTIP awards made in 12 October 2023 (audited)
The Committee granted awards under the PSP and IRP on 12 October 2023 to participants 
including the Executive Directors who were eligible. 
The Remuneration Committee took into consideration recent shareholder experience when 
granting the LTIP award in 2023. Following the shareholder experience of a fall in the share price 
and the relatively low share price at point of grant, the Committee determined that for the 2023 
award the IRP plan would be subject to a premium price of 80p, ensuring that executives are 
awarded for share price growth reflecting appropriate shareholder return.
The measures and targets were confirmed at the time of grant via a Regulatory News Service 
announcement.
Executive Directors received IRP awards during FY24 as follows:
Executive Director
Number of
shares awarded
Date of award
%
of salary
Face value 
£’0001
Exercise 
price2
Performance period
end date
Clive Vacher
640,878
12 October 2023
60
397
£0.80
October 2026
Ruth Euling
212,079
12 October 2023
60
131
£0.80
October 2026
Notes:
1	
The number of shares awarded was calculated by reference to a price of 62 pence, being the average of the closing middle market 
price of the share for the five consecutive dealing days including and ending on 11 October 2023.
2	
In addition to the 80p premium exercise price, in order for IRP option awards to be exercisable, a performance underpin of three year 
TSR greater than the median of the FTSE 250 index must be achieved.
Executive Directors received PSP awards during FY24:
Executive Director
Number of
shares awarded
Date of 
award
%
of salary
Face value
£’000
Vesting at 
threshold 
(as a % of 
maximum)
Performance period
end date
Clive Vacher
309,602
12 October 2023
40
192
25
October 2026
Ruth Euling
102,454
12 October 2023
40
64
25
October 2026
All PSP options were granted as nil-cost options, with the number of shares based on a 
percentage of salary and the average share price over a five-day period prior to the date 
of grant, being 62p. The Remuneration Committee may add dividend shares that would have 
accrued during the performance period and extended vesting period on that part of the award 
that may ultimately vest. 
The IRP and PSP awards were made to the Executive Directors at a level equivalent to a face 
value of 100% made in PSP shares, having calculated a theoretical fair value of an IRP option 
(taking into account the 80p exercise price) in order to determine an exchange ratio between 
PSP shares and IRP options. 
A summary of the performance levels and award vesting levels that apply to awards under 
the 2021-2023 LTIP awards are shown in the table below:
Year of award
Measure
Vesting % of 
element at
threshold
Vesting % of 
element at
maximum
Performance 
target at 
threshold
Performance 
target at 
maximum
2023 (PSP)
EPS1
25
100
3p
5p
Free cash flow2
25
100
 £10m
£15m
2023 (IRP)
RTSR underpin3
100
100
2022
EPS1
25
100
13.9%
21.9%
RTSR
25
100
Median
Upper 
Quartile
2021
EPS1
25
100
8.5%
16.7%
RTSR
25
100
Median
Upper 
Quartile
2020
EPS1
25
100
11%
19.2%
RTSR
25
100
Median
Upper 
Quartile
Notes:
1	
Underlying earnings per share. Based on average annual cumulative growth during the performance period.
2	
Free cash flow is net cash flow from operating activities (operating cash flow including tax, interest and dividends from JVs) less capex.
3	
RTSR underpin: median TSR performance vs FTSE 250 3 year TSR performance.
103	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Implementation of the remuneration policy in FY25
The remuneration arrangements in FY25 will operate in line with our remuneration policy. 
To better align with strategic outcomes, we will measure closing net debt in place of average 
net debt in FY25.
Salary and benefits
The Committee has determined Clive Vacher will be awarded a salary increase of 3% in line 
with the wider workforce. Ruth Euling will be awarded 5% increase reflective of her contribution 
and current pay positioning. Both will be effective from 1 July 2024.
The Committee remains aware of the need for salary levels to continue to be competitive 
and commensurate with performance.
Annual Bonus Plan FY25
The Remuneration Committee has carefully considered bonus performance measures for FY25 
and concluded that the current measures set out in the table on page 97 remain highly relevant.
Revenue, adjusted operating profit and closing net debt targets ensure focus remains on 
maintaining profitable growth and strong cash management. Cost competitiveness and 
improved efficiency also remain a key priority, alongside a targeted increase in order intake, 
supporting growth in both Currency and Authentication. Financial targets will remain in line with 
the adjusted market expectations to ensure that executives remain incentivised and rewarded 
for delivering in line or better than the plans as set out. As outlined in the policy and applied in 
prior years a 20% weighting on non-financial strategic targets inclusive of a specific ESG metric 
has been applied ensuring that Executive Directors are incentivised on both the delivery of clear 
financial metrics and good management of the underlying business.
The current maximum entitlement of the Chief Executive Officer under the ABP remains 135% 
of salary and other Executive Directors remains at 115% of salary. 
Structure & weighting
Weighting
Revenue
20%
Adjusted operating profit
30%
Closing net debt
30%
Group strategic ESG
10%
Group strategic personal objectives
10%
No payment will be made on any element of bonus (including the personal element) 
if a minimum adjusted operating profit is not achieved.
Personal strategic objectives for the Chief Executive Officer and other Executive Directors 
are focused again on targeted strategic objectives aligned to the business strategy and plan 
aimed at:
	
– growing repeatable and profitable business in all market sectors 
	
– driving efficient operations with continued targeted removal of legacy issues and strong 
focus on ESG and values
	
– investing for the future, developing differentiation in all market sectors, exploring adjacent 
market opportunities and delivering next generation product development 
The Committee will assess the achievement of the detailed objectives that underpin these 
goals on a quantifiable and objective basis and to have clear retrospective disclosure in the 
Directors’ remuneration report.
The Committee will rigorously review incentive outturns and will consider the overall 
performance of the business, not just the outcome of each measure.
The specific performance targets are not disclosed while still commercially sensitive but 
will be disclosed the following year.
Performance measures applying to LTIP Awards to be made in 2025
Awards to be made in FY25 as outlined below, in accordance with the Remuneration Policy.
Performance measure
Weighting
Entry 
pay-out
Target 
pay-out
Stretch 
pay-out
PSP
EPS
20%
0%
50%
100%
Free cash flow
20%
0%
50%
100%
IRP
RTSR underpin 
Median performance 
vs FTSE 250 (three-year 
performance). 
Equivalent to 60% of 
award on a relative fair 
value calculation
100% awarded if underpin met
104	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Further work is underway to calibrate performance targets. Full details of these will be 
disclosed via an RNS announcement at the time of award. 
The award will vest on the third anniversary of the grant of the award, subject to meeting 
performance criteria, but any shares which vest will be subject to a further two year holding 
period and only become capable of exercise on the fifth anniversary of the grant of the award.
Shareholding requirements
Executive Directors are required to build up a shareholding equivalent to 200% of salary over a 
five year period. It is intended that this is met by Executive Directors retaining 100% of vested 
post-tax Deferred Bonus shares, restricted shares and performance shares until the 
requirement is met in full.
The policy has a post-employment shareholding requirement of 200% of salary (or the actual 
shareholding if lower) for the first year following exit and 50% of this guideline level for the 
second year following exit.
Executive Directors’ service contracts
The table below summarises the notice periods contained in the service contracts for Executive 
Directors in office as at 30 March 2024.
Year of award
Date of contract
Date of appointment
Notice from 
Company
Notice from 
Director
Clive Vacher
6 October 2019
7 October 2019
6 months
6 months
Ruth Euling
1 April 2021
1 April 2021
6 months
6 months
Dean Moore
4 August 2023
4 August 2023
3 months
3 months
Non-executive Directors’ letters of appointment
The Chairman and Non-executive Directors have letters of appointment rather than 
service contracts.
Non-executive Director
Date of appointment
Current letter of 
appointment end date
Catherine Ashton
22 September 2020
n/a
Nick Bray
21 July 2016
AGM 2025
Kevin Loosemore
2 September 2019
n/a
Margaret Rice-Jones
22 September 2020
n/a
Clive Whiley
18 May 2023
18 May 2026
Dean Moore
26 June 2023
n/a
Brian Small
8 September 2023
8 September 2026
Mark Hoad
13 September 2022
29 September 2025
Kevin Loosemore, Catherine Ashton and Margaret Rice-Jones resigned from the Board on 1 May 
2023, 18 May 2023 and 7 September 2023 respectively. Dean Moore relinquished his role as 
Non-executive Director to become Interim Chief Financial Officer on 4 August 2023.
105	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Payments for loss of office (audited)
There were no payments for loss of office during the period.
Directors’ interests in shares (audited)
The Directors and their connected persons had the following interests in the ordinary shares of the Company at 30 March 2024:
Variable
Subject to  
performance conditions
Not subject to 
performance conditions
Vested shares
Current 
shareholding
ordinary 
shares (held 
outright)
Current 
shareholding 
as % of salary
Performance 
Share Plan
Investor 
Returns Plan
Performance 
Share Plan
Deferred 
Bonus Plan
SAYE
Vested 
shares 
unexercised 
during the 
period
Vested 
shares 
exercised 
during the 
period
Executive Directors
Clive Vacher4
303,123
51
1,033,022
 640,878
–
67,315
29,925
–
–
Dean Moore1
–
0
–
 –
–
–
–
–
–
Ruth Euling4
85,402
 45
500,329
 212,079
–
31,844
–
10,131
11,023
Rob Harding (Resigned 28 July 2023)
 36,487
 n/a 
 –
 –
 –
 –
 –
 – 
 –
Non-executive Chairman
Clive Whiley2
200,000
n/a
–
 –
–
–
–
–
–
Kevin Loosemore (Resigned 1 May 2023)
947,840 
 n/a
 –
 –
 –
 – 
 –
 –
 –
Non-executive Directors
Nick Bray
– 
n/a
–
 –
–
–
–
–
–
Mark Hoad
 50,000
n/a
–
 –
–
–
–
–
–
Brian Small3
 – 
n/a
–
 –
–
–
–
–
–
Margaret Rice-Jones (Retired 7 September 2023)
 –
 n/a 
 –
 –
 –
 –
 –
 –
 –
Catherine Ashton (Resigned 12 June 2023)
 –
 n/a
 –
 –
 –
 –
 –
 –
 –
Notes:
1	
Appointed to the Board as an Independent Non-executive Director on 26 June 2023 and as Interim CFO on 4 August 2023.
2	
Appointed on 18 May 2023.
3	
Appointed on 8 September 2023.
4	
On 8 July 2024, awards made to Clive Vacher and Ruth Euling under the Deferred Bonus Plan (“DBP”) automatically vested and were released. In line with the rules of the DBP, the Company withheld a proportion of each award and sold sufficient ordinary shares of the Company 
(“Shares”) to fund income tax and national insurance withholdings and the associated dealing costs. The number of Shares then retained by Clive Vacher and Ruth Euling were 35,564 and 16,823 respectively. Following these transactions, Clive Vacher’s and Ruth Euling’s interests 
in the Shares of the Company were 338,687 and 102,225 respectively. 
Other than as set out in footnote 4 above, there have been no changes in Directors’ interests in ordinary shares in the period from 31 March 2024 to 24 July 2024. 
All interests of the Directors and their families are beneficial.
The current shareholdings as a percentage of salary during the period are calculated using the closing De La Rue plc share price of 81.5p on 29 March 2024, being the last working day before 
the end of FY24.
106	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Directors’ interests in vested and unvested share awards (unaudited)
The awards over De La Rue plc shares held by Executive Directors under the DBP, PSP, IRP and Sharesave scheme during the period are detailed below:
Date of
award
Total
award as at
25 March
2023
Awarded
during the
year
Exercised
during the
year
Lapsed/
cancelled
during the
year
Awards
held at
30 March
2024
Awards
vested
(unexercised)
during the
year
Strike
price
(pence)
Market price
per share at
exercise
date
(pence)
Date of
vesting
Expiry
date
Clive Vacher
Deferred Bonus Plan1
Jul 21
63,700
–
63,700
–
–
–
186.162
–
Jul 23
Jul 23
Jul 22
67,315
 –
67,315
–
–
–
78.872
–
Jul 23
Jul 23
Jul 22
67,315
–
–
–
67,315
–
78.872
–
Jul 24
Jul 24
Performance Share Plan
Jul 20
340,187
–
–
340,187
–
–
132.282
–
Jul 236
Jul 30
Jun 21
239,361
–
–
–
239,361
–
191.762
–
Jun 246
Jun 31
Aug 22
 454,059
–
–
–
454,059
–
84.552
–
Aug 256
Aug 32
 Oct 23
 –
 309,602
 –
 –
 309,602
 –
62.002
 –
 Oct 266
Oct 33
Investor Returns Plan 
 Oct 23
 –
640,878
 –
 –
 640,878
80.005
 –
Oct 266
Oct 33
Total
1,231,937
950,480
 131,015
 340,187
1,711,215
Sharesave options1
Feb 23
29,925
 –
–
–
29,925
–
60.154
–
Apr 26
Sep 26
Dean Moore7 
Deferred Bonus Plan1
 –
 –
 –
 –
 –
 –
 –
 –
 –
–
 –
Performance Share Plan
 –
 –
 –
 –
 –
 –
 –
 –
 –
 –
 –
Investor Returns Plan
 –
 –
 –
 –
 –
 –
 –
 –
 –
 –
 –
Total
 –
 –
 –
 –
 –
 –
 –
 –
 –
 –
 –
Sharesave options1
 –
 –
 –
 –
 –
 –
 –
 –
 –
 –
 –
107	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Date of
award
Total
award as at
25 March
2023
Awarded
during the
year
Exercised
during the
year
Lapsed/
cancelled
during the
year
Awards
held at
30 March
2024
Awards
vested
(unexercised)
during the
year
Strike
price
(pence)
Market price
per share at
exercise
date
(pence)
Date of
vesting
Expiry
date
Ruth Euling
Deferred Bonus Plan1
Jul 21
25,668
–
25,668
–
 –
–
186.162
–
Jul 23
Jul 23
Jul 22
31,845
 –
31,845
–
 –
–
78.872
–
Jul 23
Jul 23
Jul 22
31,844
 –
–
–
31,844
–
78.872
–
Jul 24
Jul 24
Performance Share Plan
Dec 131
11,023
–
11,023
–
 –
 –
892.902
–
Dec 16
Dec 23
Jun 15
2,531
–
–
–
2,531
2,531
541.002
–
Jun 18
Jun 25
Jun 15
1,799
–
–
–
1,799
1,799
541.002
–
Jun 19
Jun 25
Jun 16
2,655
–
–
–
2,655
2,655
520.852
–
Jun 19
Jun 26
Jun 16
1,858
–
–
–
1,858
1,858
520.852
–
Jun 20
Jun 26
Jun 17
773
–
–
–
773
773
680.102
–
Jun 20
Jun 27
Jun 17
515
–
–
–
515
515
680.102
–
Jun 21
Jun 27
Jul 20
181,433
–
–
181,433
 –
–
132.282
–
Jul 236
Jul 30
Jun 21
135,586
–
–
–
135,586
–
191.762
–
Jun 246
Jun 31
Aug 22
252,158
–
–
–
252,158
–
84.552
–
Aug 256
Aug 32
 Oct 23
 –
 102,454
 –
 –
102,454
 –
62.002
 –
 Oct 266
 Oct 33
Investor Returns Plan
 Oct 23
– 
212,079
 –
 –
 212,079
 –
80.005
 –
 Oct 266
 Oct 33
Total
679,688 
314,533
68,536
 181,433
 744,252 
 10,131
Sharesave options
–
–
–
–
–
–
–
–
–
–
–
Rob Harding (Resigned 28 July 2023)
Deferred Bonus Plan1
Jul 21
17,217
–
17,217
–
 –
–
186.162
–
Jul 23
Jul 23
Jul 22
35,042
 –
35,042
–
 –
–
78.872
–
Jul 23
Jul 23
Jul 22
35,043
 –
–
35,043
 –
–
78.872
–
Jul 24
Jul 24
Performance Share Plan
Jul 20
207,892
–
–
207,892
 –
–
132.282
–
Jul 236
Jul 30
Jun 21
146,276
–
–
146,276
 –
–
191.762
–
Jun 246
Jun 31
Aug 22
277,480
 –
–
277,480
 –
–
84.552
–
Aug 256
Aug 32
Investor Returns Plan
 –
–
–
–
–
 –
–
 –
 –
 –
 –
Total
718,950
 –
52,259
 666,691
 –
Sharesave options8
Jan 21
8,704
–
–
8,704
 –
–
131.103
Mar 24
Aug 24
Jan 22
2,689
–
–
2,689
 –
–
112.433
–
Mar 25
Aug 25
Notes:
1	
These awards do not have any performance conditions attached. No award was made under the Deferred Bonus Plan during 2023.
2	
Mid-market share value of a De La Rue plc ordinary share averaged over the five dealing days immediately preceding award date.
3	
For Sharesave options, the share price shown is the exercise price which was 80% of mid-market value of an ordinary share averaged over the three dealing days immediately preceding award date.
4	
For Sharesave options, the share price shown is the exercise price which was 90% of mid-market value of an ordinary share averaged over the three dealing days immediately preceding award date.
5	
For the Investor Returns Plan, the share price shown is the exercise price which has been set at 80p, a premium of 29% to the share price of 62p at the time of grant. 
6 	
Three-year vesting period post award date plus a further two-year holding period subject to the award vesting.
7	
Appointed to the Board as an Independent Non-executive Director on 26 June 2023 and as Interim CFO on 4 August 2023.
8	
Sharesave options do not have any performance conditions attached.
108	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Chief Executive Officer pay, Total Shareholder Return (TSR) and all employee pay
This section of the report enables our remuneration arrangements to be seen in context by providing:
	
– A history of De La Rue’s Chief Executive Officer’s remuneration for the current and previous nine years
	
– De La Rue’s TSR performance for the 10 years to 30 March 2024
	
– A comparison of the year on year change in De La Rue’s Chief Executive Officer’s remuneration with the change in the average remuneration across the Group
	
– A year on year comparison of the total amount spent on pay across the Group with profit before tax and dividends paid
Chief Executive Officer’s pay
Period ended March
2014
2015
2016
2017
2018
2019
2020
2020
2021
2022
2023
2024
Chief Executive Officer
Tim
Cobbold1
Martin 
Sutherland2
Martin
Sutherland
Martin
Sutherland
Martin
Sutherland
Martin
Sutherland
Martin
Sutherland2
Clive
Vacher3
Clive
Vacher
Clive
Vacher
Clive
Vacher
Clive
Vacher
Single figure of total remuneration £’000
1,071
1,071
998
899
783
954
340
249
1,106
792
542
622
Annual bonus payout as a % of maximum opportunity
Nil
14
57
40
Nil
29
Nil
Nil
98
42
Nil
10
LTIP vesting against maximum opportunity (%)
60
Nil
Nil
Nil
25
25
Nil
Nil
Nil
Nil
Nil
Nil
Notes:
1	
Appointed Chief Executive Officer on 1 January 2011 and resigned on 29 March 2014. Includes award to the value of £450,000 at the date of award under the Recruitment Share Award (which vested on 31 January 2014).
2	
Appointed 13 October 2014, resigned on 7 October 2019. 
3	
Appointed 7 October 2019.
TSR performance
The graph below shows the value, by 30 March 2024, of £100 invested in De La Rue plc on 25 March 2014, compared with the value of £100 invested in the FTSE 250 Index (excluding Investment 
Trusts) on the same date, assuming that all dividends paid are reinvested and on the other normal principles for assessing Total Shareholder Return (TSR). The other points plotted are the values 
at intervening trading days. 
109	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Total shareholder return
Source: FactSet
2014
2023
2015
2018
2017
2016
2019
2020
2022
2024
2021
TSR
De La Rue plc
FTSE 250 (excluding Investment Trusts)
0
50
100
150
200
250
Chief Executive Officer pay ratio
The table below sets out the CEO pay ratios from FY20 comparing the single total figure of the remuneration with the equivalent figures for lower quartile, median and upper quartile UK 
employees. UK employees were chosen as a comparator group to avoid the impact of exchange rate movements over the year. UK employees make up approximately 40% of the total 
employee population.
As the quartile individuals are representative of the Company’s pay distribution the ratios presented are consistent with the pay, reward and progression policies for the UK employees. 
A significant portion of the CEO remuneration is delivered through variable incentives where awards are linked to business performance over a longer term. This means that ratios may 
fluctuate year to year.
Year
Method
25th percentile 
pay ratio
Median pay 
ratio
75th percentile 
pay ratio
2023/2024
Option A
16:1
12:1
9:1
2022/2023
Option A
14:1
12:1
9:1
2021/2022
Option A
21:1
16:1
13:1
2020/2021
Option A
30:1
24:1
18:1
2019/2020
Option B
19:1
14:1
9:1
110	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Total pay and benefits amounts used to calculate ratio.
25th percentile ratio
50th percentile ratio
75th percentile ratio
Year
Method
Total pay and 
benefits
Total salary
Total pay and 
benefits
Total salary
Total pay and 
benefits
Total salary
2023/2024
Option A
£40,057
£33,884
£50,414
£44,844
£72,435
£58,952
2022/2023
Option A
£37,556
£33,905
£46,886
£42,660
£61,407
£56,377
2021/2022
Option A
£36,997
£28,376
£49,614
£44,233
£62,554
£54,285
2020/2021
Option A
£37,017
£32,585
£45,423
£41,795
£62,771
£53,919
2019/2020
Option B
£32,001
£24,511
£44,450
£39,316
£65,908
£54,000
Percentage change in Directors’ remuneration
The table below compares the percentage change in the Directors’ salary, bonus and benefits to the average change in salary, bonus and benefits for all UK employees between FY19 and FY24. 
ABP and Sales Incentive Plans were not paid in FY23. The table shows the UK employee average percentage salary change which is comprised of collective and individual awards throughout the 
financial year.
2023/24
2022/23
2021/22
2020/21
Salary/fees
Benefits
Annual bonus
Salary/fees
Benefits
Annual bonus
Salary/fees
Benefits
Annual bonus
Salary/fees
Benefits
Annual bonus
Executive Directors
Clive Vacher
0.6%
0.0%
–
2.5%
0%
2.0%
0.0%
-55.0%
3.6%
26.0%
–
Ruth Euling
-42%
-76.0%
–
2.5%
2.4%
–
–
–
–
–
–
Dean Moore
–
Former Executive Directors:
Rob Harding
-66.7%
74%
–
2.5%
0
2.0%
148.6%
-14.0%
–
–
–
Non-executive Directors:
Clive Whiley (Chairman)
–
–
–
–
–
Mark Hoad
116.4%
–
–
–
–
–
–
Brian Small
–
–
–
–
–
–
Nick Bray
0.0%
–
1.0%
2.0%
–
0.0%
–
–
Former Non-executive Directors:
Kevin Loosemoore (Chairman)
-91.7%
–
1.5%
–
2.0%
–
-0.5%
–
–
Margaret Rice-Jones1 
-54%
–
14.6%
18.3%
–
–
–
–
Catherine Ashton
-80.3%
–
1.5%
2.0%
–
–
–
–
UK employee average
2.6%
0%
4.8%
0%
1.5%
0.0%
-146.0%
3.8%
0.0%
–
111	
De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Remuneration  continued
Annual Report on remuneration  continued
Relative spend on pay
The following table sets out the percentage change in payments to shareholders and the overall 
expenditure on pay across the Group.
2023/24
£m
2022/23
£m
Change
%
Dividends (note 10 to the financial statements)
–
–
N/A
Overall expenditure on pay (note 4 to the financial statements)
76.4
95.0
-20
Statement of shareholder voting
The Directors’ remuneration report was approved by shareholders at our AGM on 7 September 
2023. Details of the poll voting result on the relevant resolutions are shown below:
Total votes cast
For1
(%)
Against
(%)
Votes
withheld2
Approval of 
remuneration report
111,962,175
111,422,255
99.52
539,920
0.48 37,238,224
Notes:
1	
The votes ‘For’ include votes given at the Chairman’s discretion.
2	
A vote withheld is not legally a vote cast and, as such, is not counted in the calculation of the proportion of votes ‘For’ and ‘Against’.
De La Rue carefully monitors shareholder voting on the remuneration policy and implementation 
and the Company recognises the importance of ensuring that shareholders continue to support 
the remuneration arrangements. All voting at the AGM is undertaken by poll.
Remuneration advice
The Remuneration Committee consults with the Chief Executive Officer on the remuneration 
of executives directly reporting to him and other senior executives and seeks to ensure a 
consistent approach across the Group taking account of seniority and market practice and 
the key remuneration policies outlined in this report. During FY24, the Committee also received 
advice from Willis Towers Watson who has no other connection with the Company or individual 
Directors. Willis Towers Watson has been formally appointed by the Remuneration Committee 
and advised on the structure, measures and target setting for incentive plans, executive 
remuneration levels and trends, corporate governance developments and Directors’ 
remuneration report preparation. The Remuneration Committee requests Willis Towers 
Watson to attend meetings periodically during the year.
Willis Towers Watson is a member of the Remuneration Consultants’ Group and has signed up 
to the code of conduct relating to the provision of executive remuneration advice in the UK. In 
light of this, and the level and nature of the service received, the Committee remains satisfied 
that the advice has been objective and independent.
Total fees for advice provided to the Remuneration Committee during the year by Willis Towers 
Watson were £24,311.
Dilution limits
The share incentives operated by the Company comply with the institutional investors’ share 
dilution guidelines. The Directors’ remuneration report was approved by the Board on 24 July 
2024 and signed on its behalf.
Brian Small
Chair of the Remuneration Committee
24 July 2024
112	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Directors’ report
The Directors present their annual 
report on the affairs of the Group for 
the period ended 30 March 2024. 
Introduction
De La Rue plc is a public limited 
company, registered in England and 
Wales as company number 3834125 
and has its registered office at 
De La Rue House, Jays Close, Viables, 
Basingstoke, Hampshire RG22 4BS. 
As such, it is subject to the reporting 
requirements set out in the 
Companies Act 2006. In addition, 
the Company is listed in the UK and 
is therefore subject to the additional 
reporting requirements of the 
Financial Conduct Authority’s Listing 
Rules (LR) and Disclosure Guidance 
and Transparency Rules (DTR).
Our reporting to shareholders 
The Strategic report (pages 1 to 68 
the Governance report (pages 69 to 
112 and this Directors’ report, when 
read together with the rest of this 
Annual Report, taken as a whole form 
the management report required 
for the purposes of DTR 4.1.5 R.
The Strategic report provides 
an overview of the development 
and performance of the Group’s 
business for the period ended 
30 March 2024 and likely future 
developments in the Group. The 
various sections of that report, from 
page 1 to 68 of this Annual Report, 
together provide information which 
the Directors consider to be of 
strategic importance to the Group.
The following disclosures are hereby 
incorporated by reference into, and 
form part of, this Directors’ report:
	
– The reporting on corporate 
governance on pages 69 to 112 
and page 117;
	
– Data on greenhouse gas 
emissions and other climate 
change-related disclosures on 
page 29. This information was 
included in the Strategic report 
as the Directors consider those 
matters to be of strategic 
importance to the Group;
	
– Details of Directors’ interests 
in the shares of the Company, 
within the Directors’ remuneration 
report on pages 106 to 108;
	
– Information relating to financial 
instruments and financial risk 
management, as provided in note 
13 to the financial statements; and
	
– Related party transactions as set 
out in note 27 to the financial 
statements.
Dividends
In November 2019, the Board 
decided to suspend future dividend 
payments. In the Turnaround Plan, 
first announced in February 2020 
and subsequently expanded upon 
in the prospectus published in June 
2020, the Board explained that the 
resumption of dividends would 
only occur when restrictions agreed 
with our lending banks fell away 
and the Company was generating 
sustainable positive free cash flow. 
No interim dividend was paid or final 
dividend recommended in respect 
of FY23. The Directors did not 
declare an interim dividend and do 
not recommend a final dividend to 
be paid in respect of FY24. 
Directors
The names and biographical details 
of the Directors of the Company 
at the date of this report, and the 
names and dates of service of 
others who served as Directors 
during the period, are provided 
on pages 72 and 73.
Subject to the Company’s articles 
of association, the Companies Act 
2006 and any directions given by 
the Company in general meeting by 
a special resolution, the business of 
the Company is managed by the 
Board who may exercise all the 
powers of the Company, whether 
relating to the management of the 
business of the Company or not. The 
powers of the Board are described in 
the corporate governance statement 
on pages 69 to 112.
The Directors recognise their duty 
to have regard to the Company’s 
business relationships with suppliers, 
customers and others and to 
consider the long-term environmental 
and reputational impacts of their 
decisions. Details of how these 
considerations were factored 
into the principal decisions taken 
during the period can be found 
in the section 172 statement on 
pages 21 and 23.
The rules governing the appointment 
and removal of Directors are set out in 
the Company’s articles of association. 
Each of the Directors in office at the 
date of this report will, being eligible, 
offers himself or herself for re-election.
Details of the Company’s 
contracts of service with its 
Executive Directors can be found 
on page 105 and details of the 
Company’s letters of appointment 
for the Non-executive Directors are 
on page 105.
Details of Directors’ remuneration 
are provided in the Directors’ 
remuneration report on pages 94 
to 112. The interests of the Directors 
and their families in the share capital 
of the Company are shown in the 
Directors’ remuneration report 
on page 106.
At the date of this report, the 
Company has agreed, to the 
extent permitted by the law and the 
Company’s articles of association, to 
indemnify its Directors and officers 
in respect of all costs, charges, 
losses, damages and expenses 
arising out of claims made against 
them in the course of the execution 
of their duties as a Director or officer 
of the Company or any associated 
company. The Company may 
advance defence costs in civil or 
regulatory proceedings on such 
terms as the Board may reasonably 
determine, but any advance must be 
refunded if the Director or officer is 
subsequently convicted or found 
against. The indemnity will not 
provide cover where the Director 
or officer has acted fraudulently 
or dishonestly.
The Group also maintains Directors’ 
and officers’ liability insurance 
cover for the Directors and officers 
of the Company and of all Group 
subsidiary companies.
Shares and major shareholdings
Structure of the Company’s 
share capital
As at 30 March 2024, the share 
capital of the Company comprised 
195,889,223 ordinary shares of 
44152⁄175p each and 111,673,300 
deferred shares of 1p nominal value, 
all of which are credited as fully paid. 
The ordinary shares therefore 
comprise approximately 99%, and 
the deferred shares approximately 
1%, of the issued share capital.
The ordinary shares are listed in the 
UK and admitted to trading on the 
London Stock Exchange. The rights 
attaching to these shares are 
described in the next section of 
this report.
The deferred shares carry no voting 
or other participation rights and 
extremely limited economic rights. 
They are not listed or admitted to 
trading on any market and are not 
transferable except in accordance 
with the articles of association. Any 
or all of the deferred shares can be 
repurchased at any time by the 
Company without notice for a total 
consideration of one penny, following 
which they may be cancelled.
Rights of holders of ordinary 
shares and restrictions on transfer
The rights and obligations attaching 
to the Company’s ordinary shares, in 
addition to those conferred on their 
holders by law, are set out in the 
Company’s articles of association, 
a copy of which is available on the 
Company’s website 
www.delarue.com.
113	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Directors’ report  continued
The key rights are summarised 
below:
	
– Voting – on a show of hands at a 
general meeting of the Company, 
each holder of ordinary shares 
present in person or by proxy and 
entitled to vote shall have one 
vote and, on a poll, shall have one 
vote for every ordinary share held. 
Electronic and paper proxy 
appointments and voting 
instructions must be received by 
the Company’s registrar no later 
than 48 hours before a general 
meeting.
	
– Dividends and distributions to 
shareholders on winding up – 
holders of ordinary shares may 
receive interim dividends 
approved by Directors and 
dividends declared in general 
meetings. On a liquidation and 
subject to a special resolution of 
the Company the liquidator may 
divide among members in specie 
the whole or any part of the 
assets of the Company and 
may, for such purpose, value any 
assets and may determine how 
such division shall be carried 
out. Transfer of shares – the 
Company’s articles of association 
place no restrictions on the 
transfer of ordinary shares or 
on the exercise of voting rights 
attached to them except in very 
limited circumstances. Certain 
restrictions, however, may from 
time to time be imposed by law 
or regulation.
The articles of association may only 
be amended by special resolution of 
the holders of the Company’s 
ordinary shares.
Special rights attaching to shares
There are no shares issued by the 
Company which confer any special 
voting or other rights regarding the 
control of the Company.
Shareholder agreements and 
consent requirements
There are no known arrangements 
under which financial rights 
conferred by any of the shares in the 
Company are held by a person other 
than the holders of those shares.
The Company is not aware of any 
agreements between shareholders 
that may result in any restriction on 
the transfer of shares or exercise of 
voting rights.
Rights attaching to shares under 
employee share schemes
Options and awards held by relevant 
participants under the Company’s 
various share plans carry no voting 
rights until the shares are issued. The 
trustee of the De La Rue Employee 
Share Ownership Trust does not 
seek to exercise voting rights on 
existing shares held in the employee 
trust. No shares are currently held 
in trust.
Major shareholdings
As at 30 March 2024, the Company 
had received formal notification of 
the following holdings in its shares 
under DTR 5. It should be noted that 
these holdings, or the percentage of 
the issued share capital they 
represent, may have changed since 
the Company was notified, but 
notification of any change is not 
required until the next notifiable 
threshold is crossed:
Persons notifying
Date of last 
notification
Nature of 
interest
% of issued 
ordinary 
share capital 
held at 
notification 
date
Crystal Amber Fund Limited
21/07/2023
Direct
16.48
Schroders plc
20/07/2023
Indirect
14.81
Aberforth Partners LLP
30/06/2023
Indirect
10.79
Richard Griffiths
18/01/2024
Indirect
10.19
Spreadex Ltd
29/01/2024
Direct
8.04
The Wellcome Trust Limited
21/11/2022
Direct
5.22
Royal London Asset Management Limited
22/08/2019
Direct
4.98
Note:
The following changes have been notified between the end of FY24 and 24 July 2024: 
On 16/04/2024 Richard Griffiths holding increased to 11.44%. On 16/04/2024 Spreadex Ltd increased their 
holding to 9.03% and reduced their holding on 02/05/2024 to 8.94%. On 27/06/2024, the Wellcome Trust Ltd 
increased their holding to 6.06%
Directors’ authorities in relation 
to share capital
Power to issue and allot
At the AGM held on 7 September 
2023 the Directors were generally 
and unconditionally authorised to 
allot shares in the Company up to 
an aggregate nominal value of 
£29,292,671 (being approximately 
one third of the Company’s then 
issued share capital) or up to an 
aggregate nominal value of 
£58,585,342 (being approximately 
two thirds of the Company’s then 
issued share capital) in respect of 
a strictly pro-rata rights issue.
Following the updated Pre-emption 
Group’s Statement of Principles 
in November 2022, companies are 
now permitted to seek a general 
disapplication of pre-emption rights 
to issue, for cash, equity securities 
representing no more than 10% of 
the issued ordinary share capital 
plus an additional 10% in connection 
with an acquisition or specified 
capital investment. At the 2023 
AGM, we sought authority in line 
with the revised Principles, however 
did not receive sufficient levels of 
shareholder support. We did not 
seek the additional authority 
permitted under the Principles 
for the additional 2% pre-emption 
disapplication permitted in case 
for a ‘follow-on’ offer. 
At the 2023 AGM the Directors were 
granted additional powers to allot 
ordinary shares for cash (i) up to a 
nominal value of £8,787,801 (being 
approximately 10% of the Company’s 
then issued share capital). This 
authority is valid until the conclusion 
of the next following AGM.
The Directors propose to seek 
similar authorities at the 2024 AGM. 
The Directors have no current 
intention of exercising these 
authorities, if granted, other than 
to satisfy the exercise of options 
or vesting of awards under the 
Company’s employee share 
schemes.
451,996 shares were issued for cash 
during the period to satisfy the 
vesting of awards or the exercise 
of options under the Company’s 
employee share schemes. Details 
of shares issued during the year 
and outstanding options and awards 
are given in notes 19 and 20 to the 
financial statements, and those 
notes are incorporated by reference 
into this report. Details of the 
share-settled long-term incentive 
schemes are provided in the 
Directors’ remuneration report 
on pages 94 to 112.
114	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Directors’ report  continued
Authority to purchase own shares
At the 2023 AGM, shareholders 
gave the Company authority to 
make market purchases of up to 
19,585,649 of its own ordinary shares 
(being approximately 10% of the 
Company’s then issued ordinary 
share capital). Any shares purchased 
in this way could either be cancelled 
or held in treasury (or a combination 
of these). No purchases have been 
made under this authority.
The Directors propose to seek an 
equivalent authority at the 2024 
AGM, but have no current intention 
of using this authority, if granted.
Change of control
Contracts
There are a number of contracts 
which allow the counterparties 
to alter or terminate those 
arrangements in the event of a 
change of control of the Company. 
These arrangements are 
commercially sensitive and 
confidential and their disclosure 
could be seriously prejudicial to 
the Group.
Banking facilities
The credit facility between the 
Company and its key relationship 
banks contains a provision such that, 
in the event of a change of control, 
unless agreement is reached to 
the contrary, the facility will be 
immediately cancelled and shall 
cease to be available for any further 
utilisation and all outstanding loans, 
together with accrued interest and 
certain other charges, will become 
immediately due and payable.
Employees
In the event of a change of control, 
vesting of awards would occur in 
accordance with the relevant 
scheme or plan rules. There are no 
agreements in force that would 
provide any Directors or employees 
with compensation for any loss of 
office or employment that occurs 
because of a change of control.
Our employees and 
workforce generally
Employment of disabled persons
The Group gives full and fair 
consideration to applications for 
employment from disabled persons, 
where the requirements of the job 
can be adequately fulfilled by that 
person. Where existing employees 
become disabled it is the Group’s 
policy, wherever practicable, to 
provide continuing employment 
under normal terms and conditions 
and to provide training, career 
development and promotion to 
disabled employees wherever 
appropriate.
Employee communications 
and engagement
The Group provides its entire 
workforce (including employees) 
with information on matters that 
could be of concern to them as our 
workforce. This includes building 
common awareness of the financial 
and economic factors affecting the 
Group’s performance through 
newsletters, all-employee emails 
and conference calls with the CEO 
on the day that our results are 
announced to the market or there 
is a material development in the 
Group’s business.
Where appropriate, we consult 
members of our workforce or their 
representatives on a regular basis 
so that their views can be taken into 
account in making decisions which 
are likely to affect their interests.
We encourage involvement in the 
Company’s performance by our 
employees and workforce and offer 
awards under our discretionary 
share schemes to those more senior 
employees who are best placed 
to influence that performance, and 
through options granted under our 
Sharesave scheme to all eligible 
employees in the UK.
The views of our employees and 
contractors are important. To make 
sure that these views are heard and 
are taken into account, the Board 
has designated an independent 
Non-executive Director to oversee 
its engagement with the workforce. 
For further details of how that duty 
was fulfilled and how it informed the 
Board’s discussions during the year, 
please see pages 38 and 77. 
Other statutory disclosures
Branches
De La Rue is a global business 
and our activities and interests 
are operated through subsidiaries, 
branches of subsidiaries and 
associates which are subject to 
the laws and regulations of many 
different jurisdictions. Our 
subsidiaries and associates are 
listed in note 28 to the financial 
statements. There were no branches 
of the Company in existence during 
the period ended 30 March 2024.
Essential contracts or other 
arrangements
The Group has a number of suppliers 
of key goods and services, the loss 
of any of which could disrupt the 
Group’s ability to deliver on time, in 
full or at all. For further details, please 
refer to the discussion of this risk 
on page 61.
Financial risk management
Please refer to the disclosures in 
note 13 to the financial statements.
Political donations
The Group’s policy is not to make 
any political donations and none 
were made during the period. 
However, the definitions of political 
donations and expenditure in the 
Companies Act 2006 are very 
widely drawn, and it is possible 
that certain routine activities may 
unintentionally fall within the scope 
of the law. The Company is therefore 
seeking shareholders’ renewal of the 
authority to make political donations 
at the 2024 AGM, in line with that 
sought and granted in all recent years.
Research and development
The Group’s business is 
underpinned by a significant amount 
of intellectual property. The Group 
holds over 130 families of patents 
which support its business. There 
are around 1,100 patents and patent 
applications, of which over 850 
have been granted and circa 250 
applications are pending. During the 
year the Group had 28 patents 
granted in Europe, UK and the US.
The Group’s key activity in the field 
of research and development is 
discussed in the strategy discussion 
on pages 16 to 18.
115	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Directors’ report  continued
Listing Rules compliance
In relation to the disclosures required by LR 9.8.4 R:
(1)
Interest capitalised and any related tax relief
Not applicable
(2)
Publication of unaudited financial information or a profit forecast or estimate
Not applicable
(4)
Details of any long-term incentive schemes
See pages 98 to 112
(5)
Details of any waiver of emoluments by a Director
Not applicable
(6)
Any waiver of future emoluments by a Director
Not applicable
(7)
Non pre-emptive issues of equity securities for cash
Not applicable
(8)
Non pre-emptive issues of equity securities for cash by major subsidiary undertakings
Not applicable
(9)
Parent company participation in a placing
Not applicable
(10)
Any contract of significance in which a Director or controlling shareholder is interested
Not applicable
(11)
Any contract for the provision of services by a controlling shareholder
Not applicable
(12)
Any waiver of dividends
Not applicable
(13)
Any waiver of future dividends and details of current dividends waived
Not applicable
(14)
Agreements with controlling shareholders
Not applicable
As required by LR 9.8.6(8) R, this Annual Report includes climate-related financial disclosures consistent 
with the TCFD Recommendations and Recommended Disclosures, which can be found on page 32.
Annual General Meeting
The AGM will be held at 12:00pm on 
Wednesday 25 September 2024 at 
the Company’s offices, De La Rue 
House, Jays Close, Viables, 
Basingstoke, Hampshire, RG22 4BS.
We value our engagement with all 
our shareholders and shareholders 
will once again be able to ask 
questions relating to the business 
of the meeting via our website, 
www.delarue.com, in advance of 
the AGM. Full details of how to use 
the Q&A facility are set out in the 
AGM Circular issued with this 
Annual Report.
Auditor
Ernst & Young LLP have expressed 
their willingness to be re-appointed 
as auditor of the Company. 
A resolution to re-appoint Ernst 
& Young LLP as the Company’s 
auditor will be proposed at the 
forthcoming AGM.
This confirmation is given, and 
should be interpreted, in accordance 
with the provisions of section 418 of 
the Companies Act 2006.
Disclosure of information 
to the external auditor
Each of the persons who is a 
Director at the date of approval 
of this report confirms that:
	
– So far as the Director is aware, 
there is no relevant audit 
information of which the 
Company’s auditor is 
unaware; and
	
– The Director has taken all the 
steps that he or she ought to 
have taken as a Director in order 
to make himself or herself aware 
of any relevant audit information 
and to establish that the 
Company’s auditor is aware 
of that information.
Going concern
The Group’s Revolving Credit Facility 
(RCF) expires on 1 July 2025. The 
cash flow forecasts for the Group 
indicate that it would not have 
sufficient liquidity to meet the 
obligation to repay the RCF on or 
before 1 July 2025. Management 
have been pursuing various strategic 
options which would allow the Group 
to repay the RCF on or before 1 July 
2025. The most progressed of those 
is the sale of the Authentication 
division. The Board notes that the 
probability of completion, timing and 
terms of the sale of the division are 
subject to factors outside of the 
Board’s control, which may in turn 
impact the cash proceeds, the costs 
associated with the transaction and 
the amounts required to address 
any pension scheme risk, along with 
the day one liquidity of the retained 
operations of the Group. These 
matters represent a material 
uncertainty which may cast 
significant doubt upon the Group’s 
ability and the Company’s ability to 
continue as a going concern for a 
period up to 28 September 2025.
Notwithstanding the above, the 
Board is confident that the 
bandwidth of strategic options 
apparent will ultimately allow the 
Group to fully repay the RCF before 
its expiration, satisfy future bonding 
requirements, mitigate any risks to 
the De La Rue UK defined benefit 
pension scheme and continue to 
operate the retained business as a 
going concern, though management 
acknowledge that the probability, 
timing and final agreed terms of 
any such transaction are subject to 
factors outside the Board’s control. 
Further information can be found on 
pages 64 to 68.
Post-balance sheet events
As announced to the market on 
30 May 2024, the Group is currently 
exploring certain strategic options 
in relation to the sale of the whole 
group or each of its divisions. As 
a result, a number of parties have 
made proposals in relation to both 
the Group’s divisions, the furthest 
advanced being for the 
Authentication division. These 
workstreams continue, but at the 
date of the approval of the financial 
statements, no formal agreement 
has been entered into.
This Directors’ report was approved 
by the Board on 24 July 2024.
By order of the Board
Jon Messent
Company Secretary
24 July 2024
116	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Directors’ responsibility statement
Directors’ responsibilities in 
respect of the annual report and 
the financial statements
The Directors are responsible for 
preparing the annual report and the 
Group and Parent Company financial 
statements in accordance with 
applicable UK law and regulations.
Company law requires the Directors 
to prepare financial statements for 
each financial year. Under that law 
the Directors have elected to prepare 
the Group financial statements in 
accordance with UK-adopted 
international accounting standards 
(IFRSs) and have elected to prepare 
the Parent Company financial 
statements in accordance with UK 
Generally Accepted Accounting 
Practice (UK Accounting Standards, 
including FRS 102 The Financial 
Reporting Standard applicable 
in the UK and Republic of Ireland 
(“FRS 102”)), and applicable law.
Under company law the Directors 
must not approve the financial 
statements unless they are satisfied 
that they give a true and fair view of 
the state of affairs of the Group and 
the Company and of their profit or 
loss for the period.
In preparing each of the Group and 
Parent Company financial 
statements, the Directors are 
required to:
	
– Select suitable accounting 
policies in accordance with IAS 8 
Accounting Policies, Changes in 
Accounting Estimates and Errors 
(and, in respect of the Parent 
Company financial statements, 
Section 10 of FRS 102) and then 
apply them consistently;
	
– Make judgements and estimates 
that are reasonable and prudent;
	
– Present information, including 
accounting policies, in a manner 
that provides relevant, reliable, 
comparable and understandable 
information;
	
– Provide additional disclosures 
when compliance with the 
specific requirements in IFRSs 
(and, in respect of the Parent 
Company financial statements, 
FRS 102) is insufficient to enable 
users to understand the impact 
of particular transactions, other 
events and conditions on the 
Group and Company financial 
position and financial 
performance;
	
– In respect of the Group financial 
statements, state whether 
UK-adopted international 
accounting standards have been 
followed, subject to any material 
departures disclosed and 
explained in the financial 
statements;
	
– In respect of the Parent Company 
financial statements, state 
whether FRS 102 has been 
followed, subject to any material 
departures disclosed and 
explained in those financial 
statements; and
	
– Prepare the financial statements 
on the going concern basis 
unless it is inappropriate to 
presume that the Group and 
the Parent Company will continue 
in business.
The Directors are responsible for 
keeping adequate accounting 
records that are sufficient to show 
and explain the Company and 
Group’s transactions and disclose 
with reasonable accuracy at any 
time the financial position of the 
Company and the Group and enable 
them to ensure that those financial 
statements comply with the 
Companies Act 2006. They are 
also responsible for safeguarding 
the assets of the Group and Parent 
Company and Group and hence 
for taking reasonable steps for the 
prevention and detection of fraud 
and other irregularities.
Under applicable law and regulations, 
the Directors are also responsible for 
preparing a Strategic report, 
Directors’ report, Directors’ 
remuneration report and Corporate 
Governance statement that comply 
with that law and those regulations.
The Directors are responsible for the 
maintenance and integrity of the 
corporate and financial information 
included on the Group’s website.
Legislation in the UK governing the 
preparation and dissemination of 
financial statements may differ from 
legislation in other jurisdictions.
Fair, balanced and 
understandable
The Directors believe that the annual 
report and accounts, taken as a 
whole, is fair, balanced and 
understandable and provides the 
information necessary for 
shareholders to assess the Group’s 
financial position, performance, 
business model and strategy.
For details of the process that was 
followed to enable the Board to 
make this statement, please refer 
to the Audit Committee report on 
pages 84 to 90.
Responsibility statement
Each of the Directors at the date of 
approval of this statement confirms 
that, to the best of his or her 
knowledge:
	
– The Group financial statements, 
prepared in accordance with 
UK-adopted international 
accounting standards, give a 
true and fair view of the assets, 
liabilities, financial position and 
profit of the Company and the 
undertakings included in the 
consolidation taken as a whole; 
and
	
– The annual report, including the 
Strategic report on pages 1 to 68 
and the Directors’ report on 
pages 113 to 116, includes a fair 
review of the development and 
performance of the business and 
the position of the Company and 
the undertakings included in the 
consolidation taken as a whole, 
together with a description of the 
principal risks and uncertainties 
that they face.
By order of the Board
Jon Messent
Company Secretary
24 July 2024
117	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Financial statements
Secure
Independent Auditor’s Report 
119
Consolidated income statement
128
Consolidated statement of 
comprehensive income
 129
Consolidated balance sheet 
130
Consolidated statement of 
changes in equity
131
Consolidated cash flow statement 133
Accounting policies 
134
Notes to the accounts
148
Company balance sheet
192
Company statement of  
changes in equity
193
Accounting policies – Company 
194
Notes to the accounts – Company 196 
Non-IFRS measures 
197
Five year record
201 
Shareholder information 
202
Securing trust
Strong economies and thriving societies 
require trust. Counterfeits and illicit 
trade represent a multi-trillion dollar 
issue with the potential to undermine 
that trust. 
Our advanced solutions 
help to secure trust. 
Both our physical and 
digital solutions play an 
important role in this.
Strategic report
Financial statements
118	 De La Rue plc Annual Report 2024
Governance report

Independent Auditor’s Report
Opinion
In our opinion:
	
– De La Rue plc’s group financial 
statements and parent company 
financial statements (the 
“financial statements”) give a true 
and fair view of the state of the 
group’s and of the parent 
company’s affairs as at 30 March 
2024 and of the Group’s loss for 
the period then ended;
	
– the group financial statements 
have been properly prepared in 
accordance with UK adopted 
international accounting 
standards; 
	
– the parent company financial 
statements have been properly 
prepared in accordance with 
United Kingdom Generally 
Accepted Accounting Practice; 
and
	
– the financial statements have 
been prepared in accordance 
with the requirements of the 
Companies Act 2006.
The financial reporting framework 
that has been applied in the 
preparation of the Group financial 
statements is applicable law and UK 
adopted international accounting 
standards. The financial reporting 
framework that has been applied in 
the preparation of the parent 
company financial statements is 
applicable law and United Kingdom 
Accounting Standards, including FRS 
102 “The Financial Reporting 
Standard applicable in the UK and 
Republic of Ireland” (United Kingdom 
Generally Accepted Accounting 
Practice).
Basis for opinion 
We conducted our audit in 
accordance with International 
Standards on Auditing (UK) (ISAs 
(UK)) and applicable law. Our 
responsibilities under those 
standards are further described in 
the Auditor’s responsibilities for the 
audit of the financial statements 
section of our report. We believe that 
the audit evidence we have obtained 
is sufficient and appropriate to 
provide a basis for our opinion.
Independence
We are independent of the Group 
and parent company in accordance 
with the ethical requirements that 
are relevant to our audit of the 
financial statements in the UK, 
including the FRC’s Ethical Standard 
as applied to listed public interest 
entities, and we have fulfilled our 
other ethical responsibilities in 
accordance with these requirements. 
The non-audit services prohibited by 
the FRC’s Ethical Standard were not 
provided to the Group or the parent 
company and we remain independent 
of the Group and the parent 
company in conducting the audit. 
Conclusions relating to going 
concern
Material Uncertainty related to 
going concern
We draw attention to Accounting 
Policies (page 134) in the financial 
statements which indicates that the 
ability of the Group and Company to 
continue as a going concern is 
subject to a material uncertainty 
which could cast significant doubt 
on the Group and Company’s ability 
to continue as a going concern.
Independent 
Auditor’s Report 
to the members of 
De La Rue plc
We have audited the financial statements of De La Rue plc (the ‘parent 
company’) and its subsidiaries (the ‘Group’) for the period ended 30 March 
2024 which comprise:
Group
Parent company
Consolidated balance sheet as at 
30 March 2024
Company balance sheet as at 
30 March 2024
Consolidated income statement for the 
period then ended
Company statement of changes in 
equity for the period then ended
Consolidated statement of 
comprehensive income for the period 
then ended
Related notes 1a to 8a to the financial 
statements including a summary of 
significant accounting policies
Consolidated statement of changes in 
equity for the period then ended
Consolidated statement of cash flows 
for the period then ended
Related notes 1 to 30 to the financial 
statements, including material 
accounting policy information
119	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Independent Auditor’s Report  continued
Management’s base case modelling 
indicates that the Group would not 
have sufficient funds or the ability 
to repay the RCF on or before 1 July 
2025, when it becomes due, given 
that the timing, probability of 
completion and terms of a sale 
of the Authentication division are 
subject to factors outside of the 
Board’s control. The circumstances 
which would follow non-repayment 
of the RCF on or before 1 July 2025, 
including the manner in which the 
Group’s lenders would seek 
to recover funds, would not be 
within the control of the Directors. 
Furthermore, even in the event 
of a transaction completing, the 
proceeds that will be retained 
(and immediately available) in 
the Group, to address its ongoing 
liquidity requirements following the 
repayment of the RCF are subject 
to factors outside of the Board’s 
control. These include the Group’s 
cash position on disposal, the final 
sale price, transaction costs and any 
cash outflows addressing the 
pension risk. As stated in note 1, 
these events or conditions, along 
with the other matters as set forth 
in note 1, indicate that a material 
uncertainty exists that may cast 
significant doubt on the group and 
parent company’s ability to continue 
as a going concern. Our opinion is 
not modified in respect of this matter. 
We draw attention to the viability 
statement in the Annual Report on 
page 69, which indicates that an 
assumption to the statement of 
viability is the successful completion 
of a sale of the Authentication 
division so as to generate sufficient 
liquidity to allow the Group to repay 
considered the existence of any 
significant events or conditions 
beyond this period based on our 
enquiries and knowledge arising 
from other areas of the audit. 
	
– We obtained the cash flow, 
covenant forecasts and 
sensitivities for the going concern 
period prepared by management 
and tested for arithmetical 
accuracy of the models as well as 
checking the net debt position at 
the period-end date. 
	
– We reviewed actual post period-
end trading to the end of June 
2024 against the forecast. We 
performed procedures to validate 
that we were aware of all relevant 
factors from the period-end date 
to the approval date of the 
financial statements, including 
trading performance, liquidity 
movements and other material 
events since the period-end date, 
where applicable. 
	
– We also challenged the 
reasonableness of the forecasts 
with reference to the level of 
secured orders and the 
unsecured pipeline by 
corroborating to supporting 
evidence including signed orders 
and offer letters. Further, we 
validated other assumptions 
including both fixed and variable 
costs by obtaining relevant 
agreements as well as 
performing analytical procedures. 
We assessed whether all key 
factors have been considered 
by management, through inquiry 
with management and 
assessment against other 
risks addressed in the audit
the RCF on or before 1 July 2025, 
meet transactions costs, address 
the risk to the pension scheme and 
fund the retained operations of the 
Group. The Directors consider that 
the material uncertainty referred to 
in respect of going concern may 
cast significant doubt over the future 
viability of the Group and company 
should these events not complete. 
Our opinion is not modified in 
respect of this matter.
In auditing the financial statements, 
we have concluded that the director’s 
use of the going concern basis of 
accounting in the preparation of the 
financial statements is appropriate. 
Our evaluation of the directors’ 
assessment of the Group and parent 
company’s ability to continue to 
adopt the going concern basis of 
accounting included: 
	
– We confirmed our understanding 
of management’s going concern 
assessment process as well as 
the review controls in place over 
the preparation of the group’s 
going concern model and the 
memoranda on going concern 
presented to the board of 
directors. We performed 
procedures in conjunction with EY 
modelling specialists to test the 
appropriateness of management’s 
underlying modelling, including 
validating that formulae logic 
applied was appropriate and 
confirming that other inputs (for 
example interest rates) had been 
accurately modelled. 
	
– We challenged the 
appropriateness of the duration 
of the going concern assessment 
period to 28 September 2025 
(“the going concern period”) and 
	
– We evaluated the key assumptions 
underpinning the Group’s 
assessment by challenging the 
measurement and completeness 
of downside scenarios modelled 
by management, including an 
analysis of historical forecasting 
accuracy and the work performed 
on the orderbook as detailed 
above. We compared these key 
assumptions with the principal 
risks and uncertainties of the 
Group. 
	
– We analysed management’s 
severe but plausible scenarios 
which quantified the downside 
required to breach the covenants 
(by modelling both decreased 
earnings and increased net debt) 
or exhaust liquidity and evaluated 
whether the downside in cash 
flows, earnings and net debt 
required for such a scenario to 
materialise was plausible during 
the going concern period 
considering the analysis of fixed 
versus variable costs, the 
proportion of revenue secured 
through orderbook coverage, and 
recent forecast accuracy. 
	
– We challenged each of the 
available mitigating actions (e.g., 
reduced capital expenditure and 
reductions in discretionary 
spend) and obtained analysis to 
determine if these were in the 
control of management and 
evaluated the expected impact of 
the mitigation in the light of our 
understanding of the business 
and its cost structures. 
	
– We note that management are in 
the process of evaluating various 
strategic options, including a sale 
of the Authentication division. 
We corroborated management’s 
base case assumptions related to 
a sale, including agreeing to 
available supporting documents. 
We challenged management’s 
cash flow forecasts for the 
remaining group, including 
performing a reverse stress test 
on the day one cash position, 
taking into account amounts to 
be paid to the pension scheme 
and other costs associated to the 
transaction. 
	
– We have evaluated the potential 
impact of this transaction, 
including related costs, on the 
ability of the Group and Company 
to repay the RCF on or before 
1 July 2025. 
	
– We challenged the extent to 
which emerging climate-related 
risks may affect the Group’s 
assessment and the assumptions 
around the costs anticipated in 
meeting the Group’s target to 
become carbon neutral for its 
own operations by 2030. This 
includes the capital expenditure 
required to enable the group to 
reduce its carbon footprint, 
energy usage, waste, and reliance 
on plastics. Additionally, we 
considered other macroeconomic 
factors such as the rising cost 
of materials, energy and labour 
which are critical parts of 
the Group’s operations. 
	
– We corroborated whether the 
Group’s forecasts in the going 
concern assessment were 
consistent with other forecasts 
used by the group in its 
accounting estimates, including 
non-current asset impairment and 
deferred tax asset recognition. 
120	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Independent Auditor’s Report  continued
	
– We held discussions with the 
Audit Committee and full board 
of directors to corroborate the 
forecasts and their basis as 
prepared by management. 
	
– We discussed the 
appropriateness of 
management’s disclosures in the 
financial statements, specifically 
whether the description of the 
material uncertainty, sufficiently 
and appropriately reflect the 
going concern assessment, key 
judgements made and outcomes. 
The audit procedures performed 
in evaluating management’s 
assessment were performed by 
the primary audit team, however 
we also considered the financial 
and non-financial information 
communicated to us from our 
component teams of overseas 
locations as sources of potential 
contrary indicators which may cast 
doubt over the going concern 
assessment. We determined going 
concern to be a key audit matter. 
components of the Group, we 
selected 6 components as full or 
specific scope covering entities 
within United Kingdom, Malta, Sri 
Lanka, United States and group 
consolidation adjustments, which 
represent the principal business 
units within the group. We selected 
a further eight components as 
specified procedures components, 
for which we performed certain 
audit procedures on specific 
accounts within that component 
which we considered had the 
potential for the greatest impact on 
the significant accounts in the 
financial statements, either because 
of the size of the accounts or their 
risk profile.
The table below sets out the 
coverage obtained from the work 
performed by our audit teams.
In relation to the Group and parent 
company’s reporting on how they 
have applied the UK Corporate 
Governance Code, we have nothing 
material to add or draw attention to 
in relation to: 
	
– the directors’ statement in the 
financial statements about 
whether the directors considered 
it appropriate to adopt the going 
concern basis of accounting; and 
	
– the directors’ identification in the 
financial statements of the 
material uncertainty related to 
the entity’s ability to continue as 
a going concern over a period up 
to 28 September 2025
Our responsibilities and the 
responsibilities of the directors with 
respect to going concern are 
described in the relevant sections of 
this report. However, because not all 
future events or conditions can be 
predicted, this statement is not a 
guarantee as to the Group’s ability 
to continue as a going concern.
Of the 14 components selected, 
we performed an audit of the 
complete financial information 
of 3 components (“full scope 
components”) which were 
selected based on their size or risk 
characteristics. For 3 components 
(“specific scope components”), we 
performed audit procedures on 
specific accounts within that 
component that we considered had 
the potential for the greatest impact 
on the significant accounts in the 
financial statements either because 
of the size of these accounts or their 
risk profile. 
For the remaining 8 components 
(representing 24% of adjusted EBITDA) 
we performed specified procedures 
performed through centralised 
testing by the Group team. These 
locations typically represent other 
small revenue generating entities, 
overseas cost centres, or holding 
companies and not the principal 
business units of the group. 
An overview of the scope of the 
parent company and group audits
Tailoring the scope
Our assessment of audit risk, our 
evaluation of materiality and our 
allocation of performance materiality 
determine our audit scope for each 
company within the Group. Taken 
together, this enables us to form an 
opinion on the consolidated financial 
statements. We take into account 
size, risk profile, the organisation of 
the Group and effectiveness of 
group-wide controls, changes in the 
business environment, the potential 
impact of climate change and other 
factors such as recent Internal audit 
results when assessing the level of 
work to be performed at each entity.
In assessing the risk of material 
misstatement to the Group financial 
statements, and to ensure we had 
adequate quantitative coverage of 
significant accounts in the financial 
statements, of the 51 reporting 
Overview of our audit approach
Audit scope
–  We performed an audit of the complete financial information of 3 components, an audit 
of specific balances of 3 components and performed specified procedures for a further 
8 components.
–  The components where we performed full audit procedures accounted for 56% of adjusted 
EBITDA (being adjusted for exceptional items), 90% of Revenue and 60% of Total assets. The 
components where we performed full, specific or specified audit procedures in relation to 
revenue accounted for 100% of Revenue and 98% of Total assets.
Key audit 
matters
–  Going Concern
–  Revenue recognition
–  Post-retirement benefit obligations – liabilities & assets
Materiality
–  Overall group materiality of £0.78m which represents 2% of adjusted EBITDA. Adjusted EBITDA 
represent earnings from continuing operations before the deduction of interest, tax, depreciation, 
amortisation and exceptional items.
Number of 
locations
Adjusted
EBITDA*
(%)
Revenue
(%)
Total
Assets
(%)
Full Scope 
3
56
90
60
Specific Scope 
3
16
7
27
Specified Procedures
8
24
3
11
Full and specified procedures 
coverage
14
96
100
98
Remaining components
37
4
–
2
Total reporting components
51
100
100
100
*	
Based on absolute EBITDA values
121	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Independent Auditor’s Report  continued
We extend our scope to these 
entities in order to add an element 
of unpredictability into our audit 
procedures. Specifically, we 
performed specified procedures 
on certain aspects of revenue, other 
operating expenses, interest income 
and expense, provisions, intangible 
assets and amortisation, in response 
to our risk assessment for these 
individual financial statement line 
items. No single component was 
larger than 10%. The audit scope of 
these components may not have 
included testing of all significant 
accounts of the component but will 
have contributed to the coverage 
of significant accounts tested for 
the Group.
Of the remaining 37 components 
that together represent 4% of the 
group’s adjusted EBITDA, we 
performed other procedures, 
including cash and borrowings 
verification testing on all material 
balances, analytical review, testing 
of consolidation journals and 
intercompany eliminations and 
foreign currency translation 
recalculations to respond to 
any potential risks of material 
misstatement to the Group 
financial statements.
Changes from the prior period 
There have been no significant 
changes in the scoping of our 
Group audit.
Involvement with 
component teams 
In establishing our overall approach 
to the Group audit, we determined 
the type of work that needed to be 
undertaken at each of the components 
of how climate change has been 
reflected in the financial statements. 
Our audit effort in considering the 
impact of climate change on the 
financial statements was focused on 
evaluating management’s 
assessment of the impact of climate 
risk, physical and transition, their 
climate commitments, the effects of 
material climate risks disclosed on 
pages 34 and 35 and whether these 
have been appropriately reflected 
in the going concern and viability 
considerations of the group, and 
other key assessments where values 
are determined through modelling 
future cash flows including 
assumptions around the costs 
anticipated in meeting the group’s 
target to become carbon neutral for 
its own operations by 2030. Where 
required by the relevant accounting 
standard, this includes the capital 
expenditure required to enable the 
group to reduce its carbon footprint, 
energy usage, waste and reliance on 
plastics. As part of this evaluation, 
we performed our own risk 
assessment supported by our 
climate change internal specialists, 
to determine the risks of material 
misstatement in the financial 
statements from climate change 
which needed to be considered 
in our audit. 
Whilst the group have stated their 
sustainability commitments in 
becoming carbon natural from its 
own operations by 2030 and to align 
with the aspirations of the Paris 
Agreement to achieve net zero 
emissions by 2050, the Group are 
currently unable to determine the 
full future economic impact on their 
by us, as the primary audit 
engagement team, or by component 
auditors from other EY global network 
firms operating under our instruction. 
The audit procedures on the 3 full 
scope components (all of which 
comprise parts of the UK operating 
business), were performed directly 
by the primary audit team. For the 
3 specific scope components, 
where the work was performed by 
component auditors, we determined 
the appropriate level of involvement 
to enable us to determine that 
sufficient audit evidence had been 
obtained as a basis for our opinion 
on the Group as a whole. 
During the current period’s audit 
cycle, a visit was undertaken by the 
Senior Statutory Auditor to the 
component team in Sri Lanka. 
Regular detailed meetings were held 
with all component teams. These 
meetings involved discussing the 
audit approach with the component 
team and inputs into planning their 
work. Detailed instructions were sent 
to all specific scope overseas 
locations which covered the 
significant areas that should be 
addressed by the component team 
auditors and the information which 
should be reported to the primary 
audit team. The primary team 
interacted regularly with the 
component teams where 
appropriate during various stages of 
the audit, reviewed relevant working 
papers and were responsible for the 
scope and direction of the audit 
process. This, together with the 
additional procedures performed 
at group level, gave us appropriate 
evidence for our opinion on the 
group financial statements. 
business model, operational plans 
and customers to achieve this and 
therefore the potential impacts are 
not fully incorporated in these 
financial statements.
Based on our work, whilst we have 
not identified the impact of climate 
change on the financial statements 
to be a standalone key audit matter, 
we have considered the impact 
in the Going Concern key audit 
matter. Details of the impact, 
our procedures and findings are 
included in our explanation of key 
audit matter in the conclusions 
relating to Going Concern above. 
Key audit matters
Key audit matters are those matters 
that, in our professional judgement, 
were of most significance in our 
audit of the financial statements of 
the current period and include the 
most significant assessed risks of 
material misstatement (whether or 
not due to fraud) that we identified. 
These matters included those which 
had the greatest effect on: the 
overall audit strategy, the allocation 
of resources in the audit; and 
directing the efforts of the 
engagement team. These matters 
were addressed in the context of our 
audit of the financial statements as 
a whole, and in our opinion thereon, 
and we do not provide a separate 
opinion on these matters. In addition 
to the matter described in the 
material uncertainty related to going 
concern section, we have 
determined the matters described 
below to be the key audit matters 
to be communicated in our report. 
Climate change 
Stakeholders are increasingly 
interested in how climate change 
will impact the group. The group has 
determined that the most significant 
future impacts from climate change 
on its operations will be from 
emerging regulatory changes and 
physical risks and the group’s ability 
to react to such changes, for 
example, the risk of flooding of key 
sites as a result of rising water levels 
and precipitations patterns; and the 
risk of being unable to execute the 
transition of operations required 
to effectively reduce its footprint, 
energy usage, waste and reliance on 
plastics in its operations. These are 
explained on page 32 of the Task 
Force On Climate Related Financial 
Disclosures and on pages 56 – 63 in 
the principal risks and uncertainties. 
They have also explained their 
climate commitments on page 35. 
All of these disclosures form part of 
the “Other information,” rather than 
the audited financial statements. 
Our procedures on these unaudited 
disclosures therefore consisted 
solely of considering whether 
they are materially inconsistent 
with the financial statements or our 
knowledge obtained in the course of 
the audit or otherwise appear to be 
materially misstated, in line with our 
responsibilities on “Other 
information”. 
In planning and performing our audit 
we assessed the potential impacts 
of climate change on the group’s 
business and any consequential 
material impact on its financial 
statements. The group has explained 
in their strategic report articulation 
122	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Independent Auditor’s Report  continued
Risk
Our response to the risk
Key observations communicated to the Audit Committee
Revenue recognition – £310.3m (FY23 – £349.7m)
Refer to the Audit Committee Report (page 84); Accounting 
policies (page 134); and Note 2 of the Consolidated Financial 
Statements (page 150)
Risk on revenue cut-off 
We have identified that there is a risk that revenue is 
manipulated at or near to the period end to meet income 
statement targets through management override of controls. 
This cut-off risk manifests itself in different ways based on 
the terms of the contract and the associated accounting 
policy under IFRS 15. The risk applies to both revenue 
recognised over time or at a point in time. Revenue earned 
over time totals £37.4m (12.1%) (FY23 – £50.4m, 14.4%) with 
point in time revenue of £272.9m (87.9%) (FY23 – £299.3m, 
85.6%)
Risk on bill & hold arrangements 
We have identified a risk that revenue is manipulated 
through bill and hold arrangements (which refers to revenue 
recognised at the period-end date for which the goods have 
not been shipped by period-end in accordance with the 
terms of the contract) to meet income statement targets 
through management override of controls. From previous 
years, we understand that a large proportion of the orders 
completed and revenue recognised relates to those under 
contracts with bill and hold terms.
Due to the unique criteria required to be met to recognise 
this revenue it is deemed an area for possible manipulation.
We have performed testing using the lowest end of the performance materiality range 
applicable for addressing the occurrence assertion impacted by a significant risk. At each full, 
and specific scope component with significant revenue streams (6 components) including 
(where relevant) consolidation adjustments, we performed audit procedures which covered 
96% of the group’s Revenue. We also performed specified procedures on material revenue 
amounts earned in the remainder of the group. The primary audit team and specific scope 
component teams performed the audit procedures over the group’s revenue. Our procedures 
included, among others, obtaining an understanding of the revenue recognition process and 
evaluating the design of internal controls over revenue recognised. We also evaluated the 
appropriateness of the Group’s revenue recognition policy.
Risk on revenue cut-off 
For point in time revenue contracts we selected a sample of revenue transactions around the 
period-end date and for our sample selected, we tested to corroborate that there was 
appropriate evidence to support that control has passed to the customer and that revenue 
was recognised in the appropriate period. This included checking to third party evidence of 
delivery, where applicable. 
For over time revenue contracts, we performed a review of all new material underlying 
agreements to determine judgements made by management in concluding that the company 
has an enforceable right to payment, enquiring with external legal counsel where relevant. The 
group uses the input method to record revenue over time. For all material contracts, we have 
tested actual costs incurred to underlying supporting documents and challenged the 
appropriateness of the estimated cost to complete the performance obligation. We have also 
tested the appropriateness of the margin applied by agreeing the calculations through to 
contractual terms (e.g. unit prices and total contract value). We have also checked that the 
correct percentage of completion (POC) has been applied in determining the amount of 
revenue to be recognised.
Risk on bill & hold arrangements 
For bill and hold arrangements we have reviewed all underlying contracts with customers to 
validate contractual terms allowed for bill and hold recognition under IFRS 15. We performed 
full inventory counts at the balance sheet date and we have agreed amounts to the underlying 
supporting documents such as payments and invoices. 
Based on our audit procedures we have 
concluded that revenue is appropriately 
recognised in the period and appropriately 
accrued or deferred at 30 March 2024. 
123	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Independent Auditor’s Report  continued
Risk
Our response to the risk
Key observations communicated to the Audit Committee
Post-retirement benefit obligations – £51.6m  
(FY23 – £54.7m)
Refer to the Audit Committee Report (page 84); Accounting 
policies (page 134); and Note 23 of the Consolidated Financial 
Statements (page 183)
Post-retirement benefit Liabilities – £695.7m  
(FY23 – £731.3m)  
The valuation of the pension liabilities requires significant 
levels of judgement and technical expertise in choosing 
appropriate assumptions. A number of the key assumptions 
(inflation, discount rates and mortality) can have a material 
impact on the calculation of the liability.
Post-retirement benefit Assets – £644.1m  
(FY23 – £678.2m) 
The pension assets include significant pension asset 
investments, the fair value measurement of which includes 
significant judgement. There is a risk in this valuation process 
as a number of the pension assets are “hard to value”, which 
do not have a readily observable market price. Misstatements 
that occur in relation to this risk would affect the retirement 
benefit obligations account in the balance sheet.
Response to the risk on post-retirement benefit liabilities 
We utilised EY pension specialists to assist us in testing the valuation of post-retirement 
benefit liabilities. We gained an understanding of the valuation process through discussion 
with the pension scheme actuaries. This included challenging the basis and methodology for 
setting key assumptions, including salary increases and mortality rates by comparing them to 
national and industry averages.
We independently checked the discount and inflation rates used in the valuation of the 
pension liability against our internally developed benchmarks. We assessed the competency 
of management’s expert used in determining the actuarial valuation.
Response to the risk on post-retirement benefit assets: 
We assessed the competency of management’s expert used in determining the asset 
valuation.
We stratified the assets into the various IFRS 13 categories from level 1 to level 3. Level 3 was 
classified as complex and hard to value assets as having no publicly available information to 
determine the valuation of the asset.
We have confirmed the existence of scheme assets with the schemes’ investment managers 
and independently confirmed the valuation of scheme assets by performing detailed testing 
on a sample of assets, taking into account the relative complexity of the underlying asset 
class.
For all hard to value assets, we have obtained a confirmation directly from the investment 
managers on the number of units and period-end price by investment product. We have 
also involved our EY valuation specialists in determining the valuation of certain hard to 
value assets.
We assessed the appropriateness of Management’s retirement benefit obligation disclosure 
by reference to the requirements of applicable accounting standards.
Based on our audit procedures, we have 
concluded that the actuarial assumptions applied 
within the valuation of post-retirement benefit 
liabilities at period-end are appropriate.
We have also concluded that the pension scheme 
assets are stated at fair market value. 
124	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Independent Auditor’s Report  continued
Our application of materiality 
We apply the concept of materiality 
in planning and performing the audit, 
in evaluating the effect of identified 
misstatements on the audit and in 
forming our audit opinion. 
Materiality
The magnitude of an omission or 
misstatement that, individually or 
in the aggregate, could reasonably 
be expected to influence the 
economic decisions of the users 
of the financial statements. 
Materiality provides a basis for 
determining the nature and extent 
of our audit procedures. 
We determined materiality for 
the group to be £0.78 million 
(2023: £0.9 million), which is 2% 
(2023: 2%) of adjusted EBITDA. 
Given the focus on the group’s 
ability to continue operating as a 
going concern in recent periods, we 
believe that there remains a focus on 
the banking covenants applicable to 
the company which are based on 
adjusted EBITDA. As such, we believe 
that adjusted EBITDA provides us 
with a reasonable basis for 
determining materiality and is the 
most relevant performance measure 
to the stakeholders of the entity. 
We determined materiality for the 
parent company to be £1.45 million 
(2023: £1.5 million), which is 2% 
(2023: 2%) of equity. This is higher 
than group materiality given this is 
only a holding company and we do 
not expect significant changes in 
terms of business environment.
Other information 
The other information comprises the 
information included in the annual 
report set out on pages 1 – 117, other 
than the financial statements and 
our auditor’s report thereon. The 
directors are responsible for the 
other information contained within 
the annual report. 
Our opinion on the financial 
statements does not cover the other 
information and, except to the extent 
otherwise explicitly stated in this 
report, we do not express any form 
of assurance conclusion thereon. 
Our responsibility is to read the 
other information and, in doing so, 
consider whether the other 
information is materially inconsistent 
with the financial statements or our 
knowledge obtained in the course of 
the audit or otherwise appears to be 
materially misstated. If we identify 
such material inconsistencies or 
apparent material misstatements, 
we are required to determine 
whether this gives rise to a material 
misstatement in the financial 
statements themselves. If, based 
on the work we have performed, 
we conclude that there is a material 
misstatement of the other 
information, we are required to 
report that fact.
We have nothing to report in 
this regard.
Our materiality is based on the 
group’s EBITDA adjusted for 
exceptional items in order to exclude 
items which are non-recurring in 
nature. We have determined the final 
materiality amount applied in our 
audit procedures below:
Starting 
basis
–  Group EBITDA £25.1m
Adjustments
–  Add back net 
exceptional items of 
£14.2m as disclosed 
in the Group Income 
statement
Materiality
–  Totals £39.3m
–  Materiality of £0.78m 
(2% of adjusted 
EBITDA)
Performance materiality
The application of materiality at the 
individual account or balance level. 
It is set at an amount to reduce 
to an appropriately low level the 
probability that the aggregate 
of uncorrected and undetected 
misstatements exceeds materiality. 
On the basis of our risk assessments, 
together with our assessment of the 
group’s overall control environment, 
our judgement was that 
performance materiality was 50% 
(2023: 50%) of our planning 
materiality, namely £0.39m (2023: 
£0.45m). We have set performance 
materiality at this percentage due to 
an expectation of possible audit 
misstatements in the current period 
driven by the volume and quantum 
of audit misstatements identified 
in the prior period. 
Opinions on other matters 
prescribed by the Companies 
Act 2006
In our opinion, the part of the 
directors’ remuneration report to be 
audited has been properly prepared 
in accordance with the Companies 
Act 2006.
In our opinion, based on the work 
undertaken in the course of the 
audit:
	
– the information given in the 
strategic report and the directors’ 
report for the financial period for 
which the financial statements 
are prepared is consistent with 
the financial statements; and 
	
– the strategic report and the 
directors’ report have been 
prepared in accordance with 
applicable legal requirements.
Matters on which we are required 
to report by exception
In the light of the knowledge and 
understanding of the Group and the 
parent company and its environment 
obtained in the course of the audit, 
we have not identified material 
misstatements in the strategic 
report or the directors’ report.
Audit work at component locations 
for the purpose of obtaining audit 
coverage over significant financial 
statement accounts is undertaken 
based on a percentage of total 
performance materiality. The 
performance materiality set for each 
component is based on the relative 
scale and risk of the component to 
the Group as a whole and our 
assessment of the risk of 
misstatement at that component. 
In the current period, the range of 
performance materiality allocated 
to components was £0.06m to 
£0.3m (2023: £0.1m to £0.4m). 
Reporting threshold
An amount below which identified 
misstatements are considered as 
being clearly trivial. 
We agreed with the Audit 
Committee that we would report 
to them all uncorrected audit 
differences in excess of £39,000 
(2023: £45,000), which is set at 5% 
of planning materiality, as well as 
differences below that threshold 
that, in our view, warranted reporting 
on qualitative grounds.
We evaluate any uncorrected 
misstatements against both the 
quantitative measures of materiality 
discussed above and in light of other 
relevant qualitative considerations in 
forming our opinion.
125	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Independent Auditor’s Report  continued
We have nothing to report in respect 
of the following matters in relation to 
which the Companies Act 2006 
requires us to report to you if, in our 
opinion:
	
– adequate accounting records 
have not been kept by the parent 
company, or returns adequate for 
our audit have not been received 
from branches not visited by us; 
or
	
– the parent company financial 
statements and the part of the 
Directors’ Remuneration Report to 
be audited are not in agreement 
with the accounting records and 
returns; or
	
– certain disclosures of directors’ 
remuneration specified by law are 
not made; or
	
– we have not received all the 
information and explanations 
we require for our audit.
Corporate Governance Statement
We have reviewed the directors’ 
statement in relation to going 
concern, longer-term viability 
and that part of the Corporate 
Governance Statement relating 
to the Group and company’s 
compliance with the provisions of 
the UK Corporate Governance Code 
specified for our review by the 
Listing Rules.
Auditor’s responsibilities for the 
audit of the financial statements 
Our objectives are to obtain 
reasonable assurance about whether 
the financial statements as a whole 
are free from material misstatement, 
whether due to fraud or error, and 
to issue an auditor’s report that 
includes our opinion. Reasonable 
assurance is a high level of 
assurance, but is not a guarantee 
that an audit conducted in 
accordance with ISAs (UK) 
will always detect a material 
misstatement when it exists. 
Misstatements can arise from fraud 
or error and are considered material 
if, individually or in the aggregate, 
they could reasonably be expected 
to influence the economic decisions 
of users taken on the basis of these 
financial statements. 
Explanation as to what extent 
the audit was considered 
capable of detecting 
irregularities, including fraud 
Irregularities, including fraud, are 
instances of non-compliance with 
laws and regulations. We design 
procedures in line with our 
responsibilities, outlined above, to 
detect irregularities, including fraud. 
The risk of not detecting a material 
misstatement due to fraud is higher 
than the risk of not detecting one 
resulting from error, as fraud may 
involve deliberate concealment by, 
for example, forgery or intentional 
misrepresentations, or through 
collusion. The extent to which our 
procedures are capable of detecting 
irregularities, including fraud is 
detailed below.
Based on the work undertaken as 
part of our audit, we have concluded 
that each of the following elements 
of the Corporate Governance 
Statement is materially consistent 
with the financial statements or our 
knowledge obtained during the 
audit:
	
– Directors’ statement with regards 
to the appropriateness of 
adopting the going concern basis 
of accounting and any material 
uncertainties identified set out 
on pages 64 – 68;
	
– Directors’ explanation as to its 
assessment of the company’s 
prospects, the period this 
assessment covers and why the 
period is appropriate set out on 
pages 64 – 68;
	
– Director’s statement on whether 
it has a reasonable expectation 
that the group will be able to 
continue in operation and 
meets its liabilities set out 
on pages 64 – 68;
	
– Directors’ statement on fair, 
balanced and understandable 
set out on page 117;
	
– Board’s confirmation that it has 
carried out a robust assessment 
of the emerging and principal 
risks set out on page 117;
	
– The section of the annual report 
that describes the review of 
effectiveness of risk management 
and internal control systems set 
out on page 56; and;
	
– The section describing the work 
of the audit committee set out 
on page 84.
However, the primary responsibility 
for the prevention and detection of 
fraud rests with both those charged 
with governance of the company 
and management. 
	
– We understood how De La Rue plc 
is complying with those 
frameworks by making enquiries of 
management including internal 
legal counsel to understand how 
the company maintains and 
communicates its policies and 
procedures in these areas and 
corroborated this by reviewing 
supporting documentation. 
Specifically, we inspected the 
code of conduct and employee 
handbook issued to each 
employee, we also verified that 
specific training on the above 
frameworks were offered to 
employees throughout the period; 
obtaining and inspecting the 
training compliance report held by 
the company. Where relevant we 
liaised with external legal counsel 
to understand the potential 
impact of claims brought against 
the company. We also reviewed 
correspondence with relevant 
authorities, including HMRC 
(2018 Code). 
	
– We assessed the susceptibility of 
the group’s financial statements 
to material misstatement, 
including how fraud might 
occur by considering the risk 
of management override and 
through assessing revenue as 
a fraud risk through recognising 
revenue in the incorrect period. 
Our procedures to address 
this involved.
Responsibilities of directors
As explained more fully in the 
directors’ responsibilities statement 
set out on page 117, the directors are 
responsible for the preparation of 
the financial statements and for 
being satisfied that they give a true 
and fair view, and for such internal 
control as the directors determine is 
necessary to enable the preparation 
of financial statements that are free 
from material misstatement, whether 
due to fraud or error. 
In preparing the financial statements, 
the directors are responsible for 
assessing the group and parent 
company’s ability to continue 
as a going concern, disclosing, 
as applicable, matters related to 
going concern and using the going 
concern basis of accounting unless 
the directors either intend to 
liquidate the group or the parent 
company or to cease operations, 
or have no realistic alternative but 
to do so.
126	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Independent Auditor’s Report  continued
	
– We assessed the susceptibility of 
the group’s financial statements 
to material misstatement, 
including how fraud might 
occur by considering the risk 
of management override and 
through assessing revenue as a 
fraud risk through recognising 
revenue in the incorrect period. 
Our procedures to address this 
involved:
	
– Understanding the revenue 
recognition process, policy 
and how it is applied, including 
relevant controls.
	
– Selecting a sample of key 
contracts to test based on 
various risk criteria. For the 
same contracts we performed 
detailed contract reviews, 
including challenging 
management assumptions 
on the revenue recognition 
process.
	
– For those contracts where 
revenue has been recognised 
over time or at a point-in-time, 
our procedures and 
conclusions are documented 
in the key audit matters’ 
table above.
	
– We incorporated data 
analytics into our testing of 
manual journals, including 
segregation of duties, and in 
respect of our testing of 
revenue recognition, 
investigated journals posted to 
revenue, with focus on manual 
transactions recorded at or 
close to the period-end date.
Use of our report
This report is made solely to the 
company’s members, as a body, in 
accordance with Chapter 3 of Part 16 
of the Companies Act 2006. Our 
audit work has been undertaken so 
that we might state to the 
company’s members those matters 
we are required to state to them in 
an auditor’s report and for no other 
purpose. To the fullest extent 
permitted by law, we do not accept 
or assume responsibility to anyone 
other than the company and the 
company’s members as a body, for 
our audit work, for this report, or 
for the opinions we have formed. 
San Gunapala (Senior statutory 
auditor)
for and on behalf of Ernst & Young 
LLP, Statutory Auditor
Reading
24 July 2024
	
– Based on this understanding we 
designed our audit procedures 
to identify non-compliance with 
such laws and regulations. 
	
– Where we identified potential 
non-compliance with laws and 
regulations, we developed an 
appropriate audit response and 
communicated directly with 
components impacted. Our 
procedures involved: 
understanding the process 
and controls to identify non-
compliance, reading the 
correspondence between the 
group and their regulators, review 
of whistleblowing logs and 
understanding management’s 
response, inquiring of internal and 
external legal counsel and reading 
their reports, understanding the 
fact patterns in each case and 
documenting the positions taken 
by management, and using EY 
specialists (including Forensics) 
to support us in concluding on 
the matters identified.
	
– If any instance of non-compliance 
with laws and regulations were 
identified, these were 
communicated to the relevant 
local EY teams who performed 
sufficient and appropriate audit 
procedures supplemented by 
audit procedures performed 
at the group level.
Other matters we are required 
to address
	
– Following the recommendation 
from the Audit Committee we 
were appointed by the company 
on 21 September 2017 to audit the 
financial statements for the 
period ending 31 March 2018 and 
subsequent financial periods. We 
signed an updated engagement 
letter on 08 December 2023.
	
– The period of total uninterrupted 
engagement including previous 
renewals and reappointments is 
7 years, covering the periods 
ending 31 March 2018 to 30 March 
2024.
	
– The audit opinion is consistent 
with the additional report to the 
audit committee.
127	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes
2024 
£m
2023 
£m
Revenue from customer contracts
2
310.3
 349.7 
Cost of sales
4 
(224.4)
 (257.6)
Gross Profit
85.9
 92.1 
Adjusted operating expenses
4
(65.6)
 (64.3)
Other operating income
3
0.7
–
Adjusted operating profit
21.0
 27.8
Adjusted Items1: 
– Amortisation of acquired intangibles 
10
(1.0)
 (1.0)
– Net exceptional items – expected credit loss
5
0.5
(8.5)
– Net exceptional items – other 
5
(14.7)
(38.6)
– Net exceptional items – Total
5
(14.2)
 (47.1)
Operating profit/(loss)
5.8
 (20.3)
Interest income
6
0.5
 1.2 
Interest expense
6
(19.2)
 (11.6)
Net retirement benefit obligation finance (expense)/income
6, 23
(2.5)
1.1 
Net finance expense
(21.2)
 (9.3)
Loss before taxation from continuing operations
(15.4)
 (29.6)
Taxation
7
(3.7)
 (27.6)
Loss for the year
(19.1)
 (57.2)
Attributable to:
– Owners of the parent
(20.0)
 (55.9)
– Non-controlling interests
0.9
 (1.3)
Loss for the year
(19.1)
 (57.2)
Notes
2024 
£m
2023 
£m
Earnings per ordinary share
Basic EPS
8
(10.2)p
(28.6)p
Diluted EPS
8
(10.2)p
(28.6)p
Note:
1.	
For adjusting items, the cash flow impact of exceptional items can be found in note 5 and there was no cash flow impact for the 
amortisation of acquired intangible assets.
Consolidated income statement
for the period ended 30 March 2024 
128	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes
2024 
£m
2023
restated* 
£m
Loss for the year
(19.1)
(57.2)
Other comprehensive income
Items that are not reclassified subsequently to profit or loss:
Remeasurement gain/(loss) on retirement benefit obligations 
23
5.4
 (100.3)
Tax related to remeasurement of net defined benefit liability
7
(1.3)
11.8
Tax related to components of other comprehensive income
7
–
(0.1)
4.1
(88.6)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences for foreign operations
(2.8)
5.0 
Foreign currency translation differences for foreign operations –  
non-controlling interests
0.6
–
Change in fair value of cash flow hedges
13(a)
(1.9)
(1.0) 
Change in fair value of cash flow hedges transferred to profit or loss
13(a)
0.6
 1.7 
Tax related to cash flow hedge movements
7
–
(0.1) 
(1.3)
0.6
(3.5)
5.6
Other comprehensive income/(loss) for the year, net of tax
0.6
 (83.0)
Total comprehensive loss for the year
(18.5)
 (140.2)
Comprehensive income for the year attributable to:
Equity shareholders of the Company
(20.0)
 (138.9)
Non-controlling interests
1.5
 (1.3)
(18.5)
 (140.2)
Note:
*	
The Group Consolidated Statement of Comprehensive Income for FY23 has been restated as described in the Basis of preparation 
(note I).
Consolidated statement of comprehensive income
for the period ended 30 March 2024
129	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Consolidated balance sheet
at 30 March 2024 
Notes
2024 
£m
2023
restated* 
£m
EQUITY
Share capital
19
 89.0 
 88.8 
Share premium account
42.3 
 42.2 
Capital redemption reserve
5.9 
 5.9 
Hedge reserve
(1.2)
 0.1 
Cumulative translation adjustment
6.4 
9.2
Other reserve
(83.8) 
 (83.8)
Retained earnings
(70.2) 
(55.7)
Total (deficit)/equity attributable to shareholders of the Company
(11.6) 
6.7
Non-controlling interests
14.2 
 15.9 
Total equity
2.6 
22.6
Note:
*	
The Group Consolidated Balance Sheet for FY23 has been restated as described in the Basis of preparation (note I).
Approved by the Board on 24 July 2024.
Clive Vacher	
	
	
Dean Moore
Chief Executive Officer	
	
Interim Chief Financial Officer
Registered number: 3834125
Notes
2024 
£m
2023
restated* 
£m
ASSETS
Non-current assets
Property, plant and equipment
9
85.4
 97.1 
Intangible assets
10
37.2
 39.3 
Right-of-use assets
22
10.2
 12.1 
Deferred tax assets
15
0.1
5.9
132.9
154.4 
Current assets
Inventories
11
41.7
 49.3 
Trade and other receivables
12
72.8
 70.7 
Contract assets
2
16.7
 18.9 
Current tax assets
0.2
0.2 
Derivative financial assets
13a
0.7
 2.4 
Cash and cash equivalents
14
29.3
 40.3 
161.4
 181.8 
Total assets
294.3
336.2
LIABILITIES
Current liabilities
Trade and other payables
16
(82.8)
 (92.1)
Current tax liabilities
(20.4)
 (23.2)
Derivative financial liabilities
13a
(3.3)
 (1.9)
Lease liabilities
22
(2.5)
 (3.0)
Provisions for liabilities and charges
18
(1.8)
 (6.0)
(110.8)
 (126.2)
Non-current liabilities
Borrowings
17
(117.2) 
 (118.4)
Retirement benefit obligations
23
(51.6)
 (54.7)
Deferred tax liabilities
15
(1.9)
 (2.8)
Lease liabilities
22
(9.1)
 (10.3)
Other non-current liabilities
(1.1)
 (1.2)
(180.9)
 (187.4)
Total liabilities
(291.7)
 (313.6)
Net assets
2.6
22.6
130	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Consolidated statement of changes in equity
for the period ended 30 March 2024 
Attributable to equity shareholders
Share
capital
£m
Share
premium
account
£m
Capital
redemption
reserve
£m
Hedge
reserve
£m
Cumulative
translation
adjustment
£m
Other
reserve
£m
Retained
earnings
£m
Non-
controlling 
interests 
£m
Total  
equity
£m
Balance at 26 March 2022
88.8
42.2
5.9
(0.5)
4.2
(31.9)
35.1
18.0
161.8
Loss for the year
–
–
–
–
–
–
(55.9)
(1.3)
(57.2)
Other comprehensive income for the year, net of tax – as reported
–
–
–
0.6
5.0
–
(76.2)
–
(70.6)
Prior year revision
–
–
–
–
–
–
(12.4)
–
(12.4)
Other comprehensive income for the year, net of tax – restated
–
–
–
0.6
5.0
–
(88.6)
–
(83.0)
Total comprehensive income for the year
–
–
–
0.6
5.0
–
(144.5)
(1.3)
(140.2)
Reclassification between reserves 
–
–
–
–
–
(51.9)
51.9
–
–
Transactions with owners of the Company recognised directly in equity:
Employee share scheme:
– value of services provided
–
–
–
–
–
–
1.9
–
1.9
Tax on income and expenses recognised directly in equity
–
–
–
–
–
–
(0.5)
–
(0.5)
Dividends paid
–
–
–
–
–
–
–
(0.8)
(0.8)
Other – unclaimed dividends
–
–
–
–
–
–
0.4
–
0.4
Balance at 25 March 2023
88.8
42.2
5.9
0.1
9.2
(83.8)
(55.7)
15.9
22.6
131	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Attributable to equity shareholders
Share
capital
£m
Share
premium
account
£m
Capital
redemption
reserve
£m
Hedge
reserve
£m
Cumulative
translation
adjustment
£m
Other
reserve
£m
Retained
earnings
£m
Non-
controlling 
interests 
£m
Total  
equity
£m
Balance at 25 March 2023
88.8
42.2
5.9
0.1
9.2
(83.8)
(55.7)
15.9
22.6
Loss for the year 
–
–
–
–
–
–
(20.0)
0.9
(19.1)
Other comprehensive income for the year, net of tax
–
–
–
(1.3)
(2.8)
–
4.1
0.6
0.6
Total comprehensive income for the year
–
–
–
(1.3)
(2.8)
–
(15.9)
1.5
(18.5)
Transactions with Owners of the Company recognised directly in equity:
Share Capital issued
0.2
0.1
–
–
–
–
–
–
0.3
Employee share scheme:
– value of service provided
–
–
–
–
–
–
1.4
–
1.4
Dividends paid
–
–
–
–
–
–
–
(3.2)
(3.2)
Balance at 30 March 2024
89.0
42.3
5.9
(1.2)
6.4
(83.8)
(70.2)
14.2
2.6
Notes:
Share premium account 
This reserve arises from the issuance of shares for consideration in excess of their nominal value.
Capital redemption reserve 
This reserve represents the nominal value of shares redeemed by the Company.
Hedge reserve 
This reserve records the portion of any gain or loss on hedging instruments that are determined to be effective cash flow hedges. When the hedged transaction occurs, the gain or loss on the hedging instrument is transferred out of equity to the income statement. If a forecast 
transaction is no longer expected to occur, the gain or loss on the related hedging instrument previously recognised in equity is transferred to the income statement. 
Cumulative translation adjustment (CTA) 
This reserve records cumulative exchange differences arising from the translation of the financial statements of foreign entities since transition to IFRS. Upon disposal of foreign operations, the related accumulated exchange differences are recycled to the income statement. 
This reserve also records the effect of hedging net investments in foreign operations.
Other reserves 
On 1 February 2000, the Company issued and credited as fully paid 191,646,873 ordinary shares of 25p each and paid cash of £103.7m to acquire the issued share capital of De La Rue plc (now De La Rue Holdings Limited), following the approval of a High Court Scheme of Arrangement. 
In exchange for every 20 ordinary shares in De La Rue plc, shareholders received 17 ordinary shares plus 920p in cash. The other reserve of £83.8m arose as a result of this transaction and is a permanent adjustment to the consolidated financial statements.
On 17 June 2020, the Group announced that it would issue new ordinary shares via a “cash box” structure to raise gross proceeds of £100m, in order to provide the Company and its management with operational and financial flexibility to implement De La Rue’s turnaround plan, which 
was first announced by the Company earlier in the year. The cash box completed on 7 July 2020 and consisted of a firm placing, placing and open offer. The Group issued 90.9m new ordinary shares each with a nominal value of 44 152/175p, at a price of 110p per share (giving gross 
proceeds of £100m). A “cash box” structure was used in such a way that merger relief was available under Companies Act 2006, section 612 and thus no share premium needed to be recorded and instead an ‘other reserve’ of £51.9m was recorded, increasing other reserves from a 
deficit of £83.8m to a deficit of £31.9m. This section applies to shares which are issued to acquire non-equity shares (such as the Preference Shares) issued as part of the same arrangement. 
The Group recorded share capital equal to the aggregate nominal value of the ordinary shares issued (£40.8m) and merger reserve equal to the difference between the total proceeds net of costs and share capital. As the cash proceeds received by De La Rue plc where loaned via 
intercompany account to a subsidiary company to enable a substantial repayment of the RCF, the increase to other reserves of £51.9m was treated as an unrealised profit. In the year ended 25 March 2023, the Group recorded an impairment of the intercompany loan. As a matter of 
generally accepted accounting practice, a profit previously regarded as unrealised becomes realised when there is a loss recognised on the write-down for depreciation, amortisation, diminution in value or impairment of the related asset. In the year ended 25 March 2023, the £51.9m 
previously treated as unrealised within Other Reserves was treated as a realised amount which could be considered distributable and was reclassified from “Other Reserves” to “Retained earnings”. 
Given the reversal of the impairment recorded in relation to intercompany during the year ended 30 March 2024, the £51.9m is now considered to be unrealised.
Consolidated statement of changes in equity
for the period ended 30 March 2024  continued
132	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Consolidated cash flow statement 
for the period ended 30 March 2024 
Notes
2024 
£m
2023 
£m
Cash flows from operating activities
Loss before tax 
(15.4)
(29.6)
Adjustments for:
Finance income and expense
6
21.2
 9.3 
Depreciation of property, plant and equipment 
9
10.9
 12.5 
Depreciation of right-of-use assets
22
2.5
 2.2 
Amortisation of intangible assets
10
5.9
 5.3 
Gain on sale of property plant and equipment
9
–
(0.1) 
Impairment of property, plant and equipment included within 
exceptional items
9
4.5
5.4 
Impairment of intangible assets included within exceptional items
10
–
4.3
Share based payment expense
20
1.4
1.9 
Pension Recovery Plan and administration cost payments1
(1.5)
 (16.5)
(Decrease)/increase in provisions
18
(4.2)
0.1
Non-cash credit loss provision – other financial assets
5
(0.2)
 8.5
Non-cash credit loss provision – other
12
(0.1)
(0.3) 
Other non-cash movements
(2.4)
3.5 
Cash generated from operations before working capital
22.6
6.5
Changes in working capital:
Decrease in inventory
7.6
 0.5 
Decrease in trade and other receivables and contract assets
2.3
 6.0 
(Decrease)/increase in trade and other payables and contract 
liabilities
(4.0)
11.8
5.9
 18.3 
Cash generated from operating activities
28.5
24.8
Note:
1.	
The £1.5m (FY23: £16.5m) of pension payments includes £nil (FY23: £15.0m) payable under the Recovery Plan, agreed in May 2020, and 
a further £1.5m (FY23: £1.5m) relating to payments made by the Group towards the administration costs of running the scheme. 
Notes
2024 
£m
2023 
£m
Cash generated from operating activities
28.5
 24.8 
Net tax paid
(2.3)
 (1.0)
Net cash flows from operating activities
26.2
 23.8 
Cash flows from investing activities:
Purchases of property, plant and equipment – gross
(12.6)
 (15.2)
Purchases of property, plant and equipment – grants received 
8.5
 4.2 
Purchases of property, plant and equipment – net1
(4.1)
(11.0)
Proceeds from repayment of other financial assets
5
0.3
–
Purchase of software intangibles and development assets capitalised 
10
(4.6)
 (10.4)
Proceeds from sale of property, plant and equipment
–
 0.4 
Interest received
0.6
 0.2 
Net cash flows from investing activities
(7.8)
 (20.8)
Net cash flows before financing activities
18.4
 3.0 
Cash flows from financing activities:
Proceeds from issue of ordinary share capital
0.3
–
Net (repayment)/draw down of borrowings
13(f)
(4.0)
 27.0 
Payment of debt issue costs
13(f)
(5.5)
 (0.9)
Lease liability principal payments
22
(2.5)
 (2.4)
Interest paid
(14.1)
 (10.3)
Dividends paid to non-controlling interests
29
(3.2)
 (0.8)
Net cash flows from financing activities
(29.0)
 12.6 
Net (decrease)/increase in cash and cash equivalents in the year
(10.6)
 15.6 
Cash and cash equivalents at the beginning of the year
40.3
 24.3 
Exchange rate effects
(0.4)
 0.4 
Cash and cash equivalents at the end of the year
29.3
 40.3 
Cash and cash equivalents consist of:
Cash at bank and in hand
14
21.8
 26.5 
Short term deposits
14
7.5
13.8 
14,21
29.3
 40.3 
Note:
1.	
The net purchases of property, plant and equipment of £4.1m (FY23: £11.0m) includes additions to property, plant and equipment in the 
year of £4.1m (FY23: £11.2m) (note 9), down payments and capex creditors cash outflow of £0.5m (FY23: £0.5m) and excludes £0.5m 
(FY23: £0.7m) of grants not yet received.
133	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

General information
De La Rue plc (the Company) is a public limited company incorporated and domiciled 
in the United Kingdom, whose shares are publicly traded on the London Stock Exchange. 
The registered office is located at De La Rue House, Jays Close, Viables, Basingstoke, 
Hampshire, RG22 4BS. 
De La Rue plc and its subsidiaries (together “Group”) has two principal segments, Currency 
and Authentication;
	
– In Currency, we design, manufacture and deliver bank notes, polymer substrate and security 
features around the world. 
	
– In Authentication, we supply products and services to governments and Brands to assure 
tax revenues and authenticate goods as genuine. 
The financial statements for FY24 have been prepared as at 30 March 2024, being the last 
Saturday in March. The comparatives for the FY23 financial period are for the period ended 
25 March 2023. 
The consolidated financial statements of the Company for the period ended 30 March 2024 
were authorised for issuance by the Board of Directors on 24 July 2024. 
Company financial statements
The Company has elected to prepare its entity only financial statements in accordance 
with FRS 102 Financial Reporting Standard applicable in the UK and Republic of Ireland. 
These are set out on pages 192 to 196 and the accounting policies in respect of the Company 
financial statements are set out on pages 194 and 195.
Material accounting policy information
I  Basis of preparation
The consolidated financial statements of the Company for the period ended 30 March 2024 
have been prepared in accordance with UK-adopted International Financial Reporting Standards 
(“IFRS”) in accordance with the requirements of the Companies Act 2006. IFRS includes 
standards issued by the International Accounting Standards Board (“IASB”) that are endorsed 
for use in the UK.
The consolidated financial statements are prepared on a going concern basis under the 
historical cost convention with the exception of certain items which are measured at fair 
value as disclosed in the accounting policies below. 
The preparation of financial statements in accordance with IFRS requires the use of certain 
critical accounting estimates. It also requires management to exercise its judgement in the 
process of applying the Group’s accounting policies. The areas involving a higher degree of 
judgement or complexity, or key areas of estimation uncertainty in preparing the consolidated 
financial statements, are disclosed below in V ‘Critical accounting estimates, assumptions 
and judgements’. 
The Group has not experienced any specific impact from the war in Ukraine or the Israel-Hamas 
war, other than the global economic conditions.
Consolidated Statement of Financial Position – Prior Year Revision 
In the prior period (FY23), deferred tax assets of £18.3m were incorrectly reported. This had an 
impact on FY23 only and has no impact on the opening comparatives as at 27 March 2022 or 
on earlier reported periods.
Deferred tax assets were overstated by £12.4m which relates to the UK Group entities. 
This was due to an error in the forecast taxable profits used for the purposes of calculating 
the UK deferred tax assets that could be recognised in accordance with IAS 12 “Income Taxes”. 
Specifically, forecast corporate interest restrictions were incorrectly included within the forecast 
taxable profits used for deferred tax asset recognition purposes. Under IAS 12, when assessing 
tax forecasts, taxable amounts that arise from deductible temporary differences that are 
expected to originate in future periods should be ignored. Even though the corporate interest 
restrictions are not expected to reverse for the foreseeable future, they are strictly a temporary 
difference for tax purposes, so they should not have been included in the taxable profits used 
for the purposes of deferred tax asset recognition. 
The adjustment has been disclosed as a restatement to the tax related to remeasurement 
of net defined benefit pension liability within Other Comprehensive Income as it relates 
to deferred tax assets arising from the pension deficit balance and tax losses arising from 
pension deficit contribution payments. 
This adjustment concerns the recognition of deferred tax assets and liabilities for accounting 
purposes only and has no impact on the underlying tax attributes of the Group. 
Impact on the Group Consolidated Balance Sheet
FY23
As reported
£m
Prior year 
revision
£m
FY23
restated
£m
Deferred tax asset
18.3
(12.4)
5.9
Deferred tax liabilities
(2.8)
–
(2.8)
Net assets
35.0
(12.4)
22.6
Retained earnings
(43.3)
(12.4)
(55.7)
Accounting policies
134	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Impact on the Group Consolidated Statement of Comprehensive Income/(Loss) in FY23:
FY23
As reported
£m
Prior year 
revision
£m
FY23
restated
£m
Other comprehensive (expense)/income:
Tax related to remeasurement of net defined benefit liability
24.2
(12.4)
11.8
Total comprehensive loss for the period
(127.8)
(12.4)
(140.2)
Impact on the Group Consolidated Statement of Changes in Equity in FY23:
Total equity
£m
Balance at 26 March 2022
161.8
Loss for the year
(57.2)
Other comprehensive loss for the year – as reported
(70.6)
Prior year revision
(12.4)
Other comprehensive loss for the year – restated
(83.0)
Total comprehensive loss for the year
(140.2)
Transactions with Owners of the Company recognised directly in equity
Employee share scheme – value of service provided
1.9
Tax on income and expenses recognised directly in equity
(0.5)
Dividends paid
(0.8)
Other – unclaimed dividends 
0.4
Balance at 25 March 2023
22.6
The principal accounting policies adopted in the preparation of these consolidated financial 
statements are set out below or have been incorporated with the relevant notes to the 
accounts where appropriate. These policies have been consistently applied to all the 
periods presented, unless otherwise stated.
Climate change
In preparing the Consolidated Financial Statements management has considered the impact 
of climate change and the actions that the Group will take in order to fulfil its sustainability 
strategy and satisfy its commitment to become carbon neutral from its own operations by 
2030. This includes the estimates around future cash flows used in impairment assessments 
of the carrying value of goodwill and intangible assets in De La Rue Authentication Inc, 
recoverability of deferred tax assets and the useful economic life of plant and equipment, 
especially assets which are power-intensive and expected to be replaced. 
This is within the context of the disclosures included in Strategic report, including those made in 
accordance with the recommendation of the Taskforce on Climate-related Financial Disclosures 
and the Companies (Strategic report) Climate-related Financial Disclosure Regulations 2022 
this year. These considerations did not have a material impact on the financial reporting 
judgements and estimates. 
Going concern 
Overview
In line with IAS 1 “Presentation of financial statements”, and the FRC guidance on “risk 
management, internal control and related financial and business reporting”, when assessing 
the Group’s ability and the Company’s ability to continue as a going concern, the Directors 
have taken into account all available information for a period up to 28 September 2025, being 
the going concern period. 
The Group’s business activities, together with the factors likely to affect its future development, 
performance and position are set out on pages 1 to 10 of the Strategic Report. In addition, pages 
56 to 63 include the Group’s objectives, policies and processes for financial risk management, 
details of its financial instruments and hedging activities and its exposure to credit risk, liquidity 
risk and commodity pricing risk. The financial position of the Group, its cash flows, liquidity 
position and borrowing facilities are described on page 53 of the Strategic Report. 
As explained further below, the Board has determined that the going concern basis of 
accounting in the preparation of the consolidated financial statements is appropriate. 
Accounting policies  continued
135	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

The Group’s Revolving Credit Facility (RCF) expires on 1 July 2025. The cash flow forecasts for 
the Group indicate that it would not have sufficient liquidity to meet the obligation to repay the 
RCF in full on or before 1 July 2025. Management has been pursuing various strategic options, 
which would allow the Group to repay the RCF on or before 1 July 2025. The most progressed 
of those is the sale of the Authentication division. The Board notes that the probability of 
completion, timing and terms of the sale of the division are subject to factors outside of the 
Board’s control, which may in turn impact the cash proceeds, the costs associated with the 
transaction and the amounts required to address any pension scheme risk, along with the day 
one liquidity of the retained operations of the Group. These matters represent a material 
uncertainty which may cast significant doubt upon the Group’s ability and the Company’s 
ability to continue as a going concern for a period up to 28 September 2025.
Strategic review
As detailed in the trading update released on 30 May 2024, the Directors have been 
undertaking a review of the core strategic strengths of the Group and how best to optimise 
the underlying intrinsic value of the business for the benefit of all stakeholders. 
This review and analysis has included:
	
– recognising the improved order intake over the last year, and the future prospects 
for the Group’s operating divisions and the Group as a whole;
	
– the accretive value creation that may be achieved with increased scale and capabilities 
in both of the operating divisions; and
	
– the Director’s commitment to reduce leverage and create greater financial flexibility 
in the funding structure of the Group as a whole.
This review, and associated learnings, has guided the Board in its process to evaluate strategic 
options for the group and each division. As a result, the Board is in discussions with a number 
of parties who have made proposals in relation to, or expressed interest in, the acquisition of 
each of the Group’s divisions. 
Since the release of the trading update on 30 May 2024, the discussions with the interested 
parties have progressed in line with the Board’s expectations. The Board is satisfied that, if the 
discussions relating to the Group’s Authentication division conclude in a sale of that division on 
the terms currently under discussion (and notwithstanding the material uncertainty as detailed 
above), there would be adequate proceeds from the transaction to fully repay the RCF, satisfy 
future bonding requirements, mitigate any risks to the De La Rue UK defined benefits pension 
scheme, and continue to operate the retained business as a going concern. 
Expiration of the RCF
Under the amended facility agreement, signed on 18 December 2023, the Group has access 
to a RCF of £235m that expires on 1 July 2025, which is within the going concern period.
Over the last year, the Board has been in ongoing dialogue with the banking syndicate providing 
the RCF. This dialogue has been constructive and the lenders are supportive of the Board 
pursuing the strategic options summarised above. 
The Directors are confident that further progression of the sale of Authentication will ultimately 
allow for the full repayment of the RCF prior to its expiration in July 2025. As a result, both the 
Group and its banking syndicate have agreed not to further extend the RCF beyond its current 
expiry date at this point in time. 
Covenants testing
The RCF allows the drawing down of cash up to the level of £160m and the use of bonds 
and guarantees up to the level of £75m.
The continued access to these borrowing facilities is subject to quarterly covenant tests which 
look back over a rolling 12-month period. In addition, there is minimum liquidity testing at each 
week-end point on a four-week historical basis and 13-week forward looking basis. The Group 
was in full compliance with its covenants throughout FY24. 
During FY24 the covenant terms were: 
	
– EBIT/net interest payable more than or equal to 1.0 times 
	
– Net debt/EBITDA less than or equal to 4.0 times until the Q4 2024 testing point, reducing to 
less than or equal to 3.6 times from Q1 FY25 through to the end of the going concern period. 
	
– Minimum liquidity testing at each week-end point on a four-week historical basis and 
13-week forward looking basis. Minimum liquidity is defined as ‘available cash and undrawn 
RCF greater than or equal to £10m’.
	
– The spread rates on the leverage ratio remain at the following levels: 
Leverage  
(consolidated net debt to EBITDA)
Margin (% 
per annum)
Greater than 3.5:1
4.35
Greater than 3.0:1 and less than or equal to 3.5:1
4.15
Greater than 2.5:1 and less than or equal to 3.0:1
3.95
Accounting policies  continued
136	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

In order to determine the appropriate basis of preparation for the financial statements for the 
period ended 30 March 2024, the Directors must consider whether the Group can continue in 
operational existence for the going concern review period to 28 September 2025, taking into 
account the above liquidity headroom and covenant tests.
The terms of the facility agreement also include consideration of future options for the 
Group and provision of non-financial deliverables. These requirements have been monitored 
throughout the year and have continued to be achieved to the satisfaction of all parties.
Testing assumptions 
The Group has prepared profit and cash flow forecasts which cover a period up to 28 
September 2025 (Q2 FY26), being the going concern period. This includes the following 
quarters: Q2, Q3 and Q4 FY25 and Q1, Q2 FY26 as well as monthly liquidity testing points 
over the period. 
The Directors consider that a period of at least 14 months to 28 September 2025 is an 
appropriate going concern period given this is the first quarterly covenant test which is greater 
than 12 months from the opinion date. While the current RCF is due to expire before this date, 
the Directors are confident that the further progression of the sale of Authentication will provide 
sufficient liquidity within the going concern period (notwithstanding the material uncertainty 
as described above). 
Base case assumptions 
The base case forecasts over the going concern period have been developed taking into 
consideration the timing of the Currency recovery that has been materialising in the 
marketplace with order book growth and bid activity showing positive signs of a market 
rebound. In addition, renewals of key Authentication contracts, combined with the annualization 
of contracts already won and starting to produce in the current financial year, aid confidence 
in the strategic growth forecasted for that division through the going concern period up to 
28 September 2025. 
The already enacted and largely completed footprint and restructuring projects have right-sized 
the business for current demand levels. Any ramp up required over the going concern period 
will be carefully managed in line with pipeline capacity requirements and orders to avoid 
significant negative fluctuations against base plans.
FY25 results to date indicate the Group is substantially on-track to deliver the FY25 budget 
from an EBIT and EBITDA perspective, with key order book wins secured to deliver the in-year 
plan. 
In Currency, the Group is seeing clear evidence of the expected market recovery. While the 
overall market remains unpredictable, our conversion rate of bids to orders since the beginning 
of this financial year supports the base strategic plan numbers. At March 2024, the total order 
book stood at £239.2m (25 March 2023: £136.8m). 
The timing of tenders has been such that several significant orders have been closed recently, 
which further supports the base case modelling within the going concern period.
The Group’s base case modelling (excluding the repayment of the RCF on or before 1 July 2025)
shows headroom on all covenant thresholds across the going concern period. 
Non-financial milestones
Over the going concern period, there are a number of non-financial milestones such as the 
provision of monthly short-term cash flow (STCF) submissions and monthly progress updates. 
Management have proactively implemented a bi-monthly 13-week cash flow process with the 
outturn of this and monthly monitoring reports shared with the relevant stakeholders in line with 
the amended terms from June 2023. The Directors are confident that all of the non-financial 
conditions and monthly monitoring will continue to be met over the going concern period. 
Downside modelling
Our downside modelling has incorporated the Directors’ assessment of events that could occur 
in a ‘severe yet plausible downside’ scenario. The risks modelled are directly linked to the Risk 
Committee ‘principal risks’ described on page 56 of this Annual Report and the Directors note 
there are no new matters which present additional principal risks. The most significant material 
risks modelled were as follows: 
Accounting policies  continued
137	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Risk 3 Macroeconomic and geo-political risk 
	
– Authentication new wins and implementations are not achieved in the timescales modelled 
in the base case.
	
– Cost inflation in the base case is assumed to be 4.5% in the UK, 1.5% in Malta and 10% in Sri 
Lanka, with no corresponding revenue inflation assumption. Inflationary impacts have already 
been considered in the FY25 budget, with the Group having sufficient sight of selling prices 
and costs that no additional inflationary downside is necessary for FY25 and no element of 
recovery on selling prices has been incorporated into any modelling in FY26. 
	
– Supply chain risks are monitored regularly by the Group. Fixed price contracts are in place 
for utilities until September 2024 (i.e. the end of Q2 FY25) and latest utility estimates had 
also been reviewed from external brokers which confirmed base utility costs are reducing. 
No reduction was factored into the base case and with overall inflation pressures already 
considered above, the downside risk modelled is appropriate.
Risk 10 Banking facilities 
	
– The Group will be paying an interest rate on its facilities of approximately 9% based on the 
current SONIA rate of 5.25% and the applicable margin. The base case modelling is aligned 
with the latest forward interest rate curves that indicate a significant reduction in interest 
rates over the going concern period. The bonding pipeline was also considered and a £5m 
cash collateral expectation has been factored into the base case from July 2024 to support 
the strong bid activity around the Group. Under the base case, interest would need to 
increase by circa £9.7m at the lowest point for a breach to occur in Q2 FY26. Given the 
forward interest rate curves are suggesting a reduction in interest rates, management have 
assessed this risk as remote. 
Risk 11 Kenya taxation and exit strategy 
	
– Cash outflow assumed over and above the base case, which includes acceleration 
of amounts to finalise in-country settlements. 
Risk 13 Currency pipeline 
	
– Volumes and budget margins are not achieved as forecasted in the going concern period, 
including revenue contracts not landing and volume reductions against base plan. For FY25, 
this represents a margin reduction of £6.7m (34%) of our unsecured order book margin as of 
June 2024. For currency pipeline downside risks modelled, margins have been determined 
using the average margin and/or known unsecured jobs targeted.
As a result of the liquidity testing requirement, the Directors also considered historical monthly 
working capital swings over the last three years. This analysis also included assessing periods 
where management’s conclusion was that “material uncertainty” existed, specifically between 
November 2022 and June 2023. Management also analysed weekly cash outflow averages to 
ensure that adequate considerations have been made to capture ‘in quarter’ working capital 
swings that the Group can see given the volatility of working capital in the Currency business in 
particular. A £15m working capital outflow, excluding non-recurring items, was incorporated on 
top of the modelled plausible severe downside to apply monthly to liquidity testing. Sufficient 
liquidity headroom remained. 
The Directors noted that working capital and cash management have improved in the business 
over the course of FY24, resulting in a circa £10m improvement in net debt achieved vs initial 
FY24 budgeted expectations. The base case and working capital stress modelling have not been 
updated to reflect these improvements, which means there are additional mitigations with 
regards to net debt and liquidity that the Company has at its disposal for quarterly testing 
dates should they be required.
If all of these modelled downside risks were to materialise in the going concern period, the 
Group would still meet its required covenant ratios and maintain sufficient liquidity, after taking 
into account mitigating actions, such as identified cost saving opportunities which the Directors 
consider to be within the Group’s control, for example the deferral of uncommitted operating 
expenditure and a reduction in capital expenditure.
The Group’s ‘severe yet plausible’ downside modelling (excluding the repayment of the RCF 
on or before 1 July 2025) shows headroom on all covenant and liquidity thresholds across 
the going concern period. 
Stress-testing
Under the severe yet plausible downside modelling, EBIT and EBITDA would need to drop in 
excess of the Group’s historic forecasting inaccuracy over the last few years for any breach to 
occur. On liquidity this would need to drop in excess of what the Group has experienced over 
the last three years on recurring cash flow swings. This is taking into account mitigating actions 
within the Board’s control, including the timing of supplier payments and capital expenditure.
Accounting policies  continued
138	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

The Directors have concluded that a breach is remote on the financial covenants given:
	
– FY25 results to date indicate the Group is materially on-track to deliver the FY25 budget 
from an EBIT and EBITDA perspective.
	
– Management considers that, given the longer-term and consistent nature and renewals of its 
Authentication contracts, the key revenue and the corresponding EBIT/EBITDA risk is mainly 
in regard to the Currency division whereby the timing of contract wins and delivery of the 
current order book in line with the strategy has historically impacted performance against 
forecasts in previous periods. The Currency order book is showing encouraging signs of 
recovery, with an order book increase supported by a continued trend in win rates and the 
multi-year nature of the order book. For FY25, 68% of budgeted revenue had already been 
secured by June 2024.
	
– Severe stress testing of liquidity excluded mitigating actions, as noted above, that 
management could employ and still showed headroom under stress. The Directors consider 
the liquidity risk to be low given the current trading performance and order book profile.
	
– Additionally, the Group is currently paying an interest rate on its facilities of approximately 
9% based on the current SONIA rate of over 5% and the applicable margin. As previously 
noted, the increase in underlying SONIA rate required to breach covenants is deemed to be 
remote by the Directors.
	
– The Directors are comfortable that any non-financial conditions and reporting requirements 
have been achieved and will be throughout the going concern period. 
Additional modelling 
In addition to the above, management have performed modelling that assumes the theoretical 
sale of the Authentication division. This modelling took into account the expected use of funds, 
which includes full repayment of the RCF, mitigation of any risk to the De La Rue UK defined 
benefit pension scheme and expected transaction costs. This modelling indicated sufficient 
cash liquidity, including the expected use of funds, between the theoretical completion date 
and the end of the going concern period, taking into account the required liquidity of the 
remaining Group through to 28 September 2025, with the Group benefitting from reduced 
interest costs in particular. 
However, management acknowledge that the probability and timing of completion and final 
agreed terms of any such transaction are subject to factors outside of the Board’s control, 
which could lead to a scenario whereby the Group and Company would have to seek alternative 
financing to repay the RCF on or before 1 July 2025, or obtain an extension to the RCF from the 
lenders. Both of these options are outside of the Board’s control.
Furthermore, even in the event that the transaction is completed prior to 1 July 2025 and the 
RCF is repaid, the amount that will be retained by Group is subject to factors outside of the 
Board’s control, having taken into account the Group’s cash position on disposal, the final sale 
price, transaction costs and any cash outflows addressing the pension risk. 
Conclusion
Based on the above, the Board has concluded the following: 
1.	  Both the base case modelling and the severe yet plausible modelling indicate that the Group 
would generate sufficient positive cashflows to continue operating as a going concern over 
the 14-month period ending 28 September 2025, excluding the need to repay the RCF 
on or before 1 July 2025. Similarly, there would be no expected breaches of financial and 
non-financial covenants (assuming no changes to the existing covenants).
2.	 Given recent discussions, the Board is confident that further progression of the sale of 
Authentication will ultimately allow the Group to repay in full the RCF before its expiration 
on 1 July 2025, satisfy future bonding requirements, mitigate any risks to the De La Rue UK 
defined benefits pension scheme, and continue to operate the remaining business as a 
going concern. 
3.	 Management’s base case modelling indicates that the Group would not have sufficient funds 
or the ability to repay the RCF on or before 1 July 2025 when it becomes due, given that the 
timing, probability of completion and terms of the sale of the Authentication division are 
subject to factors outside of the Board’s control. The circumstances which would follow 
non-repayment of the RCF on or before 1 July 2025, including the manner in which the 
Group’s lenders would seek to recover funds, would not be within the control of the Directors. 
Furthermore, even in the event of a transaction completing, the proceeds that will be retained 
(and immediately available) in the Group to address its ongoing liquidity requirements 
following the repayment of the RCF, are subject to factors outside of the Board’s control. 
These include the Group’s cash position on disposal, the final sale price, transaction costs 
and any cash outflows addressing the pension risk. These matters represent a material 
uncertainty which may cast significant doubt upon the Group’s ability and the Company’s 
ability to continue as a going concern for a period up to 28 September 2025. 
The financial statements do not contain the adjustments that would result if the Group and 
Company were unable to continue as a going concern.
II  New Standards, interpretations and amendments adopted by the Group
Other than as described below, the accounting policies adopted in the preparation of these 
consolidated financial statements are consistent with those applied by the Group in its 
consolidated financial statements as at, and for the period ended, 25 March 2023. 
As at the reporting date, 30 March 2024, several amendments apply for the first time in FY24 
and their impact on these consolidated financial statements of the Group is described below.
For the amendments that become effective in future periods the Group has not early adopted 
any standard, interpretation or amendment that has been issued but is not yet effective. The 
impacts of applying these policies are not considered material.
Accounting policies  continued
139	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

New standards and amendments effective in the year:
	
– Amendments to IFRS 17 “Insurance Contracts” – The overall objective of the standard is to 
provide an accounting model for insurance contracts that is more useful and consistent for 
insurers. This is not applicable to the Group.
	
– Amendments to IAS 1 “Presentation of financial statements” – Disclosure of material 
accounting policy information – Amendments to IAS 1 and IFRS Practice Statement 2 – The 
amendments aim to help entities provide accounting policy disclosures that are more useful 
by: replacing the requirement for entities to disclose their ‘significant’ accounting policies 
with a requirement to disclose their ‘material’ accounting policies and adding guidance on 
how entities apply the concept of materiality in making decisions about accounting policy 
disclosures. The Group has disclosed its material accounting policy information only.
	
– Amendments to IAS 8 “Accounting policies, changes in accounting estimates and 
errors” – Definition of Accounting Estimates – The amendments clarify the distinction 
between changes in accounting estimates and changes in accounting policies and the 
correction of errors. Also, they clarify how entities use measurement techniques and inputs 
to develop accounting estimates.
	
– Amendments to IAS 12 “Income Taxes” – covering temporary differences for deferred 
tax on the recognition of assets and liabilities from a single transaction. For FY24, this has 
impacted the deferred tax balances for leases where a tax deduction arises on the payment 
of lease liabilities rather than on asset deprecation. This has not impacted the opening 
reserves or the current period tax charge; however the deferred tax asset and liabilities 
related to leases have now been disclosed separately in note 15, including the comparative 
balances. There is no impact on the net deferred tax asset or liability position on the balance 
sheet due to the effect of jurisdictional offset. 
	
– Amendments to IAS 12 “International Tax Reform Pillar Two Model Rules”, including 
mandatory exception in IAS 12 from recognising and disclosing deferred tax assets and 
liabilities related to Pillar Two income taxes. The Pillar Two legislation is not expected to 
apply to the Group as the revenue threshold is not expected to be met.
New standards and amendments not yet effective:
	
– Amendments to IAS 1 “Presentation of financial statements” – Classification of Liabilities 
as Current or Non-current – The amendments clarify: what is meant by a right to defer 
settlement; that a right to defer must exist at the end of the reporting period; that 
classification is unaffected by the likelihood that an entity will exercise its deferral right and 
that only if an embedded derivative in a convertible liability is itself an equity instrument, 
would the terms of a liability not impact its classification.
	
– Amendments to IFRS 16 “Leases” – Lease liabilities in a sale and leaseback – This 
amendment to IFRS 16 specifies the requirements that a seller-lessee uses in measuring 
the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee 
does not recognise any amount of the gain or loss that relates to the right of use it retains.
	
– Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: 
Disclosures” – Supplier Finance Arrangements, subject to UK endorsement – The 
amendments specify disclosure requirements to enhance the current requirements, which 
are intended to assist users of financial statements in understanding the effects of supplier 
finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. 
Effective for periods commencing after 1 January 2025, all subject to UK endorsement:
	
– Amendments to IAS 21 “The effect of changes in foreign exchange rates” – Lack of 
exchangeability – The amendment specifies how an entity should assess whether a currency 
is exchangeable and how it should determine a spot exchange rate when exchangeability 
is lacking.
III  Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company 
and entities controlled by the Company and its subsidiaries prepared at the consolidated 
statement of financial position date (30 March 2024). 
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group is considered to control an entity 
when it is exposed to, or has rights to, variable returns from its involvement with an entity and 
has the ability to affect those returns through exerting control over the entity. 
The results of subsidiaries acquired or disposed of during the period are included in the 
consolidated financial statements from the date that control commences or until the date 
that control ceases. Intra-group balances and transactions are eliminated on consolidation. 
The majority of the subsidiaries prepare their financial statements up to 30 March 2024. 
Accounting policies  continued
140	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

The results of subsidiaries where the financial statements are not prepared to 30 March are still 
included in the consolidation as at 30 March with the income statement and other financial 
information being also prepared for the year ended 30 March 2024.
For partly owned subsidiaries, the allocation of net assets and net earnings to outside 
shareholders is shown in the line “Attributable to Non-controlling interests” on the face of the 
consolidated statement of comprehensive income and the consolidated statement of financial 
position. 
Business combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method 
of accounting. The consideration transferred in the acquisition is measured at fair value as are 
the identifiable assets and liabilities acquired. The excess of the fair value of consideration 
transferred and the amount of non-controlling interests (as applicable) over the fair value of 
net assets acquired is accounted for as goodwill. Any goodwill that arises is tested annually for 
impairment. Transaction costs are expensed as incurred and are presented within exceptional 
items in accordance with the Group’s policy. 
IV  Material accounting policy information
The material accounting policies adopted in the preparation of these consolidated financial 
statements have been incorporated into the relevant notes where possible. General accounting 
policies which are not specific to an accounting area are set out below.
A  Foreign currency
1.  Foreign currency transactions
These financial statements are presented in sterling, which is the functional and presentational 
currency of the Company. The functional currency of Group entities is principally determined 
by the primary economic environment in which the respective entity operates. 
Transactions in foreign currencies entered into by Group entities are translated into the 
functional currencies of those entities at the rates of exchange at the date of the transaction. 
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are 
translated at the rate of exchange ruling at that date. Foreign exchange differences arising on 
translation are recognised in the income statement.
Foreign currency non-monetary items measured in terms of historical cost are translated at the 
rate of exchange at the date of the transaction. Exchange differences on non-monetary items 
measured at fair value are recognised in line with whether the gain or loss on the non-monetary 
item itself is recognised in the income statement or other comprehensive income.
In order to hedge its exposure to certain foreign exchange risks, the Group enters into forward 
contracts. Refer to note 13 for details of the Group’s accounting policies in respect of such 
derivative financial instruments.
2.  Translation of foreign operations on consolidation
Assets and liabilities of foreign operations, including goodwill and intangible assets, are 
translated into GBP (the presentational currency of the Group) at the exchange rate 
prevailing at the balance sheet date. Income and expenses are translated at average exchange 
rates (which approximate to actual rates). Exchange differences arising on re-translation are 
recognised in other comprehensive income within the Group’s currency translation reserve, 
which is a component of equity. When a foreign operation is sold, exchange differences that 
were recorded in equity are recognised in the income statement as part of the gain or loss 
on sale.
B  Revenue recognition 
The Group accounts for revenue under IFRS 15. IFRS 15 provides a single, five-step principles-
based model to be applied to all contracts with customers which requires identification of the 
contract for accounting purposes, the separate performance obligations within the contract, 
the transaction price for the contract, allocation of the transaction price and recognition of 
revenue on satisfaction of performance obligation. 
The following table provides information about the nature and timing of the satisfaction of 
performance obligations in contracts with customers, including significant payment terms, 
and the related revenue recognition policies.
Accounting policies  continued
141	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Type of product/
service/segment
Nature and timing of satisfaction of performance obligations
Revenue recognition under IFRS 15 
Authentication segment
The Group has certain contracts which operate in the form of an umbrella agreement 
with the local government which awards the Group to be the provider of an end-to-
end authentication track and trace system. The umbrella agreement specifies the 
nature of services and products to be provided. However, these agreements do not 
include any purchase commitments from local governments and do not give the 
Group an enforceable right to payment. Instead, the umbrella agreement allows for 
the Group to enter into individual agreements with individual manufacturers and 
provides it with the right to sell physical authentication products (such as tax stamps) 
thus giving the Group an enforceable right to payment from each individual 
manufacturer for physical products sold.
The Group has therefore determined that these umbrella contracts do not meet the definition 
of a contract for IFRS 15 accounting purposes. Instead, the relevant contract for IFRS 15 
purposes is the contract with the individual manufacturers in the country. It is the 
manufacturers which represent the customers from an IFRS 15 perspective. 
Consequently, as the Group only has one performance obligation in the revenue contract with 
the manufacturer (such as delivery of tax stamps) and only has a right to payment for this 
performance obligation, no revenue is allocated and recognised on delivery of any other 
deliverables (such as the software to track tax stamps) under the umbrella agreement. 
Authentication also enters into contracts with performance obligations that include 
access to systems which incorporates system configuration and integration and the 
provision of authentication products such as tax stamp, all of which are provided 
together. For contracts entered into with a single party and where multiple 
performance obligations are included, the transaction price for the contract is 
allocated to each performance obligation separately identified.
Revenue on the sale of authenticity products, including tax stamps, is recognised when control 
passes to the customer based on the standalone selling price of the product. Stand-alone 
selling prices are typically calculated using the “expected cost-plus margin” approach. Control 
generally passes on delivery of the physical product to the customer or the issuance of a 
digital security key. Revenue in relation to system access is recognised on a straight-line basis 
over the life of the contract as the customer receives the benefit.
The Group has determined that for certain Authentication contracts (given the highly 
bespoke nature of the products) with enforceable right to payment, the customer 
controls all of the work in progress as the products are being manufactured.
This is because under those contracts, authentication products are made to a 
customer’s specification and if a contract is terminated by the customer, then the 
Group is entitled to reimbursement of the costs incurred to date, plus a reasonable 
profit margin.
Revenue for certain Authentication contracts with enforceable right to payment will be 
recognised over time for physical product produced to date and ahead of delivery to the 
customer. Revenue is recognised progressively based on the input method based on the cost 
incurred relative to the expected total cost.
Currency segment: 
Supply of banknotes
The Group has determined that for certain banknote contracts (given the highly 
bespoke nature of the products) with enforceable right to payment, the customer 
controls all of the work in progress as the products are being manufactured.
This is because under those contracts, currency products are made to a customer’s 
specification and if a contract is terminated by the customer, then the Group is 
entitled to reimbursement of the costs incurred to date, plus a reasonable margin.
For other banknote contracts, where customers do not take control of the goods until 
they are completed or delivered, revenue is recognised at the point in time when 
control transfers to the customer.
If the Group has recognised revenue, but not issued an invoice, then the entitlement 
to consideration is recognised as a contract asset. The contract asset is transferred 
to receivables when the entitlement to payment becomes unconditional.
Revenue for certain banknote contracts with enforceable right to payment will be recognised 
over time for banknotes produced to date and ahead of delivery to the customer. 
Revenue is recognised progressively based on the input method based on the cost incurred 
relative to the expected total cost.
Revenue for other banknote contracts, where customers do not take control of the goods until 
they are completed is recognised based on contractual terms which will determine when 
control has passed to the customer. This might include recognition of revenue on inventory 
placed into storage for the customer, so long as it is demonstrated that control of the product 
has passed to the customer.
Currency segment: 
Supply of banknotes 
along with other services
In addition to the supply of banknotes, which is a separate performance obligation 
(see above), additional and separate performance obligations such as design and 
storage services have been identified.
The value attributable to the additional performance obligations is deemed to be immaterial. 
Accordingly, no separate value will be attributed to these performance obligations; instead, 
the consideration in the contract will be entirely allocated to the single performance 
obligation of supplying currency.
Accounting policies  continued
142	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

C  Costs to obtain contracts 
1.  Sales commissions
Management expects that incremental commission fees paid to intermediaries and employees 
as a result of obtaining long-term sales contracts are recoverable. The Group therefore 
capitalises them as contract costs where the contract signed with the customer creates 
enforceable rights and obligations. If a sales contract takes the form of an over-arching umbrella 
agreement which does not create such enforceable rights and obligations (i.e. committed sales 
volumes and values from the customer) then sales commission payments are not capitalised.
2.  Capitalised commission fees are amortised when the related revenues are recognised
The Group applies the practical expedient in IFRS 15 and recognises the incremental costs of 
obtaining contracts as an expense when incurred, if the amortisation period of the assets that 
the Group otherwise would have recognised is one year or less.
3.  Bid costs
Bid costs are capitalised only when they relate directly to a contract and are incremental 
to securing the contract and would not have been incurred had the contract not been won. 
There were £nil capitalised bid costs in FY24 (FY23: £nil) where costs met this requirement. 
Costs to obtain a contract that would have been incurred regardless of whether the contract 
was obtained are recognised as an expenses when incurred.
4.  Deferred costs
The Group incurs costs on certain (mainly Authentication division) contracts in advance of 
recording revenue. On these contracts costs are capitalised on the balance sheet and 
recognised in the income statement over the period when revenue is recognised if the following 
criteria are met:
	
– the costs relate directly to a contract or to an anticipated contract that the entity 
can specifically identify;
	
– the costs generate or enhance resources of the entity that will be used in satisfying 
(or continuing to satisfy) performance obligations in the future; and
	
– costs are expected to be recovered.
D  Other revenue recognition matters 
1.  Bill and hold revenue
Certain customers require the Group to store completed inventory for them ahead of them 
taking delivery once they require it. Revenue is recognised on a bill and hold basis when:
	
– It can first be demonstrated that control of the product has passed to the customer – 
principally because the customer has taken the risk and/or title for the product 
transferred to them and the Group has an enforceable right to payment; and
	
– It can be demonstrated that the arrangement is substantive, for example, that the 
customer has requested it. 
2.  Variable consideration on contracts
The Group has a small number of contracts where the terms with the customers place a limit 
on the profit margin that can be earned under these. As these profit margins impact the 
amount of revenue that the Group can bill the customers, detailed reconciliations of the profit 
margins earned on these contracts at each reporting period end are completed to ensure that 
amount of revenue recorded in the year is not overstated (i.e. to ensure the transaction price is 
“constrained” in accordance with IFRS 15). Any adjustment required is recorded as a reduction 
to revenue based on the most likely amount.
The Group also has other potential forms of variable consideration in the form of prices 
concessions and discounts which may be offered to customers and penalties or fines 
which might be incurred if the Group did not fully perform against contract deliverables. 
If a discount or price concession is offered to a customer this is taken into account in the 
estimated transaction price for the contract to ensure it is “constrained” in accordance 
with IFRS 15. If the Group anticipates a penalty or a fine to be incurred this is estimated and 
accounted for as a reduction from the transaction price again to ensure it is “constrained” 
in accordance with IFRS 15.
3.  Warranties
All warranties are considered to be of a standard nature (assurance type) and as such are 
accounted for under IAS 37 rather than IFRS 15.
Accounting policies  continued
143	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

V  Critical accounting estimates, assumptions and judgements 
Management has discussed with the Audit Committee the development, selection and 
disclosure of the Group’s critical accounting policies and estimates and the application of 
these policies and estimates. Management is required to exercise significant judgement in the 
application of these policies. Estimates are made in many areas and the outcome may differ 
from that calculated. 
The key assumptions concerning the future and other key sources of estimation uncertainty 
at the balance sheet date that have a significant risk of causing a material adjustment to the 
carrying amounts of assets and liabilities within the next financial year are set out in “B. 
Critical accounting estimates” below. 
Other accounting estimates that are not considered to have a significant risk of causing 
a material adjustment with the next financial year but which the Group would like to draw 
attention to due to judgements or longer-term estimates are set out in “C. Other areas 
of accounting estimates” below.
A  Critical accounting judgements 
1.  Determination of lease term
Management has made certain judgements on lease terms based on the Group’s current 
expectations of whether break or renewal options will be taken. In arriving at these judgements, 
management has considered its current business plans including the locations in which it wants 
to operate in addition to the impact of any cost-out programmes it is considering.
2.  Revenue recognition and cut-off 
Customer contracts will often include specific terms that impact the timing of revenue 
recognition. The timing of the transfer of control varies depending on the individual terms 
of the sales agreement. 
For sales of products the transfer usually occurs on loading the goods onto the relevant carrier; 
however the point at which control passes may be later if the contract includes customer 
acceptance clauses or control passes on arrival at the customer location. Control will also pass 
if the customer requests that goods are held in storage until required. Specific consideration is 
needed at year end to ensure revenue is recorded within the appropriate financial year. 
This judgement is particularly important in the Currency division due to the material nature of 
certain contracts which may ship near to a reporting period end. Management has carefully 
reviewed material customer contracts with particular focus on those shipping in the last quarter 
of the financial period to ensure revenue has been recorded in the correct year.
3.  Revenue recognition and determination of whether an enforceable right to payment exists
For certain customer contracts, revenue is recognised over time in accordance with IFRS 15, 
as the Group has an enforceable right to payment. 
Determination of whether the Group had an enforceable right to payment requires careful 
analysis of the legal terms and conditions included within the customer contract and 
consideration of applicable laws and customary legal practice in the territory under which 
contract is enforceable. 
External legal advice is obtained if considered necessary to allow management to make 
this assessment. Management has carefully reviewed material contracts relating to revenue 
recognised in the period to determine if an enforceable right to payment exists which results 
in revenue being recorded ‘over-time’ rather than ‘point in time’. 
In FY24 the Group has had customer contracts where revenue is recognised ‘over-time’ 
in the Currency and Authentication divisions. 
4.  Classification of exceptional items
The Directors consider items of income and expenditure which are material by size and/or by 
nature and not representative of normal business activities should be disclosed separately in 
the financial statements so as to help provide an indication of the Group’s underlying business 
performance. The Directors label these items collectively as ‘exceptional items’. Determining 
which transactions are to be considered exceptional in nature is often a subjective matter. 
However, circumstances that the Directors believe would give rise to exceptional items for 
separate disclosure would include: gains or losses on the disposal of businesses, curtailments 
on defined benefit pension arrangements or changes to the pension scheme liability which are 
considered to be of a permanent nature and non-recurring fees relating to the management of 
historical scheme issues; restructuring of businesses; asset impairments and costs associated 
with the acquisition and integration of business combinations. 
All exceptional items are included in the appropriate income statement category to which they 
relate. Refer to note 5 for further details.
Accounting policies  continued
144	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

5.  Accounting for the extension of the factory site in Malta
On 9 September 2021, the Group signed an Agreement with Malta Enterprise (“ME”) where ME 
finances the construction, civil works and machinery and equipment installations to be carried 
out at the premises located in Malta. The premises included land, the demolition of an existing 
building and a rebuild to the Group’s specifications. On 14 September 2021, the Company 
signed a lease for the premises for an initial term of 20 years. The Group is managing the 
construction of the new buildings for the lessor to the pre-agreed specifications. 
Management has made a judgement as to whether the Company has control of the site during 
the construction period. If the Group has the right to control the use of the identified asset for 
only a portion of the term of the contract, the contract contains a lease for that portion of the 
term. It was determined that control exists only after the build is completed and site becomes 
available for use. 
As per the agreement, there are three separate units with different start-up dates. Therefore, 
the lease will be recognised as these units become available for use. The lease costs will be 
allocated to the division to which they relate, based on area. However, if the cost relates to the 
total site, then it is divided based on the percentage split of the area, with 27% of the total sqm 
occupied by Authentication and 73% by Currency. 
The first block is currently scheduled to be completed in H1 25. Therefore, management has 
concluded that no lease should be recognised in FY24. The lease will be recognised when the 
building becomes available for use. 
Please refer to note 25 for the related future capital commitments.
6.  Accounting for the change in the terms of the banking facilities
a.  29 June 2023 amendments
On 29 June 2023, the Company entered into a number of documents which had the effect of 
amending the terms of the revolving facility agreement with its lending banks and their agents. 
A quantitative assessment was carried out where the updated terms are considered to have 
been substantially modified where the net present value of the cash flows under the updated 
terms, including any fees paid and discounted using the original Effective Interest rate (“EIR”) 
differs by at least 10% from the present value of the remaining cash flows under the original 
terms. Based on the procedure performed there was a net impact of 4.64%. Therefore, there 
is no substantial modification on a quantitative basis. 
A qualitative review was also undertaken where all the key changes in the updated facility 
were assessed. Excluding those that had quantitative impacts, the other changes related 
to covenants. The changes to the covenant tests are not considered substantial as they are 
amending previously agreed limits with the exception of the minimum liquidity testing, which 
is a new test. The minimum liquidity test is not considered to be substantial.
The change in existing banking facilities is treated as a non-substantial modification under IFRS 
9 “Financial Instruments”, as the refinancing did not result in an extinguishment of debt. The 
difference between the amortised cost carrying amount of the previous terms of the facility 
and the present value of the updated terms of the facility, discounted using the effective 
interest rate, resulted in a modification loss.
b.  18 December 2023 amendments
On 18 December 2023, the Company entered into a number of documents which had the effect 
of amending the terms of the revolving facility agreement with its lending banks and their 
agents. 
A quantitative assessment was carried out where the updated terms are considered to have 
been substantially modified where the net present value of the cash flows under the updated 
terms, including any fees paid and discounted using the original Effective Interest rate (“EIR”) 
differs by at least 10% from the present value of the remaining cash flows under the original 
terms. Based on the procedure performed there was a net impact of 1.45%. Therefore, there is 
no substantial modification on a quantitative basis. 
A qualitative review was also undertaken where all the key changes in the updated facility 
were assessed. Excluding, those that had quantitative impacts, the other changes related 
to covenants. The changes to the covenant tests are not considered substantial as they are 
amending previously agreed limits with the exception of the minimum liquidity testing, which 
is a new test. The minimum liquidity test is not considered to be substantial.
The change in existing banking facilities is treated as a non-substantial modification under IFRS 
9 “Financial Instruments”, as the refinancing did not result in an extinguishment of debt. The 
difference between the amortised cost carrying amount of the previous terms of the facility 
and the present value of the updated terms of the facility, discounted using the effective 
interest rate, resulted in a modification loss.
The net loss on debt modification was £5.6m, including a loss on the debt modification 
in June 2023 of £4.8m and a loss on the debt modification in December 2023 of £0.8m.
Accounting policies  continued
145	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

B  Critical accounting estimates
1.  Recoverability of other financial assets
In FY23, management assessed the recoverability of the carrying value of securities interests 
held in the Portals International Limited group on the balance sheet and recorded an expected 
credit loss provision in relation to the original principal value and interest receivable which was 
recorded in exceptional items in FY23 consistent with the original recognition as part of the loss 
on disposal (note 5). 
Management carefully assessed the recoverability of the other financial assets on the balance 
sheet as at 25 March 2023 based on information available to them and performed probability 
weighted modelling against three scenarios determining that an expected credit loss provision 
of £8.5m was required which fully impaired these other financial assets. Management has 
considered the following factors in making this determination:
1)	 The public announcement from the Portals group relating to the wind down of the Overton 
paper mill and its sale of assets.
2)	The latest available financial position of Portals International Limited group as presented in its 
2022 consolidated financial statements including significant losses for the period and a net 
liabilities position.
3)	The announcement of the sale of the Fedrigoni business to IN Groupe in May 2023.
This provision accounts for the risk that the full amounts due will not be recovered rather than 
the instruments being credit impaired. Management noted that if factors change again in the 
future, this may alter the judgements made resulting in a revision to the value of expected credit 
loss provision to be recognised.
During FY24, £0.3m was received to settle some of these other financial assets. This was 
unexpected and no further amounts were expected as at 30 March 2024. However, a further 
£0.2m was received, again unexpectedly, in June 2024 in settlement of some of these other 
financial assets. The £0.5m credit has been reflected in exceptional items in FY24 (note 5). 
After a further review, management has concluded that there has been no change in the 
assessment of the remaining other financial assets in FY24.
The amount presented on the balance sheet within other financial assets as at 30 March 2024 
of £nil (25 March 2023: £nil) included the original principal received and accrued interest 
amounts, fully offset by the expected credit loss provision. 
2.  Post-retirement benefit obligations
Pension costs within the income statement and the pension obligations/assets as stated 
in the balance sheet are both dependent upon a number of assumptions chosen by 
management with advice from professional actuaries. These include the rate used to 
discount future liabilities, the expected longevity for current and future pensioners and 
estimates of future rates of inflation. The discount rate is the interest rate that should be 
used to determine the present value of estimated future cash outflows expected to be 
required to settle the pension obligations. 
The Group engages the services of professional actuaries to assist with calculating the pension 
liability (note 23). 
3.  Tax 
The Group is subject to income taxes in numerous jurisdictions and significant judgement 
is required in determining the worldwide provision for those taxes. The level of current and 
deferred tax recognised is dependent on subjective judgements as to the outcome of decisions 
to be made by the tax authorities in the various tax jurisdictions around the world in which the 
Group operates. 
It is necessary to consider which deferred tax assets should be recognised based on an 
assessment of the extent to which they are regarded as recoverable, which involves assessment 
of the future trading prospects of individual statutory entities, the nature and level of any 
deferred tax liabilities from other items in the accounts such as pension positions, and overseas 
tax credits that are carried forward for utilisation in future periods, including some that have 
been allocated to Governmental authorities as part of investment projects. 
The actual outcome may vary from that anticipated. Where the final tax outcomes differ from 
the amounts initially recorded, there will be impacts upon income tax and deferred tax 
provisions and on the income statement in the period in which such determination is made. 
The Group has current tax provisions recorded within current tax liabilities, in respect of 
uncertain tax positions. In accordance with IFRIC 23, tax provisions are recognised for uncertain 
tax positions where it is considered probable that the position in the filed tax return will not be 
sustained and there will be a future outflow of funds to a taxing authority. Tax provisions are 
measured either based on the most likely amount (the single most likely amount in a range of 
possible outcomes) or the expected value (the sum of the probability-weighted amounts in a 
range of possible outcomes) depending on management’s judgement on how the uncertainty 
may be resolved. 
The Group is disputing tax assessments received in certain countries in which the Group 
operates. These tax assessments have been subject to court ruling both in favour of the Group 
and also against the Group. The rulings are subject to ongoing appeal processes. The Group has 
increased the relevant tax provisions and is fully provided where necessary as required by the 
relevant accounting standards. The disputed tax assessments are subject to ongoing dialogue 
with the relevant tax authorities to reach a settlement without the requirement to continue in 
a protracted legal process. Please refer to notes 7 and 15 for further information.
Accounting policies  continued
146	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

C  Other areas of accounting estimates
1.  Impairment test of Goodwill and acquired Intangibles
Goodwill relates to the acquisition in FY17 of De La Rue Authentication Inc. (previously DuPont 
Authentication Inc). The goodwill has been tested for impairment during the year as IAS 36 
“Impairment of Assets” requires annual testing for assets with an indefinite life. For the purposes 
of impairment testing the Cash Generating Unit (“CGU”) for the goodwill has been determined 
as the De La Rue Authentication entity as a whole. This is consistent with the fact that the entity 
is not fully integrated into the Group and the integrated nature of the Intellectual Property and 
other assets which collectively generate cash flows. 
The FY24 impairment test calculated the recoverable amount using the fair value less costs to 
sell approach as it was considered to provide a higher amount than the value in approach. Fair 
value less costs to sell is the arm’s length sale price between knowledgeable willing parties less 
costs of disposal. Fair value represents Level 3 in the FV hierarchy. 
The fair value less costs to sell of the CGU was derived from recent expressions of interest for 
the Group’s Authentication division. These expressions of interest were received from third 
parties and are considered to be at arm’s length. For further information on these expressions 
of interest, refer to the going concern disclosures within the accounting policies section of 
these financial statements. 
To determine the implied CGU valuation from the divisional valuation, management analysed the 
contribution of the CGU to total Authentication revenues, EBITDA and Adjusted operating profit 
in both FY24 (actual) and FY25 (budgeted). 
The recoverable amount at the testing date was significantly in excess of the carrying value 
at 30 March 2024. 
The key assumptions supporting the recoverable amount include the valuation of the 
Authentication division as a whole, along with the budgeted revenue, EBITDA and Adjusted 
operating profit contributions of the CGU (expressed as a percentage of the total). There are 
no reasonable possible changes in these key assumptions that would cause the recoverable 
amount to fall below the carrying amount of the CGU. 
A decrease in the fair value of the CGU of 5% would result in a reduction of the headroom 
of 11% and would not result in an impairment.
2.  Recoverability assessment and impairment charges related to plant and machinery, 
capitalised product development costs and assets under construction
Kenya operations
In January 2023, the Group announced that owing to current market demand, and no 
expectation of new banknote orders from the Central Bank of Kenya for at least the next 
12 months, De La Rue Kenya (a joint venture with the Government of Kenya) has suspended 
banknote printing operations in the country. In addition, operations in our Authentication 
division were also wound down and suspended at the start of FY24. As a result of the review 
of the business in Kenya in FY23 an exceptional charge of FY23: £12.6m was made including 
redundancy charges of £5.5m, property, plant and equipment asset impairments of £4.9m, 
inventory impairments of £2.0m and other costs of £0.2m. There is not expected to be any 
recoverable value relating to these assets. 
Property, plant and equipment and assets under construction impairments
In FY24 impairment charges of £3.4m were made in relation to plant and machinery and £1.1m 
in relation to assets in the course of construction. A review was carried out of assets held by the 
Currency division and as a result £4.5m of assets were identified for impairment, mostly relating 
to assets that were originally to be utilised in another location where there is no longer the 
demand. 
The above have been included within exceptional items (note 5).
3.  Onerous contract provisions
The financial statements also included a small number of onerous contract provisions for loss 
making contracts. Management has assessed these and applied judgement in determining the 
required level of provisioning including how, in accordance with IAS 37, the lowest unavoidable 
costs of exiting or fulfilling the contract have been calculated.
4.  Estimation of provisions
The Group holds a number of provisions relating to warranties for defective products and 
contract penalties. Management has assessed these and applied judgement in determining 
the value of provisions required. 
Accounting policies  continued
147	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

1  Segmental analysis
The continuing operations of the Group have two main operating units: Currency 
and Authentication.
In the prior period, FY23, there were three main operating units being Currency, Authentication 
and Identity Solutions. In FY23, Identity Solutions included minimal non-core activities and 
primarily related to sales under a service agreement with HID Corporation Limited following the 
sale of the International Identity Solutions business in October 2019. In FY24, these had ceased 
and will no longer be presented in future periods, resulting in comparative data only being 
presented.
The Board, which is the Group’s Chief Operating Decision Maker, monitors the performance 
of the Group at this level and there are therefore two reportable segments. The principal 
financial information reviewed by the Board is revenue, adjusted operating profit and assets 
and liabilities.
The Group’s segments are:
	
– Currency – provides Banknote print, Polymer and Security features.
	
– Authentication – provides the physical and digital solutions to authenticate products 
through the supply chain and to provide tracking of excisable goods to support compliance 
with government regulators. Working across the commercial and government sectors 
the division addresses consumer and Brand owner demand for protection against 
counterfeit goods.
Inter-segmental transactions are eliminated upon consolidation. There is no history 
of seasonality or cyclability of operations.
FY24
Currency
£m
Authentication
£m
Identity 
Solutions
£m
Unallocated
£m
Total of 
Continuing 
operations
£m
Total revenue from contracts with 
customers
207.1
103.2
–
–
310.3
Less: inter-segment revenue
–
–
–
–
–
Revenue from contracts with customers
207.1
103.2
–
–
310.3
Cost of sales
(160.5)
(63.9)
–
–
(224.4)
Gross profit
46.6
39.3
–
–
85.9
Adjusted operating expenses
(40.9)
(24.7)
–
–
(65.6)
Other operating income
0.7
–
–
–
0.7
Adjusted operating profit
6.4
14.6
–
–
21.0
Adjusted items:
– Amortisation of acquired intangible 
assets
–
(1.0)
–
–
(1.0)
– Net exceptionals
(7.4)
(0.7)
–
(6.1)
(14.2)
Operating (loss)/profit
(1.0)
12.9
–
(6.1)
5.8
Interest income 
–
–
–
0.5
0.5
Interest expense
(0.7)
–
–
(18.5)
(19.2)
Net retirement benefit obligation finance 
income 
–
–
–
(2.5)
(2.5)
Net finance expense
(0.7)
–
–
(20.5)
(21.2)
(Loss)/profit before taxation 
(1.7)
12.9
–
(26.6)
(15.4)
Capital expenditure on property, plant and 
equipment (excluding grants received) 
(7.8)
(4.4)
–
(0.4)
(12.6)
Capital expenditure on intangible assets 
(note 10)
(1.2)
(3.3)
(0.1)
(4.6)
Impairment of property, plant and 
equipment (note 9)
(4.5)
–
–
–
(4.5)
Depreciation of property, plant and 
equipment and right-of-use-assets 
(note 9/22)
(9.8)
(2.7)
–
(0.9)
(13.4)
Amortisation of intangible assets (note 10)
(1.2)
(4.6)
(0.1)
(5.9)
Notes to the accounts
148	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

1  Segmental analysis continued
FY23
Currency
£m
Authentication
£m
Identity 
Solutions
£m
Unallocated
£m
Total of 
Continuing 
operations
£m
Total revenue from contracts with 
customers
254.6 
91.7 
3.4 
– 
349.7
Less: inter-segment revenue
– 
– 
– 
– 
– 
Revenue from contracts with customers
254.6
91.7 
3.4 
– 
349.7
Cost of sales
(196.4)
(57.7)
(3.5)
–
(257.6)
Gross profit/(loss)
58.2
34.0 
(0.1)
–
92.1
Adjusted operating expenses
(44.6)
(19.7)
– 
–
(64.3)
Adjusted operating profit/(loss)
13.6
14.3
(0.1)
–
27.8
Adjusted items:
– Amortisation of acquired intangible 
assets
– 
(1.0)
– 
– 
(1.0)
– Net exceptionals
(38.4)
(7.9)
(0.1)
(0.7)
(47.1)
Operating (loss)/profit
(24.8)
5.4
(0.2)
(0.7)
(20.3)
Interest income 
1.0 
– 
0.1 
0.1 
1.2 
Interest expense
(0.9)
(0.1)
– 
(10.6)
(11.6)
Net retirement benefit obligation finance 
expense 
– 
– 
– 
1.1 
1.1
Net finance income/(expense)
0.1 
(0.1)
0.1 
(9.4)
(9.3)
(Loss)/profit before taxation 
(24.7)
5.3
(0.1)
(10.1)
(29.6)
Capital expenditure on property, plant and 
equipment (excluding grants received) 
(7.9)
(7.1)
–
(0.2)
(15.2)
Capital expenditure on intangible assets 
(note 10)
(2.9)
(7.4)
– 
(0.1)
(10.4)
Impairment of property, plant and 
equipment (note 9)
(3.9)
(1.5) 
– 
– 
(5.4) 
Impairment of intangible assets (note 10)
(1.4)
(2.9)
–
–
(4.3)
Depreciation of property, plant and 
equipment and right-of-use assets 
(note 9/22)
(11.1)
(2.6)
–
(1.0)
(14.7)
Amortisation of intangible assets (note 10)
(1.3)
(3.4)
– 
(0.6)
(5.3)
Currency
£m
Authentication
£m
Identity 
Solutions
£m
Unallocated
£m
Total of 
Continuing 
operations
£m
FY24
Segmental assets
155.3
83.3
–
55.7
294.3
Segmental liabilities
(70.0)
(15.0)
–
(206.7)
(291.7)
FY23
Segmental assets (restated)*
169.9
68.5
15.8
82.0
336.2
Segmental liabilities 
(70.4)
(14.0)
(4.5)
(224.7)
(313.6)
* 	
Segmental assets and liabilities in FY23 have been restated as a result of a reassessment of the unallocated assets.
Unallocated assets principally comprise deferred tax assets of £0.1m (FY23: £5.9m), cash and 
cash equivalents of £29.3m (FY23: £40.3m), derivative financial instrument assets of £0.7m 
(FY23: £2.4m), centrally managed property, plant and equipment of £17.5m (FY23: £9.0m), and 
centrally managed right-of-use assets of £3.1m (FY23: £2.7m), as well as current tax assets, and 
amounts due from associates.
Unallocated liabilities principally comprise retirement benefit obligations of £51.6m (FY23: 
£54.7m), borrowings of £117.2m (FY23: £118.4m), current tax liabilities of £20.4m (FY23: £23.2m), 
derivative financial instrument liabilities of £3.3m (FY23: £1.9m), lease liabilities of £3.9m (FY23: 
£3.4m) as well as deferred tax liabilities and centrally held accruals and provisions.
Geographic analysis of non-current assets
2024
£m
2023 
£m
UK 
88.0
97.7
Malta 
25.2
27.5
USA
13.1
15.1
Sri Lanka 
6.0
7.7
Other countries 
0.5
0.5
132.8
148.5
Note:
1.	
Deferred tax assets of £0.1m in FY24 (FY23: £5.9m) are excluded from the analysis shown above.
Major customers 
The Group had no (FY23: one) major customer from which it derived total revenues in excess 
of 10% of Group revenue. 
Notes to the accounts  continued
149	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
2  Revenue from contracts with customers
Information regarding the Group’s major customers, and a segmental analysis of revenue 
is provided in note 1. 
Timing of revenue recognition across the Group’s revenue from contracts with customers 
is as follows:
FY24
Currency
£m
Authentication
£m
Identity 
Solutions
£m
Total of 
Continuing 
operations
£m
Timing of revenue recognition:
Point in time 
180.9
92.0
–
272.9
Over time
26.2
11.2
–
37.4
Total revenue from contracts with customers 
207.1
103.2
–
310.3
FY23
Currency
£m
Authentication
£m
Identity 
Solutions
£m
Total of 
Continuing 
operations
£m
Timing of revenue recognition:
Point in time 
217.6
78.3
3.4
299.3
Over time
37.0
13.4
–
50.4
Total revenue from contracts with customers 
254.6
91.7
3.4
349.7
Revenue by customer type 
2024
£m
2023 
£m
Government contracts
251.8
288.3
Corporate contracts 
58.5
61.4
310.3
349.7
Geographic analysis of revenue by destination 
2024
£m
2023 
£m
Middle East and Africa 
137.1
145.4
Asia 
39.2
39.3
UK
21.1
55.7
The Americas
25.1
24.8
Rest of Europe
52.7
71.2
Rest of world
35.1
13.3
310.3
349.7
Contract balances
The contract balances arising from contracts with customers are as follows:
Note
2024
£m
2023 
£m
Trade receivables 
12
39.6
42.3
Provision for impairment 
12
(0.6)
(0.6)
Net trade receivables 
12
39.0
41.7
Contract assets 
16.7
18.9 
Contract liabilities 
16
(0.2)
(0.3) 
Payments received on account 
16
(23.1)
(22.7) 
Trade receivables have decreased to £39.6m in FY24 (FY23: £42.3m) reflecting timing 
of payments on certain material customer contracts. 
Contract assets have decreased to £16.7m in FY24 (FY23: £18.9m) reflecting the timing of the 
revenue recognition under IFRS 15. The Group applies the simplified approach when measuring 
the contract assets’ expected credit losses. The approach uses a lifetime expected credit loss 
allowance. The expected credit losses are reviewed annually and the credit loss relating 
to contract assets is not significant. 
Costs to obtain contracts of £nil (FY23: £nil) have been capitalised in the year where 
the contract has yet to be won. 
Set out below is the amount of revenue recognised from:
2024
£m
2023 
£m
Amounts included in contract liabilities at the beginning of the year
0.3 
–
Performance obligations satisfied in previous years
– 
–
Payments on account 
2024
£m
2023 
£m
Balance at the start of the year
22.7
14.3
Additions
42.8
21.7
Revenue recognised
(42.4)
(13.3)
Balance at the end of the year
23.1
22.7
Performance obligations
Information about the Group’s performance obligations is summarised in the Accounting 
Policies section on page 142.
150	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
2  Revenue from contracts with customers continued
The following table shows the transaction price allocated to remaining performance obligations 
for contracts with original expected duration of more than one year. The Group has decided to 
take the practical expedient provided in IFRS 15.121 not to disclose the amount of the remaining 
performance obligations for contracts with original expected duration of less than one year.
2024
£m
2023 
£m
Within 1 year 
12.0
12.4
Between 2 – 5 years 
3.0
15.5
5 years and beyond 
–
–
15.0
27.9
3  Other operating income
2024
£m
2023 
£m
Other operating income
0.7
–
Other operating income in FY24 of £0.7m (FY23: £nil) relates to other miscellaneous income.
4  Operating expenses
Note
2024
£m
2023 
£m
Cost of sales relating to inventory
220.2
249.2
Depreciation of property, plant and equipment
9
10.9
12.5
Amortisation of intangibles
10
5.9
5.3
Impairment of inventories
11
2.7
1.0
Depreciation of right-of-use assets
22
2.5
2.2
Expenses related to short-term and low-value leases
22
0.4
0.6
Research and non-capitalised development expense*
2.9
5.1 
Employee costs (including Directors’ emoluments) 
24
76.4
95.0
Share based payments
20
1.4
1.9
Foreign exchange loss
2.1
1.6
Amounts payable to EY and its associates: 
– Audit of these consolidated financial statements
0.7
0.6
– Audit of the financial statements of subsidiaries pursuant to legislation
0.5
0.4
– Non-audit services
0.2
0.1
– Taxation services
–
–
Note:
*	
Includes £0.7m income in FY24 for RDEC claims (FY23: £0.7m). The Group policy is to net RDEC relating to research and development 
against the expense.
5  Exceptional items
Accounting policies 
Exceptional items are disclosed separately in the financial statements to provide readers with 
an increased insight into the underlying performance of the Group.
2024
£m
Cash
£m
Non-
cash
£m
2023 
£m
Cash
£m
Non-
cash
£m
Termination of Relationship Agreement with 
Portals Paper Limited
–
–
–
17.0
9.3
7.7
Site relocations and restructuring costs
9.0
4.3
4.7
21.1
7.6
13.5
Pension underpin costs
0.3
0.3
–
0.5
0.5
–
Costs associated with pension deferment 
and banking refinancing
5.4
5.1
0.3
–
–
–
14.7
9.7
5.0
38.6
17.4
21.2
(Reversal)/recognition of expected credit 
loss provision on other financial assets 
(0.5)
(0.3)
(0.2)
8.5
–
8.5
Total exceptional items
14.2
9.4
4.8
47.1
17.4
29.7
Tax (credit)/charge on exceptional items 
(5.2)
5.1
Net exceptionals
9.0
52.2
In FY24, £9.4m (FY23: £17.4m) of the reported exceptional items were settled in cash. An 
additional £9.2m was settled in cash in relation to prior year exceptional items, with £7.5m 
relating to the termination of the Relationship Agreement with Portals Paper Limited and £1.7m 
relating to restructuring costs. In aggregate, £18.6m was settled in cash in FY24 relating to 
exceptional items.
Termination of Relationship Agreement with Portals Paper Limited
On the 26 July 2022, the Group reached a settlement to terminate its long-term supply 
agreement with Portals Paper Limited (“Portals”), related to the supply of banknote, proofing and 
security paper (the “Relationship Agreement” or “RA”). As a result of this termination £17.0m was 
recorded as an exceptional item in FY23, being the agreed settlement together with associated 
legal costs. The final payment under the RA of £7.5m was made in April 2023.
151	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
5  Exceptional items continued
Site relocation and restructuring costs
Site relocation and restructuring costs in FY24 of £9.0m (FY23: £21.1m) included the following: 
	
– A £4.1m (FY23: £2.5m) charge for redundancy and legal fees were made in relation to 
restructuring initiatives in both the Currency £2.8m (FY23: £1.2m), Authentication £0.8m 
(FY23: £1.3m) divisions and the Central enabling functions £0.5m (FY23: £nil) in order to 
right-size the divisions for future operations. Since these programmes commenced, £6.6m 
of costs have been incurred in relation to this. No further costs are expected in relation to 
these initiatives in FY25. 
	
– In FY24, impairment charges of £3.4m were made in relation to plant and machinery and 
£1.1m in assets in the course of construction (FY23: £nil). A review was carried out of assets 
held by the Currency division and as a result £4.5m of assets were identified for impairment 
mostly relating to assets that were originally to be utilised in another location where there is 
no longer the demand. In addition, £0.2m of costs were incurred in relation to these assets in 
preparation for their anticipated move. 
	
– In FY23, the Group announced that owing to current market demand, and no expectation of 
new bank note orders from the Central Bank of Kenya for at least the next 12 months, De La 
Rue Kenya (a subsidiary with a material non-controlling interest held by the Government of 
Kenya) has suspended banknote printing operations in the country. In addition, operations 
in our Authentication division were wound down in the year. As a result of the mothballing of 
operations in Kenya an exceptional charge of £nil (FY23: £12.6m) was made in FY24 including 
redundancy charges of £0.1m (FY23: £5.5m), property, plant and equipment asset 
impairments of £nil (FY23: £4.9m), and other costs of £nil (FY23: £0.2m), offset by £0.1m of 
proceeds from the sale of previously impaired inventory (FY23: £2.0m impairment). Since 
this programme commenced, £12.6m of costs have been incurred in relation to this. No 
further costs are expected in relation to this project in FY25.
	
– The recognition of £0.2m (FY23: £1.1m) of restructuring charges related to the cessation of 
banknote production at our Gateshead facility primarily relating to the costs, net of grant 
income received of £0.1m, of relocating assets to different Group manufacturing locations. 
Since this programme commenced, £10.0m of costs have been incurred in relation to this. 
This relocation of assets is expected to be completed in FY25 as the Group continues its 
expansion of the manufacturing facilities in Malta (net of grants received) and the Group 
works towards exiting from the Gateshead facility; and 
	
– In FY24, impairment charges of £nil (FY23: £4.3m) were made in relation to capitalised 
product development costs and software assets. In FY23 a review was carried out as part of 
the Authentication business right-sizing programme of ongoing development projects. With 
the resulting restructuring initiatives, the Group no longer had the technical and financial 
ability to complete two programmes. As a result, in FY23, work on the two programmes was 
terminated and the technology mothballed with the associated capitalised costs impaired 
(£2.9m). A further £1.4m of software assets relating to the Currency business were impaired 
in FY23 as future revenue relating to these assets were minimal. No further costs were 
incurred in FY24. 
	
– In FY23, £0.6m of charges relating to other cost out initiatives including the initial Turnaround 
Plan restructuring of our central enabling functions, selling and commercial functions. Since 
this programme commenced, £3.4m of costs have been incurred in relation to this. No 
further costs were incurred in FY24.
Pension underpin costs
Pension underpin costs of £0.3m (FY23: £0.5m) relate to legal fees, net of amounts recovered, 
incurred in the rectification of certain discrepancies identified in the Scheme’s rules. 
The Directors do not consider this to have an impact on the UK defined benefit pension 
liability at the current time, but they continue to assess this.
Costs associated with pension payment deferment and banking refinancing 
Costs associated with pension payment deferment and the banking refinancing amounted 
to £5.4m (FY23: £nil) in the period. This included legal and professional advisor fees.
Pension payment deferment
The Company has not paid any deficit reduction contributions to the Main Scheme over the 
period to 30 March 2024. 
On 3 April 2023, the Company and the Trustee agreed to defer the deficit reduction 
contribution due under the previous Recovery Plan, payable on 5 April 2023, to 26 May 2023. 
Subsequently, on 25 May 2023 the Company and the Trustee agreed to defer the deficit 
contribution due on 26 May 2023 to 5 July 2023. In June 2023, the Company and the Trustee 
agreed to defer all the deficit reduction contributions due to recommence from 5 April 2024 
and a new Recovery Plan has been agreed between the Company and the Trustee. The legal and 
professional advisor costs associated with this pension payment deferment were £1.3m. 
An actuarial valuation of the Scheme has been undertaken as at 30 September 2023. This was 
required by the Trustee to support the Company’s renegotiation of the funding arrangements. 
This was not a normal cycle valuation and therefore the costs associated with this have been 
recorded as exceptional items due to their nature and size.
The new valuation showed a Scheme deficit of £78m. As a result of this new valuation, on 
18 December 2023, the Company and the Scheme Trustee agreed a new schedule to fund the 
deficit. The funding moratorium until July 2024 as previously agreed will be retained, with the 
only payment being £2.5m due on a repayment event such as either on the repayment of the 
RCF or when the RCF is wholly refinances or the end of the current RCF facility in July 2025. 
This will be followed by deficit repair contributions from the Company of £8m per annum to the 
end of FY27, followed by higher contributions that at no time exceed £16m per annum and which 
run until December 2030 or until the Scheme becomes fully funded. 
The next periodic actuarial valuation will be as at the end of September 2026, with the Scheme 
Trustee undertaking to provide the results of this valuation by January 2027, ahead of any 
increase in contribution from £8m per annum. The costs associated with the new funding 
payment arrangements have been recorded as exceptional items due to their nature and size. 
The legal and professional advisor costs associated with this pension payment deferment were 
£1.3m. 
152	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
5  Exceptional items continued
Banking refinancing
On the 29 June 2023, the Company entered into a number of documents which had the effect 
of amending the terms of the revolving facility agreement with its lending banks and their 
agents, including changes to covenants (note 17). These documents are an amendment and 
restatement agreement with the various lenders and the banks’ agents and security agent, a 
debenture between the Company, certain other Group companies and the banks’ security 
agent and inter-creditor agreement between the creditors. As a result of these changes, the 
facilities are secured against material assets and shares within the Group. The legal and 
professional costs associated with this in the period was £1.7m.
On 18 December 2023, the Group entered into a new agreement with its banking syndicate 
to extend its banking facilities to July 2025. From this date the Group will have Bank facilities 
of £235m including an RCF cash drawn component of up to £160m (a reduction of £15m) 
and bond and guarantee facilities of a maximum of £75m. The covenant tests described in note 
17 will continue to apply to the facilities, other than the liquidity covenant where the minimum 
headroom is now defined as “available cash and undrawn RCF greater than or equal to £10m”, 
to reflect the £15m reduction in RCF. In addition, an arrangement fee is due, equal to 1% of the 
facility, which will reduce to 0.5% if the facility is refinanced before 30 June 2024. The legal 
and professional costs associated with this in the period was £1.1m.
(Reversal)/recognition of expected credit loss provision on other financial assets 
Other financial assets comprise securities interests held in the Portals International Limited 
group which were received as part of the consideration for the paper disposal in 2018. In 
accordance with IFRS 9, management assessed the recoverability of the carrying value on the 
balance sheet and recorded an expected credit loss provision in relation to the original principal 
value and interest receivable. This was recorded in exceptional items in FY23, consistent with 
the original recognition as part of the loss on disposal. The amount presented on the balance 
sheet within other financial assets as at 30 March 2024 of £nil (25 March 2023: £nil) included 
the original principal received and accrued interest amounts, fully offset by the expected credit 
loss provision. 
During FY24, the Group recognised a credit of £0.5m in relation to a reversal of the expected 
credit loss provision relating to other financial assets (FY23: £8.5m credit loss provision 
recognised).
On 21 July 2023, the Company received notice that Portals International Limited were to repay 
an amount of £290,266 (which comprised the principal amount of £227,280 and accrued 
interest of £62,986) on 1 August 2023. This was part of the £899,138 loan notes issued by Portals 
in November 2021. This was unexpected. A credit of £0.3m was recognised in exceptionals 
relating to this. 
On 19 June 2024, the Company received notice that Portals International Limited were to repay 
an amount of £104,245 (which comprised the principal amount of £85,801 and accrued interest 
of £18,144) on 24 June 2024. This was part of the £899,138 loan notes issued by Portals in 
November 2021. This was unexpected. A credit of £0.1m was recognised in exceptionals as 
this is an adjusting post balance sheet event under IAS 10 “Events after the reporting period”. 
On 19 June 2024, the Company also received notice that Portals Finance Limited were to repay 
an amount of £147,887 (which comprised the principal amount of £81,537 and accrued interest 
of £66,350) on 24 June 2024. This was part of the £32,000,000 loan notes issued by Portals in 
March 2018. This was unexpected. A credit of £0.1m was recognised in exceptionals as this is an 
adjusting post balance sheet event under IAS 10 “Events after the reporting period”. 
Management has assessed that no further amounts are expected to be received and hence 
no change has been made to the expected credit loss. 
Taxation relating to exceptional items
The overall tax credit relating to continuing exceptional items arising in the period was £5.2m 
(FY23: tax charge £5.1m), and relates to the following items:
	
– £2.3m credit for the release of uncertain tax positions related to the expiry of an indemnity 
period in May 2023, following the Cash Processing Solutions Limited business sale in May 
2016. 
	
– £0.2m credit for the release of other uncertain tax positions no longer considered necessary. 
	
– £0.5m charge for the portion of the UK corporate interest restriction which has arisen as a 
consequence of the exceptional costs. 
	
– £3.2m credit for the tax relief on exceptional costs before tax, at broadly 25%. 
Included in the exceptional tax items in FY23 is a deferred tax charge of £4.0m relating to the 
derecognition of a deferred tax asset in relation to restricted UK tax interest amounts that under 
IAS12 had to be recognised in prior years even though the amounts are not expected to be fully 
utilised for the foreseeable future. The asset was originally recognised because the defined 
benefit pension was in a surplus position which led to a deferred tax liability relating to pensions 
in the UK, and under IAS any potential deferred tax assets must be recognised against this 
deferred tax liability. 
During FY23, the pension moved from a surplus to a deficit position, which meant that the 
deferred tax asset on the UK restricted UK tax interest amounts is no longer required to be 
recognised. As the majority of the deferred tax in relation to the pension movements is 
recognised directly in the Statement of Comprehensive Income, to recognise movements in the 
recognition and derecognition of this asset as an operating item would distort the Operating 
Effective Tax Rate and therefore considered to be unhelpful for users of the accounts. This 
movement and any future creation or unwind of this asset is therefore considered to be an 
Exceptional item for financial reporting purposes where possible.
The FY23 exceptional items also includes a tax charge in respect of additional expected 
utilisation of tax credits in Malta of £6.1m, as they are expected to be surrendered for capital 
grants against future capital expenditure in Malta.
153	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
6  Interest income and expense
Accounting policies 
Interest income/expense is accrued on a time basis, by reference to the principal outstanding 
and at the effective interest rate applicable, which is the rate that exactly discounts estimated 
future cash flows through the expected life of the financial asset/liability to the net carrying 
amount of that asset/liability.
2024
£m
2023 
£m
Recognised in the income statement 
Interest income:
– Other interest
0.5
0.1
– Interest on loan notes and preference shares
–
1.1
Total interest income
0.5
1.2
Interest expense:
– Interest on bank loans
(12.3)
(7.2)
– Other, including amortisation of finance arrangement fees
(3.7)
(3.2)
– Net loss on debt modification
(2.7)
(0.7)
– Interest on lease liabilities (note 22)
(0.5)
(0.5)
Total interest expense 
(19.2)
(11.6)
Retirement benefit obligation finance (expense)/income (note 23)
(2.5)
1.1
Net finance expense
(21.2)
(9.3)
All finance income and expense arise in respect of assets and liabilities not restated to fair value 
through the income statement.
Interest on loan notes and preference shares 
Interest due on the loan notes and preference shares relates to interests held in the Portals 
International Limited group (formerly Mooreco Limited) (obtained as part of the considered 
for the Portals Paper disposal). In accordance with IFRS 9 “Financial Instruments”, in FY23, 
management assessed the recoverability of the carrying value on the balance sheet and 
recorded an expected credit loss provision in relation to the original principal value and interest 
receivable which was recorded in exceptional items consistent with the original recognition 
as part of the loss on disposal. The amount was presented on the balance sheet within other 
financial assets as at 30 March 2024 of £nil (FY23: £nil) included the original principal received 
and accrued interest amounts, fully offset by the expected credit loss provision. The provision 
accounted for the risk that the full amounts due are now considered to be credit impaired. 
As a result, no further interest receivable has been recognised in FY24 (note 5).
Net loss on debt modification 
On 18 November 2022 the Group’s existing banking facilities were extended until 1 January 2025 
with a 25-basis point increase in margin, which is treated as a non-substantial modification 
under IFRS 9 Financial Instruments, as the refinancing did not result in an extinguishment of 
debt. The difference between the amortised cost carrying amount of the old facility and the 
present value of the new facility, discounted using the original effective interest rate, resulted 
in a modification loss. The loss on debt modification was £0.9m together with the subsequent 
associated amortisation of £0.2m were recorded in FY23. 
On 29 June 2023, the Company entered into a number of documents which had the effect of 
amending the terms of the revolving facility agreement with its lending banks and their agents. 
This change in existing banking facilities is treated as a non-substantial modification under IFRS 
9 “Financial Instruments”, as the refinancing did not result in an extinguishment of debt. The 
difference between the amortised cost carrying amount of the previous terms of the facility 
and the present value of the updated terms of the facility, discounted using the effective 
interest rate, resulted in a modification loss. The loss on the debt modification in June 2023 
was £4.8m. 
On 18 December 2023, the Group entered into a new agreement with its banking syndicate 
to extend its banking facilities to July 2025. From this date the Group will have bank facilities 
of £235m including an RCF cash drawn component of up to £160m (a reduction of £15m) and 
bond and guarantee facilities of a maximum of £75m. Covenant tests will continue to apply to 
the facilities, other than the liquidity covenant where the minimum headroom is now defined as 
“available cash and undrawn RCF greater than or equal to £10m”, to reflect the £15m reduction 
in RCF. In addition, an arrangement fee was due, equal to 1% of the facility, which will reduce to 
0.5% if the facility is refinanced before 30 June 2024. This change in existing banking facilities 
is treated as a non-substantial modification under IFRS 9 “Financial Instruments”, as the 
refinancing did not result in an extinguishment of debt. The difference between the amortised 
cost carrying amount of the previous terms of the facility and the present value of the updated 
terms of the facility, discounted using the effective interest rate, resulted in a modification loss. 
The loss on the debt modification in December 2023 was £0.8m. 
The net loss on debt modification of £2.7m in FY24 included the losses on the June 2023 and 
December 2023 modifications of £5.6m, offset by the subsequent amortisation of £2.9m 
(including £0.4m of amortisation of the loss on debt modification recognised in FY23). 
Retirement benefit obligation finance (expense)/income 
The retirement benefit obligation finance income/expense is calculated under IAS 19 “Employee 
Benefits” and represents the difference between the interest on pension liabilities and assets. 
The loss in FY24 of £2.5m (FY23: credit £1.1m) was due to the opening pension valuation on an 
IAS 19 basis as at 25 March 2023 being a deficit of £54.7m (26 March 2022: surplus of £29.8m). 
The gain/(loss) to the income statement in respect of the ineffective portion of derivative 
financial instruments was £nil (FY23: £nil).
154	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
7  Taxation
Accounting policies 
The tax expense included in the income statement comprises current and deferred tax. Current 
tax is the expected tax payable on the taxable income for the year, including adjustments in 
respect of prior periods, using tax rates enacted or substantively enacted by the balance sheet 
date. Tax is recognised in the income statement except to the extent that it relates to items 
recognised directly in equity, in which case it is recognised in equity.
Deferred tax is provided on temporary differences arising between the carrying amounts 
of assets and liabilities for financial reporting purposes and the amounts used for taxation 
purposes. Deferred tax is measured using tax rates that have been enacted or substantively 
enacted by the balance sheet date and that are expected to apply when the asset is realised, 
or the liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences and 
deferred tax assets are recognised to the extent that it is probable that future taxable profits 
will be available against which the temporary difference can be utilised. Such assets and 
liabilities are not recognised if the temporary difference arises from goodwill not deductible 
for tax purposes or result from the initial recognition (other than in a business combination) 
of other assets and liabilities in a transaction that affects neither the taxable profit nor the 
accounting profit, except for transactions giving rise to equal taxable and deductible temporary 
differences including temporary differences associated with right-of-use assets and lease 
liabilities. In respect of right-of-use lease assets and liabilities, in jurisdictions where the 
entity receives a tax deduction when it makes lease payments the tax deductions have been 
attributed to the lease liability as they relate to settling a liability rather than acquiring an asset.
Deferred tax is provided on temporary differences arising on investments in subsidiaries, 
associates and joint ventures, except where the Group is able to control the timing of the 
reversal of the temporary difference and it is probable that the temporary difference will not 
reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced 
to the extent that it is no longer probable that sufficient taxable profits will be available to allow 
all or part of the asset to be recovered.
Deferred tax assets and deferred tax liabilities are only offset to the extent that there is a legally 
enforceable right to offset current tax assets and current tax liabilities, they relate to taxes 
levied by the same taxation authority and the Group intends to settle its current tax assets 
and liabilities on a net basis or to realise an asset and settle a liability simultaneously.
De La Rue has extensive international operations and is subject to various legal and regulatory 
regimes, including those covering taxation matters from which, in the ordinary course of 
business, uncertainty over the tax treatment can arise. De La Rue assesses whether it is 
probable or not the tax authority will accept the tax treatment; if probable that the treatment 
will be accepted then the potential tax effect of the uncertainty is a tax-related contingency. 
If it is not probable of being accepted, the most likely amount or the expected value is 
recognised. There are some tax assessments where a provision has been made on the basis 
of a combination of advice received and management judgement. The amount provided may 
be less than the headline figures on assessments received from a tax authority and reflect 
an estimate of a more likely outcome on the basis of current communications with the tax 
authority. In the possible event that there was an adverse outcome to any dispute this could 
result in a material outflow.
2024
£m
2023 
£m
Current tax
UK corporation tax:
– Current tax
0.7
11.9
– Adjustment in respect of prior years
0.3
0.1
1.0
12.0
Overseas tax charges:
– Current year
(0.8)
2.1
– Adjustment in respect of prior years
(0.2)
(0.3)
(1.0)
1.8
Total current income tax charge
–
13.8
Deferred tax:
– Origination and reversal of temporary differences, UK
4.2
7.4
– Origination and reversal of temporary differences, overseas
(0.5)
6.4
Total deferred tax charge (note 15)
3.7
13.8
Total income tax charge in the consolidated income statement
3.7
27.6
Tax on continuing operations attributable to:
– Ordinary activities
9.2
22.8
– Amortisation of acquired intangible assets
(0.3)
(0.3)
– Exceptional items (note 5)
(5.2)
5.1
3.7
27.6
155	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
7  Taxation continued
2024
£m
2023
restated* 
£m
Consolidated statement of comprehensive income:
– On remeasurement of net defined benefit liability
1.3
(11.8)
– On cash flow hedges
–
0.1
– On foreign exchange on quasi-equity balances
–
0.1
Income tax charge/(credit) reported within other comprehensive income
1.3
(11.6)
Consolidated statement of changes in equity:
– Deferred tax on share options
–
0.5
Income tax charge reported within equity
–
0.5
Note:
*	
The Group Consolidated Statement of Comprehensive Income for FY23 has been restated as described in the Basis of preparation (note I).
The tax on the Group’s consolidated loss before tax differs from the UK tax rate of 25% as follows:
2024
2023
Before 
exceptional 
items
£m
Movement on 
acquired 
intangibles
£m
Exceptional 
items
£m
Total
£m
Before 
exceptional 
items
£m
Movement on 
acquired 
intangibles
£m
Exceptional 
items
£m
Total 
£m
(Loss)/profit before tax
(0.2)
(1.0)
(14.2)
(15.4)
18.5
(1.0)
(47.1)
(29.6)
Tax calculated at UK tax rate of 25% (FY23: 19.0%)
(0.1)
(0.3)
(3.5)
(3.9)
3.5
(0.2)
(8.9)
(5.6)
Effects of overseas taxation
0.7
–
–
0.7
1.1
(0.1)
1.2
2.2
Charges/(credits) not allowable/taxable for tax purposes
(1.5)
–
–
(1.5)
0.5
–
1.7
2.2
Changes in uncertain tax provisions
(1.3)
–
(2.5)
(3.8)
8.5
–
–
8.5
Movement in unrecognised deferred tax assets
11.6
–
0.6
12.2
7.9
–
4.0
11.9
Utilisation of tax credits previously recognised for deferred tax 
–
–
–
–
–
–
6.1
6.1
Adjustments in respect of prior years
(0.2)
–
0.2
–
(0.5)
–
–
(0.5)
Impact of UK tax rate change on deferred tax balances
–
–
–
–
1.8
–
1.0
2.8
Tax charge/(credit)
9.2
(0.3)
(5.2)
3.7
22.8
(0.3)
5.1
27.6
156	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
7  Taxation continued
The Group is subject to income taxes in numerous jurisdictions and significant judgement 
is required in determining the worldwide provision for those taxes. The level of current and 
deferred tax recognised is dependent on subjective judgements as to the outcome of decisions 
to be made by the tax authorities in the various tax jurisdictions around the world in which the 
Group operates. It is necessary to consider which deferred tax assets should be recognised 
based on an assessment of the extent to which they are regarded as recoverable, which 
involves assessment of the future trading prospects of individual statutory entities.
During FY24, there was a charge in the Income Statement for the derecognition of deferred tax 
asset balances totalling £12.2m (FY23: £11.9m), with unrecognised deferred tax assets increasing 
to £51.5m (FY23: £39.3m restated) as detailed in note 15.
The actual outcome may vary from that anticipated. Where the final tax outcomes differ 
from the amounts initially recorded, there will be impacts upon income tax and deferred tax 
provisions and on the Income Statement in the period in which such determination is made.
The Group has current tax provisions recorded within current tax liabilities, in respect of 
uncertain tax positions. In accordance with IFRIC 23, tax provisions are recognised for uncertain 
tax positions where it is considered probable that the position in the filed tax return will not be 
sustained and there will be a future outflow of funds to a taxing authority. Tax provisions are 
measured either based on the most likely amount (the single most likely amount in a range of 
possible outcomes) or the expected value (the sum of the probability weighted amounts in a 
range of possible outcomes) depending on management’s judgement on how the uncertainty 
may be resolved.
The Group is disputing tax assessments received from the tax authorities of some countries in 
which the Group operates. The disputed tax assessments are at various stages in the appeal 
processes, but the Group believes it has a supportable and defendable position (based upon 
local accounting and legal advice), and is appealing previous judgments and communicating 
with the relevant tax authority. The Group’s expected outcome of the disputed tax assessments 
is held within the relevant provisions in the 2024 financial statements.
The uncertain tax positions credit of £3.8m (FY23: £8.5m charge) includes £2.5m included 
within exceptional tax items related to the expiry of an indemnity period in May 2023, following 
the Cash Processing Solutions Limited business sale in May 2016. Of the remaining £1.5m credit, 
£0.5m relates to favourable movements in exchange rates for other provisions rather than a 
change to the underlying provided amounts and £1.0m relates to the release of provisions no 
longer considered necessary. The remaining provisions for uncertain tax positions total £18.2m 
(FY23: £22.0m) and are contained within current tax liabilities.
8  Earnings per share
Accounting policies 
Basic earnings per share (“EPS”) is calculated by dividing the profit attributable to equity 
shareholders by the weighted average number of ordinary shares outstanding during the 
year, excluding those held in the employee share trust which are treated as treasury shares.
For diluted EPS, the weighted average number of ordinary shares in issue is adjusted for the 
impact of the dilutive effect of share options. 
The Directors are of the opinion that the publication of the adjusted EPS, before exceptional 
items, is useful to readers of the accounts as it gives an indication of underlying business 
performance. 
Earnings per share
2024
pence 
per share
2023 
pence 
per share
Basic EPS – continuing operations
(10.2)
(28.6)
Diluted EPS – continuing operations1
(10.2)
(28.6)
Adjusted EPS
Basic EPS – continuing operations
(5.3)
(1.5)
Diluted EPS – continuing operations
(5.3)
(1.5)
Number of shares (m)
Weighted average number of shares
195.7
195.4
Dilutive effect of shares
0.2
0.5
195.9
195.9
Note:
1 	
The Group reported a loss from continuing operations attributable to the ordinary equity shareholders of the Company for FY23. 
The Diluted EPS is reported as equal to Basic EPS; no account can be taken of the effect of dilutive securities under IAS 33.
Reconciliations of the earnings used in the calculations are set out below:
Note
2024
£m
2023 
£m
Loss for basic EPS – continuing operations
(20.0)
(55.9)
Add: amortisation of acquired intangibles
10
1.0
1.0
Less: tax on amortisation of acquired intangibles 
7
(0.3)
(0.3)
Add: exceptional items (excluding non-controlling interests) 
5
14.2
47.1
Less: tax on exceptional items 
7
(5.2)
5.1
Loss for adjusted EPS
(10.3)
(3.0)
157	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
9  Property, plant and equipment
Accounting policies 
Property, plant and equipment are stated at cost, less accumulated depreciation and any 
accumulated provision for impairment in value. Assets in the course of construction are 
included in property, plant and equipment on the basis of expenditure incurred at the balance 
sheet date.
Costs of major maintenance activities are capitalised and depreciated over the estimated 
useful life for the asset.
Government grants are recognised where there is reasonable assurance that the grant will be 
received, and all attached conditions will be complied with. The grant reduces the carrying 
amount of the asset and then is recognised in profit or loss over the useful life of the 
depreciable asset by way of a reduced depreciation charge.
No depreciation is provided on freehold land. Building improvements are depreciated over their 
estimated useful economic lives of 50 years. Other leasehold interests are depreciated over the 
lease term.
Plant and machinery are depreciated on a straight-line method over their estimated useful 
lives which typically range from 10 to 20 years. Fixtures and fittings and motor vehicles are 
depreciated on a straight-line method over their estimated useful lives which typically range 
from two to 15 years. No depreciation is provided for assets in the course of construction until 
they are ready for use.
Depreciation methods, residual values and useful lives are reviewed at least at each financial 
year end, taking into account commercial and technical obsolescence as well as normal wear 
and tear, provision being made where the carrying value exceeds the recoverable amount.
Land and 
buildings 
£m
Plant and 
machinery
£m
Fixtures and 
fittings and 
motor 
vehicles
£m
In course of 
construction
£m
Total
£m
Cost
At 26 March 2022
53.3
227.2
28.7
23.0
332.2
Exchange differences 
 0.2 
 3.8 
 0.3 
 0.5 
 4.8 
Additions1
 1.7 
 (2.9)
 0.5 
 11.9 
 11.2 
Reclassifications
 1.0 
 12.6 
 3.5 
 (17.1)
 –
Disposals 
 (4.0)
 (14.1)
 (0.9)
 – 
 (19.0)
At 25 March 2023
 52.2 
 226.6 
 32.1 
 18.3 
 329.2 
Exchange differences 
(0.1)
(1.8)
(0.1)
(0.5)
(2.5)
Additions1
–
(8.4)
0.1
12.4
4.1
Reclassifications and transfers from 
Intangible assets
–
7.2
1.2
(8.0)
0.4
Disposals 
–
(0.8)
–
–
(0.8)
At 30 March 2024
52.1
222.8
33.3
22.2
330.4
Accumulated depreciation 
At 26 March 2022
31.7
177.3
20.5
–
229.5
Exchange differences 
 0.1 
 3.0 
 0.3 
 – 
 3.4 
Depreciation charge for the year 
 1.0 
 9.3 
 2.2 
 – 
 12.5 
Disposals 
 (4.0)
 (13.9)
 (0.8)
 – 
 (18.7)
Impairments2
 0.5 
4.9
 – 
 – 
5.4
At 25 March 2023
29.3
180.6
 22.2 
 – 
232.1
Exchange differences 
(0.1)
(1.7)
(0.1)
–
(1.9)
Depreciation charge for the year 
0.9
8.0
2.0
–
10.9
Disposals 
–
(0.6)
–
–
(0.6)
Impairments3
–
3.4
–
1.1
4.5
At 30 March 2024
30.1
189.7
24.1
1.1
245.0
Net book value at 30 March 2024
22.0
33.1
9.2
21.1
85.4
Net book value at 25 March 2023
22.9
46.0
 9.9 
 18.3 
97.1
Notes:
1	
During the year £8.5m (FY23: £3.5m) of government grants were received by the Group in cash for the purchase of certain items of 
property, plant and equipment, which is offset against the plant and machinery additions of £0.1m (FY23: £0.6m). A further £nil (FY23: 
£0.7m) of government grants were received in cash relating to the prior year. 
	
The following conditions are attached to these grants: 
	
– Malta Phase 1 – to retain an average employment level of 250 workers for a period of 8 years and retain qualifying investment project 
for a minimum of 8 years. The investment project began on 1 September 2015, therefore ended in September 2023. 
	
– Malta Phase 2 – A further investment project commenced on 9 September 2021 linked to adding a further 100 employees within 4 
years of 1 December 2020 and covering a further 8 years of funding.
2 	
Impairments in FY23 of £5.4m included £4.9m relating to the winddown of operations in Kenya (£0.5m in Land and buildings and 
£4.4m in Plant and machinery) and £0.5m for impairments in Gateshead, relating to cessation of manufacturing at Gateshead facility 
(all in Plant and machinery) (note 5).
3 	
Impairments in FY24 of £3.4m in plant and machinery and £1.1m in assets in the course of construction related to assets held in the 
Currency division that were originally to be utilised in other locations where there is no longer the demand (note 5).
158	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
10  Intangible assets
Accounting policies 
Impairment of intangible assets
Intangible assets that are subject to amortisation are reviewed for impairment whenever events 
or circumstances indicate that the carrying value may not be recoverable. In addition, goodwill 
is tested at least annually for impairment. Impairment tests are performed for all Cash 
Generating Units (“CGU”) to which goodwill has been allocated at the balance sheet date or 
whenever there is indication of impairment. For the sensitivity information in impairment of 
goodwill, refer to Accounting policies – “C Other long-term estimation uncertainties”.
An impairment loss is recognised immediately in the income statement for the amount by 
which the asset’s carrying value exceeds its recoverable amount, the latter being the higher of 
the asset’s fair value less costs to sell and value in use. In assessing value in use, the estimated 
future cash flows are discounted to their present value using a pre-tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to the asset.
In testing intangible assets for impairment, a number of assumptions must be made when 
calculating future cash flows. These assumptions include growth in customer numbers, market 
size and sales prices and volumes, all of which will determine the future cash flows.
Other information
Intangible assets purchased separately, such as software licences that do not form an integral 
part of related hardware, are capitalised at cost less accumulated amortisation and impairment 
losses. Software intangibles are amortised on a straight-line basis over the shorter of their 
useful economic life or their licence period at rates which vary between three and five years.
Expenditure incurred in the development of products or enhancements to existing product 
ranges is capitalised as an intangible asset if the recognition criteria in IAS 38 ‘Intangible Assets’ 
have been met. Development costs not meeting these criteria are expensed in the income 
statement as incurred. Capitalised development costs are amortised on a straight-line basis 
over their estimated useful economic lives, which vary between five and ten years, once the 
product or enhancement is available for use. Product research costs are written off as incurred.
Intangible assets purchased through a business combination are recognised separately from 
goodwill and are initially recognised at their fair value at the acquisition date (which is regarded 
as their cost). Subsequent to initial acquisition, intangible assets acquired through a business 
combination are reported at cost less accumulated amortisation and impairment losses. 
Intellectual property recorded on the balance sheet relates to the acquisition of De La Rue 
Authentication Solutions Inc. and is amortised over its expected life of 10 years. Customer 
relationships, relating to those acquired in the acquisition of De La Rue Authentication Solutions Inc. 
are amortised over their expected lives of 10 to 15 years. Trade names relating to the acquisition of 
De La Rue Authentication Solutions Inc. are amortised over their expected lives of 15 years.
Assets in course of construction relates to internally generated software which is not yet completed. 
Goodwill
Goodwill relates to the acquisition in FY17 of De La Rue Authentication Inc. (previously DuPont 
Authentication Inc). The goodwill has been tested for impairment during the year as IAS 36 
requires annual testing for assets with an indefinite life. For the purposes of impairment testing 
the Cash Generating Unit (“CGU”) for the Goodwill has been determined as the De La Rue 
Authentication entity as a whole. This is consistent with the fact that the entity is not fully 
integrated into the Group and the integrated nature of the Intellectual Property and other 
assets which collectively generate cash flows. 
The FY24 impairment test calculated the recoverable amount using the fair value less costs to 
sell approach as it was considered to provide a higher amount than the value in approach. Fair 
value less costs to sell is the arm’s length sale price between knowledgeable willing parties less 
costs of disposal. Fair value represents Level 3 in the FV hierarchy. 
The fair value less costs to sell of the CGU was derived from recent expressions of interest for 
the Group’s Authentication division. These expressions of interest were received from third 
parties and are considered to be at arm’s length. For further information on these expressions 
of interest, refer to the going concern disclosures within the accounting policies section of 
these financial statements. 
To determine the implied CGU valuation from the divisional valuation, management analysed the 
contribution of the CGU to total Authentication revenues, EBITDA and AOP in both FY24 (actual) 
and FY25 (budgeted). 
The recoverable amount at the testing date was significantly in excess of the carrying value 
at 30 March 2024. 
The key assumptions supporting the recoverable amount include the valuation of the 
Authentication division as a whole, along with the budgeted revenue, EBITDA and AOP 
contributions of the CGU (expressed as a percentage of the total). There are no reasonable 
possible changes in these key assumptions that would cause the recoverable amount to fall 
below the carrying amount of the CGU. 
A decrease in the fair value of the CGU of 5% would result in a reduction in the headroom of 
11% and would not result in an impairment.
159	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
10  Intangible assets continued
Goodwill
£m
Development
costs
£m
Software
assets
£m
Intellectual 
property
£m
Customer
relationships
£m
Trade
names
£m
In course of 
construction
£m
Total
£m
Cost
At 26 March 2022
8.5
27.1
11.9
3.6
4.3
0.2
10.8
66.4
Exchange differences 
0.7
–
0.1
0.3
0.3
–
–
1.4
Additions 
–
–
1.4
–
–
–
9.0
10.4
Disposals
–
(0.2)
–
–
–
–
(2.9)
(3.1)
Reclassification
– 
0.7 
5.3 
–
– 
– 
(6.0)
– 
At 25 March 2023
9.2
27.6
18.7
3.9
4.6
0.2
10.9
75.1
Exchange differences
(0.3)
(0.1)
(0.1)
(0.2)
(0.1)
–
–
(0.8)
Additions
–
–
0.1
–
–
–
4.5
4.6
Reclassifications and transfers to Property, plant and equipment
–
0.9
5.1
–
–
–
(6.4)
(0.4)
At 30 March 2024
8.9
28.4
23.8
3.7
4.5
0.2
9.0
78.5
Accumulated amortisation
At 26 March 2022
–
16.3
8.3
2.0
2.2
0.1
–
28.9
Exchange differences 
–
(0.1)
(0.1)
0.3
0.2
–
–
0.3
Amortisation for the year1
–
2.1
2.2
0.6
0.4
–
–
5.3
Impairment2
–
–
1.4
–
–
–
2.9
4.3
Disposals
–
(0.1)
–
–
–
–
(2.9)
(3.0)
At 25 March 2023
–
18.2
11.8
2.9
2.8
0.1
–
35.8
Exchange differences
–
–
(0.1)
(0.2)
(0.1)
–
–
(0.4)
Amortisation for the year1
–
2.2
2.7
0.6
0.4
–
–
5.9
At 30 March 2024
–
20.4
14.4
3.3
3.1
0.1
–
41.3
Net book value at 30 March 2024
8.9
8.0
9.4
0.4
1.4
0.1
9.0
37.2
Carrying value at 25 March 2023
9.2
9.4
6.9
1.0
1.8
0.1
10.9
39.3
Notes:
1 	
Amortisation of acquired intangibles of £1.0m (FY23: £1.0m) relates to Intellectual property of £0.6m (FY23: £0.6m) and Customer relationships of £0.4m (FY23: £0.4m). 
2 	
Impairments in FY23 of £4.3m included £2.9m relating to product development costs and £1.4m of software licences with limited future revenue generating expectations (note 5). 
160	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
11  Inventories
Accounting policies 
Inventories and work in progress are valued at the lower of cost and net realisable value. Cost is 
determined on a weighted average cost basis and comprises directly attributable purchase and 
conversion costs, including direct labour and an allocation of production overheads based on 
normal operating capacity that have been incurred in bringing those inventories to their present 
location and condition. Net realisable value is the estimated selling price less estimated costs of 
completion and selling costs.
Valuation of inventory
At any point in time, the Group has significant levels of inventory, including work in progress. 
Manufacturing is a complex process and the final product is required to be made to exacting 
specifications and tolerance levels. In valuing the work in progress at the balance sheet date, 
assessments are made over the normal levels of waste contained within the product based 
on the production performance to date and past experience. Any abnormal levels of waste 
is expensed as incurred. 
In assessing the recoverability of finished stock, assessments are made to validate that 
inventory is correctly stated at the lower of cost and net realisable value and that obsolete 
inventory, including inventory in excess of requirements, is provided against.
2024
£m
2023 
£m
Raw materials 
23.5
19.6
Work in progress 
11.1
9.6
Finished goods 
7.1
20.1
41.7
49.3
Inventory provisions
2024
£m
2023 
£m
Balance at the beginning of the year 
(2.9)
(2.5)
Impairment losses recognised – recognised in operating expenses (note 4)
(2.7)
(1.0)
Utilised
1.7
0.6
Balance at the end of the year
(3.9)
(2.9)
The replacement cost of inventories is not materially different from original cost. 
12  Trade and other receivables 
Accounting policies 
Trade receivables that do not contain a significant financing component are recognised at 
the transaction price and other receivables are measured at amortised cost. Trade and other 
receivables are recognised net of allowance for expected credit losses (“ECL”). The Group 
calculates an allowance for potentially uncollectable accounts receivable balances using 
the ECL model and follows the simplified approach. The Group has calculated the ECL by 
segmenting its accounts receivable balances into different segments representing the risk 
levels applying to those customer groupings and thus allowing for the calculation of the ECL 
by applying the expected loss rate relevant to each segment. The loss rates applied to each 
segment are based on the Group historical experience of credit losses in addition to available 
knowledge of potential future credit risk based on available data such as country credit ratings. 
The Group reviews the account receivable ledger to identify if there are any collectability issues 
which might require the recognition of an expected credit loss allowance (i.e. a specific bad 
debt provision) in addition to the expected credit loss allowance calculated based on historical 
experience. The Group’s policy for managing credit risk is set out in note 13.
2024
£m
2023 
£m
Trade receivables 
39.6
42.3
Provision for impairment 
(0.6)
(0.6)
Net trade receivables 
39.0
41.7
Other receivables1
27.4
25.4
Prepayments
6.4
3.6
72.8
70.7
Note:
1 	
Other receivables of £27.4m (FY23: £25.4m) included VAT recoverable of £3.7m (FY23: £6.2m), project work-in-progress costs of £2.7m 
(FY23: £3.3m), RDEC of £2.0m (FY23: £2.5m) and deposits for assets under construction of £2.2m (FY23: £2.2m).
The Group has considered the impact of the war in Ukraine on the recoverability of amounts 
due from customers in Ukraine, Belarus and Russia. At 30 March 2024 there was £0.3m (FY23: 
£0.1m) of current balances due relating to Ukraine covered by existing pledges to settle (all of 
which has now been settled), a £nil (FY23: £nil Russia, £nil Belarus) balance relating to Russia 
and Belarus. 
There is no impact on the Group of the Israel/Hamas conflict as the Group does not trade here. 
The Group continued to monitor activities in these areas. 
161	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
12  Trade and other receivables continued 
The ageing of trade and other receivables (excluding prepayments and provisions for 
impairment) at the reporting date was:
Gross 
2024
£m
ECL
allowance 
2024
£m
Gross 
2023
£m
ECL 
allowance
2023
£m
Not past due 
63.4
(0.2)
61.3
(0.2)
Past due 0-30 days
2.0
(0.1)
4.4
(0.1)
Past due 31-120 days 
0.7
–
1.5
–
Past due more than 120 days* 
0.9
(0.3)
0.5
(0.3)
67.0
(0.6)
67.7
(0.6)
* 	
Of the amounts past due more than 120 days, £0.5m was settled post year-end and therefore excluded from the ECL allowance 
calculation.
The provision for impairment in respect of trade receivables is used to record losses unless the 
Group is satisfied that no recovery of the amount owing is possible; at that point the amounts 
considered irrecoverable are written off against the financial asset directly. 
The following expected credit loss rates were applied in the year:
2024
2023
Government departments 
and National banks 
(for Moody’s sovereign rating 
graded as ‘speculative’ only)
Private or
publicly 
traded 
organisations
Government departments
and National banks 
(for Moody’s sovereign rating 
graded as ‘speculative’ only)
Private or
publicly 
traded
organisations
Current not yet due
0.25%
1%
0.25%
1%
<6 months overdue
1%
2%
1%
2%
<1 year overdue
5%
50%
5%
50%
<2 years overdue
25%
100%
25%
100%
>2 years overdue
100%
100%
100%
100%
The movement in the allowance for impairment in respect of trade receivables during the year 
was as follows:
2024
£m
2023 
£m
Balance at beginning of the year 
(0.6)
(0.8)
Impairment losses recognised
(0.1)
(0.2)
Utilised
0.1
–
Impairment losses reversed 
–
0.4
Balance at end of the year
(0.6)
(0.6)
13  Financial risk
Financial risk management
The Group’s activities expose it to a variety of financial risks, the most significant of which 
are liquidity risk, market risk and credit risk.
The Group’s financial risk management policies are established and reviewed regularly to 
identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, 
and to monitor risks and adherence to limits. The use of financial derivatives is governed by the 
Group’s risk management policies approved by the Board of Directors, which provide written 
principles on the use of financial derivatives consistent with the Group’s risk management 
strategy. The Group’s treasury department is responsible for the management of these 
financial risks faced by the Group.
Group treasury identifies, evaluates and in certain cases hedges financial risks in close 
cooperation with the Group’s operating units. Group treasury provides written principles for 
overall financial risk management as well as policies covering specific areas, such as foreign 
exchange risk, interest rate risk, use of derivative financial instruments and the investment of 
excess liquidity.
13(a)  Financial instruments
As permitted by IFRS 9, the Group has continued to apply the requirements of IAS 39 only in 
relation to hedge accounting at the current time. Derivative financial instruments are recognised 
at fair value at the date a derivative contract is entered into and are subsequently remeasured 
to their fair value at each balance sheet date. The gain or loss on subsequent fair value 
measurement is recognised in the income statement unless the derivative qualifies for hedge 
accounting when recognition of any resultant gain or loss depends on the nature of the item 
being hedged. 
162	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(a)  Financial instruments continued
Cash flow hedges 
Changes in the fair value of derivative financial instruments that are designated and are effective 
as hedges of future cash flows are recognised directly in equity and the ineffective portion is 
recognised immediately in the income statement. Amounts accumulated in equity are recycled 
to the income statement in the period in which the hedged item also affects the income 
statement. However, if the hedged item results in the recognition of a non-financial asset or 
liability, the amounts accumulated in equity on the hedging instrument are transferred from 
equity and included in the initial measurement of the cost of the asset or liability. Hedge 
accounting is discontinued when the hedging instrument expires or is sold, terminated, 
exercised, or no longer qualifies for hedge accounting. At that time, for forecast transactions, 
any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity 
until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, 
the net cumulative gain or loss recognised in equity is transferred to the income statement. 
Changes in the fair value of derivative financial instruments that do not qualify for hedge 
accounting are recognised in the income statement as they arise. The causes of hedge 
ineffectiveness principally arise from a mismatch in critical terms. For a hedge or forecast 
sales or purchases, or of a firm commitment where relevant, the following factors could cause 
a mismatch in critical terms and therefore lead to hedge ineffectiveness: the maturity date of 
the underlying transaction and the hedging instrument do not match; the underlying transaction 
is cancelled; the amount of hedged item is reduced so there becomes an over-hedge or the 
currency of the transaction changes.
Fair value hedges 
For an effective hedge of an exposure to changes in fair value of a recognised asset or liability 
or an unrecognised firm commitment, the hedged item is adjusted for changes in fair value 
attributable to the risk being hedged with the corresponding entry in net income. Gains or 
losses from remeasuring the derivative or, for non-derivatives, the foreign currency component 
of its carrying value, are recognised in net income.
Embedded derivatives
Derivatives embedded in other financial liability instruments or other non-financial host 
contracts are treated as separate derivatives when their risks and characteristics are not closely 
related to those of the host contracts and the host contracts are not carried at fair value. Any 
unrealised gains or losses on such separated derivatives are reported in the income statement 
within revenue or operating expenses, in line with the host contract.
Fair values
The fair value of financial assets and liabilities, together with the carrying amounts shown in the 
balance sheet, are as follows:
Note
Fair value 
hierarchy
Total fair 
value
2024
£m
Carrying 
amount
2024
£m
Total fair 
value
2023
£m
Carrying 
amount
2023
£m
Financial assets
Trade and other receivables1
12
Level 3
60.7
60.7
58.4
58.4
Contract assets
2
Level 3
16.7
16.7
18.9
18.9
Cash and cash equivalents
14
Level 1
29.3
29.3
40.3
40.3
Derivative financial instruments: 
– Forward exchange contracts 
designated as cash flow hedges 
Level 2
0.4
0.4
1.2
1.2
– Foreign exchange fair value hedges 
– other economic hedges 
Level 2
0.2
0.2
1.1
1.1
– Embedded derivatives 
Level 2
0.1
0.1
0.1
0.1
0.7
0.7
2.4
2.4
Total financial assets
107.4
107.4
120.0
120.0
Financial liabilities
Unsecured bank loans2 
17
Level 2
(118.7)
(118.7)
(122.7)
(122.7)
Trade and other payables3
16
Level 3
(57.6)
(57.6)
(66.1)
(66.1)
Derivative financial instruments:
– Forward exchange contracts 
designated as cash flow hedges
Level 2
(1.5)
(1.5)
(1.0)
(1.0)
– Short duration swap contracts 
designated as fair value hedges
Level 2
(0.1)
(0.1)
(0.1)
(0.1)
– Foreign exchange fair value hedges 
– other economic hedges
Level 2
(1.4)
(1.4)
(0.4)
(0.4)
– Embedded derivatives
Level 2
(0.3)
(0.3)
(0.4)
(0.4)
(3.3)
(3.3)
(1.9)
(1.9)
Total financial liabilities
(179.6)
(179.6)
(190.7)
(190.7)
Notes: 
1	
Excludes prepayments of £6.4m (FY23: £3.6m), RDEC of £2.0m (FY23: £2.5m) and VAT recoverable of £3.7m (FY23: £6.2m).
2	
Excludes unamortised pre-paid loan arrangement fees of £.5.0m (FY23: £5.0m) and loss on debt modification of £3.5m (FY23: £0.7m).
3	
Excludes social security and other taxation amounts of £1.9m (FY23: £3.0m), contract liabilities of £0.2m (FY23: £0.3m) and payments 
on account of £23.1m (FY23: £22.7m).
Trade receivables decreased to £39.6m compared to £42.3m at FY23 reflecting timing 
of payments on certain material customer contracts. 
163	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(a)  Financial instruments continued
Contract assets have decreased from £18.9m at FY23 to £16.7m at FY24. This relates to 
a decrease in Currency contracts of £1.2m (FY23: increase of £12.7m) and Authentication 
contracts of £1.0m (FY23: increase of £6.2m).
Fair value hierarchy
All assets and liabilities for which fair value is measured or disclosed in the financial statements 
are categorised within the fair value hierarchy, described as follows, based on the lowest level 
input that is significant to the fair value measurement as a whole. 
	
– Level 1 valuations are derived from unadjusted quoted prices for identical assets or liabilities 
in active markets 
	
– Level 2 valuations use observable inputs for the assets or liabilities other than quoted prices 
	
– Level 3 valuations are not based on observable market data and are subject to management 
estimates 
There has been no movement between levels during the current or prior periods.
Fair value measurement basis for derivative financial instruments
Fair value is calculated based on the present value of future principal and interest cash flows, 
discounted at the market rate of interest at the reporting date. The valuation bases are 
classified according to the degree of estimation required in arriving at the fair values. 
See fair value hierarchy above.
Forward exchange contracts used for hedging
The fair value of forward exchange contracts has been determined using quoted forward 
exchange rates at the balance sheet date.
Embedded derivatives
The fair value of embedded derivatives is calculated based on the present value of forecast 
future exposures on relevant sales and purchase contracts and using quoted forward foreign 
exchange rates at the balance sheet date.
Determination of fair values of non-derivative financial assets and liabilities
Non-derivative financial assets at fair value through profit or loss are measured at fair value and 
changes therein, including any interest, are recognised in profit or loss. Directly attributable 
transaction costs are recognised in profit or loss as incurred. 
Non-derivative financial liabilities are initially recognised at fair value less any directly 
attributable transaction costs. Subsequent to initial recognition, these liabilities are 
measured at amortised cost using the effective interest method. 
Hedge reserves
The hedge reserve balance on 30 March 2024 was a loss of £1.2m (FY23: gain £0.1m). 
Cash flow 
hedges
£m
Fair value 
hedges
£m
Total
£m
Hedge reserve balance at 25 March 2023
0.1
–
0.1
Change in fair value of hedges
(1.9)
–
(1.9)
Change in fair value of hedges transferred to profit and loss
0.6
–
0.6
Hedge ineffectiveness
–
–
–
Tax related movements
–
–
–
Hedge reserve balance at 30 March 2024
(1.2)
–
(1.2)
Split by:
– continuing hedges 
(1.2)
–
(1.2)
– where hedge accounting is no longer applied
–
–
–
Comprehensive income after tax was a loss of £1.3m (FY23: £0.6m gain) which includes a loss of 
£1.9m (FY23: loss £1.0m) of fair value movements on new and continuing cash flow hedges and a 
gain of £0.6m (FY23: gain £1.7m) on maturing cash flow hedges. 
Deferred tax on the loss of £1.3m (FY23: gain £0.6m) amounted to £nil (FY23: £0.1m credit). 
Hedge reserve movements in the income statement were as follows: 
Revenue
£m
Operating
expense 
£m
Exceptional
items
£m
Total
£m
30 March 2024
Maturing cash flow hedges 
1.1
(1.7)
–
(0.6)
Ineffectiveness on de-recognition of cash flow hedges
–
–
–
–
1.1
(1.7)
–
(0.6)
25 March 2023
Maturing cash flow hedges 
(3.2)
1.7
–
(1.5)
Ineffectiveness on de-recognition of cash flow hedges
–
–
(0.2)
(0.2)
(3.2)
1.7
(0.2)
(1.7)
The ineffective portion of fair value hedges that was recognised in the income statement 
amounted to £nil (FY23: £nil). 
The ineffective portion of cash flow hedges that was recognised in the income statement 
within operating expenses was a £nil (FY23: £nil) and within exceptional items was a £nil loss 
(FY23: £0.2m loss). The loss in FY23 related to the close out of hedges relating to Portals 
relationship agreement termination (note 5). 
164	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(b)  Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will 
always have sufficient liquidity to meet its liabilities where due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group manages this risk by ensuring that it maintains sufficient levels of committed borrowing facilities and cash and cash equivalents. The level of headroom needed is reviewed annually 
as part of the Group’s planning process. 
A maturity analysis of the carrying amount of the Group’s borrowings is shown below in the reporting of financial risk section together with associated fair values.
The following are the contractual undiscounted cash flow maturities of financial liabilities, including contractual interest payments and excluding the impact of netting agreements. 
30 March 2024
Note
Due
within
1 year
£m
Due 
between 1
and 2 years 
£m
Due 
between 2
and 5 years 
£m
After 
5 years 
£m
Total 
undiscounted 
cash flows
£m
Impact of 
discounting 
and netting
£m
Carrying 
amount
£m
Non-derivative financial liabilities 
Unsecured bank loans1 
17
10.9
120.7
0.7
–
132.3
(13.6)
118.7
Trade and other payables2
16
57.6
–
–
–
57.6
–
57.6
Obligations under leases
22
2.9
2.2
4.2
23.1
32.4
(20.8)
11.6 
Derivative financial liabilities 
Gross amount payable from currency derivatives:
– Forward exchange contracts designated as cash flow hedges* 
77.7
–
–
–
77.7
(76.2)
1.5
– Short duration swap contracts designated as fair value hedges*
28.7
–
–
–
28.7
(28.6)
0.1
Fair value hedges – other economic hedges* 
81.5
–
–
–
81.5
(80.1)
1.4
259.3
122.9
4.9
23.1
410.2
(219.3)
190.9
25 March 2023
Note
Due
within
1 year
£m
Due 
between 1
and 2 years 
£m
Due 
between 2
and 5 years 
£m
After 
5 years 
£m
Total 
undiscounted 
cash flows
£m
Impact of 
discounting 
and netting
£m
Carrying 
amount
£m
Non-derivative financial liabilities 
Unsecured bank loans1 
17
9.0
129.4
0.7
139.1
(16.4)
122.7
Trade and other payables2
16
66.1
–
–
–
66.1
–
66.1
Obligations under leases
22
4.0
2.7
6.5
23.1
36.3
(23.0)
13.3
Derivative financial liabilities 
Gross amount payable from currency derivatives:
– Forward exchange contracts designated as cash flow hedges* 
91.3
2.3
–
–
93.6
(92.6)
1.0
– Short duration swap contracts designated as fair value hedges*
27.3
–
–
–
27.3
(27.2)
0.1
Fair value hedges – other economic hedges* 
35.2
0.7
–
–
35.9
(35.5)
0.4
232.9
135.1
7.2
23.1
398.3
(194.7)
203.6
Notes: 
*	
Excludes embedded derivatives.
1 	
Excludes unamortised pre-paid loan arrangement fees of £5.0m (FY23: £5.0m) and loss on debt modification of £3.5m (FY23: £0.7m).
2 	
Excludes social security and other taxation amounts of £1.9m (FY23: £3.0m), contract liabilities of £0.2m (FY23: £0.3m) and payments on account of £23.1m (FY23: £22.7m).
165	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(b)  Liquidity risk continued
The following are the contractual undiscounted cash flow maturities of financial assets, including contractual interest receipts and excluding the impact of netting agreements.
30 March 2024
Note
Due
within
1 year
£m
Due 
between 1
and 2 years 
£m
Due 
between 2
and 5 years 
£m
Due
after 
5 years 
£m
Total 
undiscounted 
cash flows
£m
Impact of 
discounting 
and netting
£m
Carrying 
amount
£m
Non-derivative financial assets
Cash and cash equivalents 
14
29.3
–
–
–
29.3
–
29.3
Trade and other receivables1
12
60.7
–
–
–
60.7
–
60.7
Contract assets
2
16.7
–
–
–
16.7
–
16.7
Derivative financial assets 
Gross amount receivable from currency derivatives:
– Forward exchange contracts designated as cash flow hedges
18.4
–
–
–
18.4
(18.0)
0.4
– Short duration swap contracts designated as fair value hedges
6.7
–
–
–
6.7
(6.7)
–
– Fair value hedges – other economic hedges*
25.9
–
–
–
25.9
(25.7)
0.2
157.7
–
–
–
157.7
(50.4)
107.3
25 March 2023
Note
Due
within
1 year
£m
Due 
between 1
and 2 years 
£m
Due 
between 2
and 5 years 
£m
Due
after 
5 years 
£m
Total 
undiscounted 
cash flows
£m
Impact of 
discounting 
and netting
£m
Carrying 
amount
£m
Non-derivative financial assets
Cash and cash equivalents 
14
40.3
–
–
–
40.3
–
40.3
Trade and other receivables1
12
58.4
–
–
–
58.4
–
58.4
Contract assets
2
18.9
–
–
–
18.9
–
18.9
Derivative financial assets 
Gross amount receivable from currency derivatives:
– Forward exchange contracts designated as cash flow hedges
71.3
0.3
–
–
71.6
(70.4)
1.2
– Short duration swap contracts designated as fair value hedges
1.0
–
–
–
1.0
(1.0)
–
– Fair value hedges – other economic hedges*
88.8
–
–
–
88.8
(87.7)
1.1
278.7
0.3
–
–
279.0
(159.1)
119.9
Note: 
* 	
Excludes embedded derivatives.
1 	
Excludes prepayments of £6.4m (FY23: £3.6m), RDEC of £2.0m (FY23: £2.5m) and VAT recoverable of £3.7m (FY23: £6.2m).
The fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged instrument is more than 12 months and as a current asset or liability if 
the maturity of the hedged instrument is less than 12 months.
Cash and cash equivalents, trade and other current receivables, contract assets, bank loans, trade payables and other current liabilities have fair values that approximate to their carrying amounts 
due to their short-term nature.
166	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(b)  Liquidity risk continued
Banking facilities
For information on bank facilities refer to note 17 “Borrowings”.
Forward foreign exchange contracts
The net principal amounts of the outstanding forward foreign exchange contracts as at 30 March 2024 are US dollar 73.0m, Euro 41.7m, Swiss franc 6.1m, Saudi Arabian riyal 8.9m, Hong Kong dollar 
2.8m and United Arab Emirates dirham 6.2m.
None of the net principal amounts outstanding under forward contracts have maturities greater than 12 months. 
These forward contracts are designated as cash flow hedges or fair value hedges as appropriate. 
Gains and losses recognised in the hedging reserve in equity on forward foreign exchange contracts at 30 March 2024 will be released to the income statement at various dates between one 
month and 12 months from the balance sheet date. For this financial year the tables below include all net foreign exchange deliverable forward contracts over £500k.
Split by:
Split by:
Hedges versus GB Pounds only
Notional 
amount in 
currency
’m
Cash flow 
hedges in 
currency
’m
Fair value 
hedges in 
currency
’m
Notional 
amount in 
£m
Cash flow 
hedges in
£m
Fair value 
hedges in
£m
Maturity
Average 
forward 
rate
As at 30 March 2024
Forward exchange forward contracts
USD
76.1
19.9
56.2
(60.0)
(15.8)
(44.2)
2025
1.2680
EUR
(50.5)
(44.0)
(6.5)
45.0
38.9
6.1
2025
1.1223
CHF
(0.4)
(0.2)
(0.2)
0.4
0.2
0.2
2024
1.1061
SAR
(8.9)
(6.6)
(2.3)
1.9
1.4
0.5
2025
4.6255
AED
(6.2)
(2.4)
(3.8)
1.4
0.6
0.8
2025
4.5837
As at 25 March 2023
Forward exchange forward contracts
USD
110.2
27.3
82.9
(91.1)
(22.8)
(68.3)
2024
1.2099
EUR
(57.5)
(50.5)
(7.0)
50.9
44.9
6.0
2024
1.1313
CHF
(1.3)
(0.7)
(0.6)
1.2
0.6
0.6
2024
1.1247
SAR
(11.6)
(11.6)
–
2.6
2.6
–
2024
4.4951
SEK
64.9
42.4
22.5
(5.1)
(3.3)
(1.8)
2023
12.6468
Note: 
Forward sales shown as positive, and purchases shown as negative.
167	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(b)  Liquidity risk continued
Split by:
Split by:
Hedges versus other currencies
Notional 
amount 
currency
1 in m
Cash flow 
hedges
Fair value 
hedges
Notional 
amount 
currency 
2 in m
Cash flow 
hedges
Fair value 
hedges
Maturity
Average 
forward 
rate
As at 30 March 2024
Forward exchange forward contracts:
EUR/CHF
6.0
6.0
–
(5.7)
(5.7)
–
2025
0.9386
EUR/USD
2.8
2.8
–
(3.1)
(3.1)
–
2024
1.0840
25 March 2023
Forward exchange forward contracts
EUR/CHF
6.4
6.4
–
(6.3)
(6.3)
–
2024
0.9789
EUR/USD
2.0
2.0
–
(2.1)
(2.1)
–
2024
1.0639
Notes: 
Forward sales are shown as positive and purchases are shown as negative.
Notional amount in currency 1 refers to Euro and notional amounts in currency 2 refer to CHF or USD as indicated.
Notional amounts are shown in the currency as stated and not in GBP.
The Group also entered into a non-deliverable forward (“NDF”) foreign exchange contract to 
hedge 2.1bn Sri Lankan Rupee (“LKR”) vs GBP of the Group’s LKR exposure which will result in a 
£0.3m cash outflow in FY25. The trade had a contracted NDF rate agreed of 401.6 and a fixing 
spot rate of 380.3. This instrument is designated as a fair value hedge and the fair value and 
income statement impact of this hedge has been reflected in FY24 accordingly.
Short duration swap contracts
(i)  Cash management swaps
The Group uses short duration currency swaps to manage the level of borrowings in foreign 
currencies. The fair value of cash management currency swaps at 30 March 2024 was £nil 
(25 March 2023: £nil). Gains and losses on cash management swaps are included in the 
consolidated income statement.
The principal amounts outstanding under cash management currency swaps at 30 March 2024 
are: Euro 13.0m, Swiss Franc 2.4m US, Dollar 0.5m and Saudi Arabian riyal 2.4m.
(ii)   Balance sheet swaps
The Group uses short duration currency swaps to manage the translational exposure of 
monetary assets and liabilities denominated in foreign currencies. The fair value of balance 
sheet swaps as at 30 March 2024 was a £0.1m liability (25 March 2023: £0.1m liability). 
Gains and losses on balance sheet swaps are included in the consolidated income statement.
The principal amounts outstanding under balance sheet swaps at 30 March 2024 are US dollar 
9.9m (FY23: 10.7m), Euro 14.9m (FY23: 12.7m) and Swiss franc nil (FY23: 1.1m).
Embedded derivatives
Embedded derivatives relate to sales and purchase contracts denominated in currencies 
other than the functional currency of the customer/supplier, or a currency that is not 
deemed to be a commonly used currency of the country in which the customer/supplier 
is based. The net fair value of embedded derivatives at 30 March 2024 was a £0.3m liability 
(25 March 2023: £0.3m liability).
Gains and losses on fair value hedges
The gains and losses recognised in the year on the Group’s fair value hedges were 
a loss of £0.3m (FY23: loss £0.1m) relating to balance sheet hedges, gain of £1.8m 
(FY23: loss of £6.5m) relating to other fair value hedges and a loss of £0.1m (FY23: £nil) relating to 
cash management hedges. 
168	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(c)  Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest 
rates, will affect the Group’s income or the value of its holdings of financial instruments. The 
Group uses a range of derivative instruments, including forward contracts and swaps to hedge 
its risk to changes in foreign exchange rates and interest rates with the objective of controlling 
market risk exposures within acceptable parameters, while optimising the return. Derivative 
financial instruments are only used for hedging purposes.
Currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from various 
currency exposures, primarily with respect to the US dollar and the euro. Foreign exchange risk 
arises from future commercial transactions, recognised assets and liabilities, unrecognised firm 
commitments and investments in foreign operations.
To manage their foreign exchange risk arising from future commercial transactions and 
recognised assets and liabilities, entities in the Group use forward contracts, transacted with 
Group treasury. Foreign exchange risk arises when future commercial transactions or recognised 
assets or liabilities are denominated in a currency that is not the entity’s functional currency. 
Group treasury is responsible for managing the net position in each currency via foreign 
exchange contracts transacted with financial institutions.
The Group’s risk management policy aims to hedge firm commitments in full, and between 60% 
and 100% of forecast exposures in each major currency for the subsequent 12 months to the 
extent that forecast transactions are highly probable.
The Group has certain investments in foreign operations, whose net assets are exposed to 
foreign currency translation risk. The Group’s policy is to manage the currency exposure arising 
from the net assets of the Group’s foreign operations primarily through borrowings 
denominated in the relevant foreign currencies.
Exposure to currency risk
The following significant exchange rates applied during the year:
Average rate
Reporting date spot rate
2024
2023
2024
2023
US dollar
1.25
1.22
1.26
1.22
Euro
1.16
1.16
1.17
1.14
XAF
760
763
768
748
LKR
398
429
379
393
Sensitivity analysis
A 10% strengthening of Sterling against the following currencies at 30 March 2024 and 25 March 
2023 would have increased/(decreased) profit or loss by the amounts shown below based on 
the Group’s external monetary assets and liabilities.
2024
£m
2023 
£m
XAF
(0.5)
(0.4)
EURO
0.6
0.4
LKR
(0.6)
(0.8)
CHF
0.3 
0.1
A 10% weakening of Sterling against the above currencies at 30 March 2024 and 25 March 2023 
would have had the following effect:
2024
£m
2023 
£m
XAF
0.6
0.5
EURO
(0.7)
(0.4)
LKR
0.7
0.9
CHF
(0.3)
(0.1)
The analysis assumes that all other variables, in particular interest rates, remain constant. 
The analysis is performed on the same basis for FY23.
Interest rate risk
All material financial assets and liabilities are initially contracted at floating rates of interest. 
Where the Group has forecast average levels of net debt above £50.0m on a continuing basis, 
the policy is to use floating to fixed interest rate swaps to fix the interest rate on a minimum of 
50% of the Group’s forecast average levels of net debt for a period of at least 12 months, if 
sufficient capacity is available in the market to do so. This remains the policy in the medium-
term; however the Group was unable to apply this policy during FY24 due to market conditions 
and this remains the policy in the medium-term and will be reviewed periodically.
169	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(c)  Market risk continued
At the reporting date the interest rate profile of the Group’s interest-bearing financial 
instruments was:
Carrying amount
Note
2024
£m
2023
£m
Variable rate instruments:
Financial assets
14
29.3
40.3
Financial liabilities 
17
(118.7)
(122.7)
(89.4)
(82.4)
At the year ending 30 March 2024 the Group had no floating to fixed interest rate swaps with 
financial institutions in place. 
Excluded from the above analysis is £11.6m (FY23: £13.3m) of amounts payable under leases, 
which are subject to fixed rates of interest (note 22).
Sensitivity analysis
A change of 100 basis points in interest rates at the reporting date would have increased/
(decreased) equity and profit and loss by the amounts shown below. The analysis assumes 
that all other variables, in particular foreign currency rates, remain constant. 
Profit and loss
Equity
100bp
increase
£m
100bp 
decrease
£m
100bp
increase
£m
100bp 
decrease
£m
Variable rate instruments cash flow sensitivity (net)
30 March 2024
(1.0)
1.0
–
–
25 March 2023
(0.9)
0.9
–
–
13(d)  Credit risk 
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial 
instrument fails to meet its contractual obligations and arises principally from the Group’s 
receivables from customers and investment securities.
The Group’s exposure to credit risk is influenced by various factors, largely pertaining to the 
profile of the customer as acknowledged in our IFRS 9 Receivables segmentation, in particular 
the customer’s status as a Government or Banking institution as compared to that of a private 
or publicly owned entity. Due to the large make up of Government or central banks at around 
80% of the Group’s revenues, measuring credit risk is largely driven by factors including the 
country’s sovereign rating, historic knowledge, local market insights and political factors in 
country. Industry credit risk is not an influencing factor. The Group’s longstanding historic trade 
with Government and central bank institutions guides strongly towards the lower credit or 
doubtful debt risk that these customers represent. Where private or publicly owned Business 
Trade applies, the Business adopts a conventional and in-depth trading entity credit review. 
Where appropriate, letters of credit are used to reduce the credit risk for the Business and 
where possible advanced payments are also requested.
All credit assignment risk is mitigated through a threshold-based sign-off matrix, where larger 
value credit exposures require multiple and more senior Business sign-off. The Group has 
processes in place to ensure appropriate credit limits are set for customers and for ensuring 
appropriate approval is given for the release of products to customers where any perceived risk 
has been highlighted.
Exposure to credit risk
The carrying amount of financial assets represents the credit exposure at the reporting date. 
The exposure to credit risk at the reporting date was:
Carrying amount
Notes
2024
£m
2023
£m
Trade and other receivables1 
12
60.7
58.4
Contract assets
2
16.7
18.9
Cash and cash equivalents 
14
29.3
40.3
Forward exchange contracts used for hedging
13(a)
0.6
2.3
Embedded derivatives 
13(a)
0.1
0.1
107.4
120.0
Note: 
1	
Excludes prepayments of £6.4m (FY23: £3.6m), RDEC of £2.0m (FY23: £2.5m) and VAT recoverable of £3.7m (FY23: £6.2m).
170	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(d)  Credit risk continued 
The maximum exposure to credit risk for trade and other receivables (excluding prepayments, 
RDEC and VAT recoverable) by geographic region was:
Carrying amount
2024
£m
2023
£m
UK 
15.5
12.6
Rest of Europe 
12.4
16.0
Africa
10.9
12.7
Rest of world 
21.9
17.1
60.7
58.4
The maximum exposure to credit risk for trade and other receivables (excluding prepayments, 
RDEC and VAT recoverable) by type of customer was:
Carrying amount
2024
£m
2023
£m
Banks and financial institutions 
14.8
17.2
Government institutions 
11.3
6.5
Other
34.6
34.7
60.7
58.4
Fair value adjustment to credit risk on derivative contracts
The impact of credit related adjustments being made to the carrying amount of derivatives 
measured at fair value and used for hedging currency and interest rate risk has been assessed 
and considered to be immaterial. These derivatives are mainly transacted with investment 
grade financial institutions. Similarly, the impact of the credit risk of the Group on the valuation 
of its financial liabilities has been assessed and considered to be immaterial.
13(e)  Capital management
The Board’s policy is to maintain a strong capital base in order to maintain investor, creditor 
and market confidence and to sustain future development of the business. 
The Group finances its operations through a mixture of equity funding and debt financing, 
which represent the Group’s definition of capital for this purpose.
Notes
2024
£m
2023
restated*
£m
Total (deficit)/equity attributable to shareholders of the Company
(11.6)
6.7
Add back long-term pension deficit
23
51.6
54.7
Adjusted equity attributable to shareholders of the Company
40.0
61.4
Net debt*
21
89.4
82.4
Group capital
129.4
143.8
*	
The Group Consolidated Balance Sheet has been restated as described in the Basis of preparation (note I). Net debt has also been 
redefined in the year to exclude loss on debt modification.
The long-term pension deficit has been removed as a separate agreement is in place regarding 
the funding for this deficit which is paid out of cash flows from continuing operations. The 
Group’s debt financing is also analysed in notes 17 ‘Borrowings’ and 21 ‘Analysis of Net Debt’. 
Included within the Group’s net debt are no (FY23: £nil) cash and cash equivalent balances 
that are not readily available for use by the Group. 
Earnings per share and dividend payments are the two measures which, in the Board’s view, 
summarise best whether the Group’s objectives regarding equity management are being met. 
The Group’s earnings and dividends per share and relative rates of growth illustrate the extent 
to which equity attributable to shareholders has changed. Both measures are disclosed and 
discussed within the Strategic report. Earnings per share is disclosed in note 8.
The Group’s objective is to maximise sustainable long-term growth of the earnings per share. 
De La Rue’s dividend policy is to provide shareholders with a competitive return on their 
investment over time, while ensuring sufficient reinvestment of profits to enable the Group 
to achieve its strategy. During the period, the Group invested in ongoing research and 
development expenditure and capital expenditure. There is no proposed dividend to De La Rue 
plc shareholders for the year. Dividends can be paid pro-rata to all shareholders (including 
external parties) in respect of companies treated as consolidated subsidiaries that have 
non-controlling interests.
The decision to pay dividends, and the amount of the dividends, will depend on, among other 
things, the earnings, financial position, capital requirements, general business conditions, cash 
flows, net debt levels and share buyback plans.
There were no changes to the Group’s approach to capital management during the year 
but in the short-term some restrictions apply following the refinancing.
171	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
13(f)  Changes in liabilities arising from financing activities
The analysis below provides a reconciliation between the opening and closing positions in the balance sheet for liabilities arising from financing activities excluding movements in cash 
and cash equivalents.
Note
At 25
March 
2023
£m
Cash 
flow
£m
Exchange 
differences 
and other 
£m
New 
leases and 
modifications
£m
Non-cash 
movements 
£m
At 30
March 
2024
£m
Borrowings (gross)
17
(122.7)
4.0
–
–
–
(118.7)
Loss on debt modification
17
(0.7)
–
–
–
(2.8)
(3.5)
Prepaid loan arrangement fees
17
5.0
5.5
–
–
(5.5)
5.0
Borrowings
(118.4)
9.5
–
–
(8.3)
(117.2)
Lease liabilities1
22
(13.3) 
3.0
–
(0.8)
(0.5)
(11.6)
Liabilities arisings from financing activities
(131.7)
12.5
–
(0.8)
(8.8)
(128.8)
Note
At 27
March 
2022
£m
Cash 
flow
£m
Exchange 
differences 
and other
£m
New 
leases and 
modifications
£m 
Non-cash
movements
£m
At 25
March 
2023
£m
Borrowings (gross)
17
(95.7)
(27.0)
– 
–
–
(122.7)
Loss on debt modification
17
–
–
–
–
(0.7)
(0.7)
Prepaid loan arrangement fees
17
3.1 
1.4 
–
–
0.5
5.0
Borrowings
(92.6)
(25.6)
–
–
(0.2)
(118.4)
Lease liabilities1
22
(14.2)
2.9 
(0.1)
(1.4)
(0.5)
(13.3) 
Liabilities arisings from financing activities
(106.8) 
(22.7) 
(0.1)
(1.4)
(0.7)
(131.7)
Note:
1 	
Lease liability payments include principal of £2.5m (FY23: £2.4m) and interest of £0.5m (FY23: £0.5m) (note 6).
172	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
14  Cash and cash equivalents 
Accounting policies 
Cash and cash equivalents comprise bank balances and cash held by the Group and short-
term deposits with an original maturity of three months or less. 
2024
£m
2023 
£m
Cash at bank and in hand
21.8
26.5
Short-term bank deposits
7.5
13.8
29.3
40.3
There are no cash and cash equivalents in the Group that are not readily available or restricted.
An analysis of cash and cash equivalents is shown in the Group cash flow statement. 
Certain cash and deposits are of a floating rate nature and are recoverable within three months. 
The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and 
liabilities are disclosed in note 13.
15  Deferred taxation
Deferred income tax assets and liabilities are offset when there is a legally enforceable right 
to offset current tax assets against current tax liabilities and when the deferred income taxes 
relate to the same fiscal authority. The offset amounts are as follows:
2024
£m
2023
restated*
£m
Deferred tax assets
0.1
5.9
Deferred tax liabilities
(1.9)
(2.8)
(1.8)
3.1
The gross movement on the deferred income tax account is as follows:
2024
£m
2023
restated*
£m
Beginning of the year
3.1
8.8
Exchange differences
0.1
0.2
Tax credit/(charge) to income statement
(3.7)
(13.7)
Tax credit/(charge) to OCI
(1.3)
8.4
Tax credit/(charge) to equity
–
(0.6)
End of the year
(1.8)
3.1
Note:
*	
The Group Deferred Tax position for FY23 has been restated as described in Material accounting policy information, I Basis of 
preparation. 
The movement in deferred tax assets and liabilities during the period is as follows:
Deferred Tax Liabilities (restated)
Property, 
plant and 
equipment
£m
Temporary 
differences 
relating to 
leases
£m
Fair value 
gains 
£m
Development 
costs
Retirement 
benefits 
£m
Total 
£m
At 26 March 2022
–
(2.8)
(1.0)
(2.3)
(7.4)
(13.5)
Recognised in the income 
statement
(1.8)
–
0.3
(1.0)
–
(2.5)
Recognised in OCI*
–
–
–
–
7.4
7.4
Exchange differences
(0.1)
–
(0.1)
–
–
(0.2)
Subtotal
(1.9)
(2.8)
(0.8)
(3.3)
–
(8.8)
Jurisdictional offset
 
 
 
6.0
At 25 March 2023
 
 
(2.8)
At 25 March 2023
(1.9)
(2.8)
(0.8)
(3.3)
–
(8.8)
Recognised in the income 
statement
0.9
0.4
0.3
0.4
–
2.0
Recognised in OCI 
–
–
–
–
–
–
Exchange differences
–
–
0.2
–
–
0.2
Subtotal
(1.0)
(2.4)
(0.3)
(2.9)
–
(6.6)
Jurisdictional offset
4.7
At 30 March 2024
(1.9)
173	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
15  Deferred taxation continued 
Deferred Tax Assets (restated)
Property, 
plant and 
equipment
£m
Temporary 
differences 
relating to 
leases
£m
Retirement 
benefits 
£m
Tax 
losses 
£m
Other 
£m
Total 
£m
At 26 March 2022
0.6 
3.1
–
6.2
12.4
22.3
Recognised in the income 
statement
(0.6)
–
0.1
0.1
(10.8)
(11.2)
Recognised in OCI*
–
–
1.2
–
(0.2)
1.0
Recognised in equity
–
–
–
–
(0.6)
(0.6)
Exchange differences
–
–
0.1
–
0.3
0.4
Subtotal
–
3.1
1.4
6.3
1.1
11.9
Jurisdictional offset
(6.0)
At 25 March 2023
5.9
At 25 March 2023
–
3.1
1.4
6.3
1.1
11.9
Recognised in the income 
statement
–
(0.7)
0.5
(6.3)
0.8
(5.7)
Recognised in OCI
–
–
(1.3)
–
–
(1.3)
Recognised in equity
–
–
–
–
–
–
Exchange differences
–
–
(0.1)
–
–
(0.1)
Subtotal
–
2.4
0.5
–
1.9
4.8
Jurisdictional offset
(4.7)
At 30 March 2024
0.1
Note:
*	
The Group Deferred Tax position for FY23 has been restated as described in Material accounting policy information, I Basis of 
preparation. 
Other deferred tax assets comprise balances associated with provisions of £nil (FY23: £0.5m), 
gross overseas tax credits of £0.8m (FY23: £1.0m), share options £nil (FY23: £0.4m), as well as 
various other net temporary differences totalling £1.1m.
Given the recent history of tax losses in the UK group, deferred tax assets have not been 
recognised on UK tax losses carried forward or UK deductible temporary differences in excess 
of taxable temporary differences, on the basis that it is not probable that there will be sufficient 
taxable profit to realise the deferred tax assets. 
At FY24 there were unrecognised deferred tax assets totalling £51.5m (FY23: £39.3m restated) 
comprising: 
	
– £9.2m (FY23: £6.6m) relating to gross UK tax losses of £36.8m (FY23: £26.4m); 
	
– £7.5m (FY23: £7.7m) relating to gross non-UK tax losses of £27.5m (FY23: £28.2m); 
	
– £12.4m (FY23: £12.4m restated) relating to the UK pension deficit of £49.6m (FY23: £49.8m);
	
– £14.5m (FY23: £8.7m) related to UK tax interest restrictions carried forward of £58.0m (FY23: 
34.8m);
	
– £5.8m (FY23: £3.8m) relating to UK fixed assets temporary differences of £23.2m (FY23: 
£15.3m);
	
– £2.1m (FY23: £nil) relating to other UK temporary differences of £8.3m (FY23: £nil). 
Tax losses carried forward do not have an expiry date. 
In addition, the Group has not recognised certain deferred tax assets of £9.5m (FY23: £26.2m) 
in respect of gross overseas tax credits that have been allocated for providing to Governmental 
authorities as part of investment projects. The tax credits do not have an expiry date. 
Unremitted foreign earnings totalled £187.3m at 30 March 2024 (FY23: £198.8m). Deferred tax 
liabilities have not been recognised for the withholding tax and other taxes that would be 
payable on the unremitted earnings of certain subsidiaries where the timing of the reversal 
can be controlled and it was considered unlikely that dividends would be paid from those 
subsidiaries.
UK capital losses of £317.2m are carried forward at 30 March 2024 (FY23: £317.2m). 
No deferred tax asset has been recognised in respect of these losses. The capital losses 
do not have an expiry date. 
UK tax rate
The UK deferred tax assets and liabilities at 30 March 2024 have been calculated based 
on the rate of 25%, being the substantively enacted rate at the balance sheet date. 
174	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
16  Trade and other payables 
Accounting policies 
Trade and other payables are measured at carrying value which approximates to fair value.
Payments received on account relate to monies received from customers under contract, as 
per individual contract agreements, prior to commencement of production of goods or delivery 
of services. Once the obligation has been fulfilled the revenue is recognised in accordance with 
IFRS 15.
Contract liability is recognised when a payment from customer is due or already received, 
before a related performance obligation is satisfied for the contract agreements that have 
started production of goods or delivery of services.
2024
£m
2023 
£m
Current liabilities
Payments received on account 
23.1
22.7
Contract liabilities
0.2
0.3
Trade payables 
33.7
39.2
Social security and other taxation 
1.9
3.0
Accrued expenses1 
17.9
21.3
Other payables2
6.0
5.6
82.8
92.1
Notes: 
1	
Accrued expenses included commissions of £0.6m (FY23: £0.4m), rebate accruals of £1.5m (FY23: £2.7m), employee related accruals 
of £3.1m (FY23: £1.9m), freight accruals £2.3m (FY23: £2.1m), royalties and TTP Accruals of £2.5m (FY23: £1.2m) and bank financing fee 
accruals of £nil (FY23: £2.6m).
2	
Other payables include capex creditors £0.3m (FY23: £0.8m) and interest payable £1.6m (FY23: £1.6m).
The Group’s exposure to currency and liquidity risk related to trade and other payables 
is disclosed in note 13.
17  Borrowings 
Accounting policies 
Borrowings are recognised at amortised cost. For more information about the Group’s exposure to interest rate, foreign currency and liquidity risk (note 13).
30 March 2024
25 March 2023
Gross 
borrowings
£m
Unamortised 
pre-paid 
borrowing 
fees
£m
Loss on 
debt 
modification
£m
Total
£m
Gross 
borrowings
£m
Unamortised 
pre-paid 
borrowing 
fees
£m
Loss on 
debt 
modification
£m
Total
£m
Reported within:
Non-current liabilities
(118.7)
5.0
(3.5)
(117.2)
(122.7)
5.0
(0.7)
(118.4)
Currency
Nominal 
interest
rate
Year of 
maturity
Principal 
amount
2024 
£m
Carrying 
amount 
2024 
£m
Principal 
amount 
2023 
£m
Carrying 
amount 
2023 
£m
Non-current liabilities
Unsecured bank loans
EUR
5.70%
2028
0.7
0.7 
0.7
0.7
Unsecured bank loans
GBP
9.18% 
2025
118.0
118.0
122.0
122.0
Total interest-bearing liabilities
118.7
118.7
122.7
122.7
175	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
17  Borrowings continued
The total interest-bearing liabilities above is presented excluding unamortised pre-paid 
borrowing fees of £5.0m (FY23: £5.0m) and the net loss on debt modification of £3.5m 
(FY23: £0.7m), assessed under IFRS 9.
Under the Group’s banking arrangements there is no right of offset and no overdraft facilities 
as at 30 March 2024. 
Banking facilities amendments
1.  June 2023 amendments
On 29 June 2023 the Company entered into a number of documents which had the effect of 
amending the terms of the revolving facility agreement with its lending banks and their agents. 
These documents are an amendment and restatement agreement with the various lenders and 
the banks’ agents and security agent, a debenture between the Company, certain other Group 
companies and the banks’ security agent and inter-creditor agreement between the creditors. 
As a result of these changes, the facilities are secured against material assets and shares within 
the Group. 
The banking facilities expiration on 1 January 2025 remained unchanged, whilst there were 
changes to:
	
– Changes to margins: new interest rates were introduced for net debt to EBITDA ratios 
over 2.5.
	
– Changes in daily interest rates: This was amended to SONIA daily rates. 
There were also changes to the Group covenant financial covenants and spread levels 
as follows from 1 July 2023:
	
– EBIT/net interest payable more than or equal to 1.0 times, (3.0 times previously).
	
– Net debt/EBITDA less than or equal to 4.0 times until the Q4 2024 testing point, reducing 
to less than or equal to 3.6 times from Q1 FY25 through to the end of the current agreement 
to 1 January 2025 (3.0 times previously).
	
– Minimum liquidity testing monthly, testing at each weekend point on a 4-week historical 
basis and 13-week forward looking basis. The minimum liquidity is defined as “available cash 
and undrawn RCF greater than or equal to £25m”, although reduces to £20m if £5m or more 
of cash collateral is in place to fulfil guarantee or bonding requirements (new test).
	
– Increases in spread rates on the leverage ratio as a result of the relaxation of levels:
Leverage (consolidated net debt to EBITDA)
Margin (% per 
annum)
Greater than 3.5:1
4.35
Greater than 3.0:1 and less than or equal to 3.5:1
4.15
Greater than 2.5:1 and less than or equal to 3.0:1
3.95
The covenant tests use earlier accounting standards, excluding adjustments for IFRS 16. 
Net debt for covenants includes the borrowings, where the RCF amount is considered, the 
principal amount withdrawn, (excluding unamortised pre-paid borrowing fees and the net 
loss on debt modification) net of cash and cash equivalents.
This change in existing banking facilities is treated as a non-substantial modification under 
IFRS 9 “Financial Instruments”, as the refinancing did not result in an extinguishment of debt. 
The difference between the amortised cost carrying amount of the previous terms of the 
facility and the present value of the updated terms of the facility, discounted using the effective 
interest rate, resulted in a modification loss. The loss on the debt modification in June 2023 was 
£4.8m (note 6).
2.  December 2023 amendments
On 18 December 2023, the Group entered into a new agreement with its banking syndicate 
to extend its banking facilities to 1 July 2025. From this date the Group will have Bank 
facilities of £235m (FY23: £275.0m) including an RCF cash drawn component of up to £160m 
(a reduction of £15m) (FY23: £175.0m) and bond and guarantee facilities of a maximum of £75m 
(FY23: £100.0m). 
Covenant tests will continue to apply to the facilities, other than the liquidity covenant 
where the minimum headroom is now defined as “available cash and undrawn RCF greater 
than or equal to £10m”, to reflect the £15m reduction in RCF. In addition, an arrangement fee 
was due, equal to 1% of the facility, which will reduce to 0.5% if the facility is refinanced before 
30 June 2024.
This change in existing banking facilities is treated as a non-substantial modification under 
IFRS 9 “Financial Instruments”, as the refinancing did not result in an extinguishment of debt. 
The difference between the amortised cost carrying amount of the previous terms of the 
facility and the present value of the updated terms of the facility, discounted using the 
effective interest rate, resulted in a modification loss. The loss on the debt modification 
in December 2023 was £0.8m (note 6).
176	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
17  Borrowings continued
The drawdowns on the RCF facility are typically rolled over on terms of between one and three 
months. However, as the Group has the intention and ability to continue to roll forward the 
drawdowns under the facility, the amount borrowed has been presented as long-term as at 
FY24. 
As at 30 March 2024, the Group had a total of undrawn RCF committed borrowing facilities, all 
maturing in more than one year, of £42.0m (25 March 2023: £53.0m, all maturing in more than 
one year). The amount of loans drawn on the £160.0m RCF cash component facility was £118.0m 
as at 30 March 2024 (25 March 2023: £112.0m). 
Minimum liquidity at 30 March 2024 was in excess of the £10m limit required under the 
covenant tests.
Guarantees of £41.8m (25 March 2023: £52.1m) have been drawn using the £75.0m guarantee 
facility. The accrued interest in relation to cash drawdowns outstanding as at 30 March 2024 is 
£0.3m (25 March 2023: £0.3m). 
Actual as at 
30 March 
2024
£m
Maximum 
facility
£m
Facilities:
Cash
118.0
160.0
Bonds and guarantees
41.8
75.0
159.8
235.0
A separate borrowing facility for financing equipment under construction is in place and at 
30 March 2024 the amount outstanding on this facility is £0.7m (25 March 2023: £0.7m).
Covenant test results as at 30 March 2024:
Test
Requirement
Actual at 30 
March 2024
EBIT to net interest payable
More than or equal to 1.0 times
1.55
Net debt to EBITDA
Less than or equal to 4.0 times
2.78
Minimum liquidity testing
Testing at each weekend point on a 4-week historical 
basis and 13-week forward looking basis. The minimum 
liquidity is defined as “available cash and undrawn RCF 
greater than or equal to £10m”.
No breaches
18  Provisions for liabilities and charges
Accounting policies 
Provisions are recognised when the Group has a present obligation in respect of a past event, it 
is probable that an outflow of resources will be required to settle the obligation, and where the 
amount can be reliably estimated. Provisions are measured at the management’s best estimate 
of the amount required to settle the obligation at the balance sheet date and are discounted 
where the time value of money is considered material.
Restructuring 
£m
Warranty 
£m
Other 
£m
Total 
£m
At 26 March 2022
0.4
1.4
4.1
5.9
Charge for the year
1.8
0.7
2.8
5.3
Utilised in the year
(0.2)
–
(2.2)
(2.4)
Released in the year
(0.2)
(1.2)
(1.4)
(2.8)
At 25 March 2023
1.8
0.9
3.3
6.0
Charge for the year
0.8
0.7
1.6
3.1
Utilised in year
(1.9)
(0.5)
(0.5)
(2.9)
Released in year
(0.6)
(0.5)
(3.3)
(4.4)
At 30 March 2024
0.1
0.6
1.1
1.8
Expected to be utilised within 1 year
0.1
0.1
0.6
0.8
Restructuring provisions
Restructuring provisions as at 30 March 2024 of £0.1m (FY23: £1.8m) primarily related to 
redundancy and other employee termination costs as a result of restructuring programmes 
within the Currency and Authentication divisions. 
Warranty provisions
Warranty provisions relate to present obligations for defective products. The provisions are 
management judgements based on information currently available, past history and experience 
of the products sold. However, it is inherent in the nature of the business that the actual 
liabilities may differ from the provisions. The precise timing of the utilisation of these provisions 
is uncertain but is generally expected to fall within one year. 
The Group measures warranty provisions at the Directors’ best estimate of the amount 
required to settle the obligation at the balance sheet date, discounted where the time value of 
money is considered material. These estimates take account of available information, historical 
experience and the likelihood of different possible outcomes. Both the amount and the maturity 
of these liabilities could be different from those estimated. 
177	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
18  Provisions for liabilities and charges continued
Other provisions
Other provisions comprise a number of liabilities with varying expected utilisation rates. 
The liabilities include a small number of onerous contract provisions of £0.1m (FY23: £1.2m), 
employee related liabilities of £0.5m (FY23: £0.6m), IBNR insurance claim provisions of £0.5m 
(FY23: £0.5m) and other liabilities of £0.1m (FY23: £1.0m) arising through the Group’s normal 
operations. The £3.3m released in the year related primarily to onerous contract provisions 
no longer required. Excluding onerous contracts provisions discussed below, the timing of the 
utilisation of the remaining other provisions is uncertain.
Onerous contract provisions arise where the unavoidable costs under a contract exceed the 
economic benefits expected to be received under it. Unavoidable costs represent the least net 
cost of exiting the contract, which is the lower of the cost of fulfilling it and any compensation 
or penalties arising from failure to fulfil it. Costs to fulfil a contract include those that directly 
relate to the contract, including incremental costs and allocation of production overheads. 
The precise timing of the utilisation of these onerous contract provisions is uncertain but is 
generally expected to fall within one year.
19  Share capital
2024
£m
2023
£m
Issued and fully paid
195,889,223 ordinary shares of 44152⁄175p each (FY23: 195,437,227 ordinary shares 
of 44152⁄175p each)
87.9
87.7
111,673,300 deferred shares of 1p each (FY23: 111,673,300 deferred shares  
of 1p each)
1.1
1.1
89.0
88.8
2024
2023
Ordinary 
shares 
’000
Deferred 
shares 
’000
Ordinary
shares 
’000
Deferred
shares 
’000
Allotments during the year
Shares in issue at 25 March 2023/26 March 2022
195,437
111,673
195,157
111,673
Issued under Savings Related Share Option Scheme
4
– 
– 
– 
Issued under Annual Bonus Plan
417
–
279 
–
Issued under Performance Share Plan
31
–
1 
–
Shares in issue at 30 March 2024/25 March 2023
195,889
111,673
195,437
111,673
The deferred shares carry limited economic rights (and no right to receive a dividend) and no 
voting rights. They are unlisted and are not transferable except in accordance with the articles.
20  Share based payments 
Accounting policies 
The Group operates various equity settled option schemes. 
For equity settled share options, the services received from employees are measured by 
reference to the fair value of the share options. The fair value is calculated at grant date and 
recognised in the consolidated income statement, together with a corresponding increase in 
shareholders’ equity, on a straight-line basis over the vesting period, based on the numbers of 
shares that are actually expected to vest, taking into account non-market vesting conditions 
(including service conditions). Vesting conditions, other than non-market-based conditions and 
non-vesting conditions (requirement to save) are taken into account when estimating the fair 
value.
On the performance related awards, until 2020 performance measure was based on ROCE and 
EPS. From 2020 ROCE was replaced by TSR, a market-based condition. 2023 introduced Free 
Cash Flow (FCF), and TSR was applied to a separate class of share options – Investors Return 
Plan.
At 30 March 2024, the Group has a number of share-based payment plans, which are 
described below. The compensation cost and related liability that have been recognised 
for the Group’s share-based plans are set out in the table below:
Expense recognised 
for the year
2024
£m
2023 
£m
Annual Bonus Plan
0.1
0.2
Performance and Investor returns Share Plans 
0.7
0.4
Savings Related Share Option Scheme
0.6
1.3
1.4
1.9
178	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
20  Share based payments continued
Reconciliations of option movements over the period to 30 March 2024 for each class 
of share awards are shown below:
Annual Bonus Plan
For details of the Annual Bonus Plan, refer to the Directors’ remuneration report on pages 101 
to 102.
Reconciliation of option movements:
2024
Number of 
awards 
’000
2023
Number of 
awards 
’000
Share awards outstanding at start of year
557
453 
Granted
–
484
Forfeited 
–
(102)
Vested
(417)
(278)
Outstanding at end of year
140
557
Exercisable at end of year
–
–
During the period, the weighted average share price on share awards exercised in the period 
was 43.39p (FY23: 84.65p).
Performance Share Plan (“PSP”) and Investor Returns Plan (“IRP”)
For details of the Performance Share Plan and Investor Returns Plan, refer to the Directors’ 
remuneration report on pages 102 to 103.
Both PSP and IRP options were granted to Executive Directors and other employees on 
12 October 2023. The PSP Options were granted with an exercise price of nil, and IRP options 
granted with an exercise price of 80p. Both awards will vest, subject to achievement of the 
performance conditions on 12 October 2026. The “Performance Period” for the Awards is the 
three years ending 28 March 2026. Awards granted to Executive Directors are subject to a 
post-vesting holding period which ends two years after the vest date, being 12 October 2028.
The fair value of PSP share options is estimated at the date of grant using the Black-Scholes 
model to value the awards subject to the non-market performance.
The fair value of IRP share options is estimated at the date of grant using Monte Carlo model 
to value the awards subject to the TSR performance condition. 
The significant assumptions used in the valuation models are disclosed below:
FY24 Arrangements
Dates of current year grants 
12 October 2023
12 October 2023
Participant
Executive Directors*
Other Employees
Award type
PSP Options
IRP Options
PSP Options
IRP Options
Performance conditions
Non-market 
(100%) – EPS 
& FCF growth
TSR (100%)
Non-market 
(100%) – EPS 
& FCF growth
TSR (100%)
Award type
Options
Options
Options
Options
Fair value (per option granted)1
48p
18p
60p
23p
Fair value (% of share price at grant 
date)
80.0%
29.7%
100.0%
37.1%
Number of options granted
309,602
640,878
1,167,804
2,417,368
Inputs:
Share price at grant
60p
Exercise price
Nil
80p
Nil
80p
Dividend yield
0.0%
Expected term
3 years
Risk free rate
4.49%
4.29%
4.49%
4.29%
Share price volatility of the Company
52.3%
Median share price volatility of the 
Comparator Group
n/a
19.8%
n/a
19.8%
Median correlation
n/a
23.2%
n/a
23.2%
TSR performance of the Company at 
date of grant
n/a
(2.6)%
n/a
(2.6)%
Median TSR performance of the 
Comparator Group at the date 
of grant
n/a
(2.4)%
n/a
(2.4)%
Discount for post vesting restrictions
20.0%
n/a
Note:
* 	
The fair value of Awards granted to Executive Directors is shown after deducting a discount in relation to the post-vesting holding 
period which is applicable to Executive Directors Awards.
Retention Awards
Retention awards share options were granted to Executive Directors and other employees on 
30 June 2023. PSP Options were granted with an exercise price of nil and are subject to service 
conditions only Awards granted to Executive Directors are subject to a post-vesting holding 
period which ends two years after the vest date, being 30 June 2028. There are no performance 
conditions attaching to the options.
The fair value of PSP share options is estimated at the date of grant using the Black-Scholes 
model to value the awards subject to the non-market performance.
179	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
20  Share based payments continued
The significant assumptions used in the valuation models are disclosed below:
FY24 Arrangements
Retention Awards
Dates of current year grants
30 June 2023
Number of options granted
600,000
Exercise price
nil
Contractual life (years)
3
Settlement 
Share
Vesting period (years)
3
Dividend yield
0%
Risk free interest rate
5.45%
Share price volatility
57.9%
Share price at grant 
48.0p
Fair value per option at grant date
48.0p
After the three or five-year term has expired, employees normally have six months in which to 
decide whether or not to exercise their options. A pre-vesting forfeiture/cancellation rate of 15% 
per year, reflecting leavers and withdrawals, has been assumed on new options granted in the 
year based on historic experience.
Reconciliation of option movements:
2024
Number of 
awards 
’000
2023
Number of 
awards 
’000
Share awards outstanding at start of year
4,548
3,485
Granted
5,135
3,010
Forfeited 
(1,564)
(1,946)
Exercised
–
(1)
Outstanding at end of year
8,119
4,548 
Exercisable at end of year
18
42
During the period the weighted average share price on share awards exercised in the period 
was nil (FY23: 61.05p). 
The range of exercise prices for the share options outstanding at the end of the year is between 
0.00p and 0.80p (FY23: 0.00p). 
The weighted average remaining contractual life of the outstanding share options is 1.85 years 
(FY23: 0.98 years). 
Savings Related Share Option Scheme
The scheme is open to all UK employees. Options are granted at the prevailing market price 
at the time of the grant (with a discretionary discount to the market price) to employees who 
agree to save between £5 and the maximum savings amount offered per month over a period 
of three or five years. 
During the year ended 30 March 2024, the Company granted a new SAYE grant. The new grant 
has a vesting period of three years and is subject to service conditions only. Employees were 
invited to invest into a new grant, subject to the statutory maximum savings amount, and the 
total grant available to employees limited to a maximum number of shares.
During the year ended 30 March 2024, the fair value of share options were estimated at the 
date of grant using a Black-Scholes valuation model. The significant assumptions used in the 
valuation model are disclosed below:
FY24 Arrangements
Savings Related  
Share Option Scheme
Dates of current year grants
20 February 2024
Number of options granted
999,336
Exercise price
68.4p
Contractual life (years)
3
Settlement 
Share
Vesting period (years)
3
Dividend yield
0%
Risk free interest rate
4.17%
Share price volatility
50.7%
Share price at grant
89.0p
Fair value per option at grant date
37.0p
There are no performance conditions attaching to the options. After the three or five-year term 
has expired, employees normally have six months in which to decide whether or not to exercise 
their options. A pre-vesting forfeiture/cancellation rate of 10% per year, reflecting leavers and 
withdrawals, has been assumed on new options granted in the year based on historic 
experience.
180	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
20  Share based payments continued
Reconciliation of option movements:
2024
2023
Weighted 
average 
exercise
price pence 
per share
Number of 
options 
’000
Weighted 
average 
exercise 
price pence
per share
Number of 
options 
’000
Options outstanding at start of year
130.91
4,612
130.91
3,173
Granted
68.40
999
60.15 
3,520
Forfeited/Cancelled
81.28
(1,508)
155.71 
(1,942)
Exercised
60.15
(4)
111.38 
–
Expired
108.55
(258)
409.64 
(139)
Outstanding at end of year
68.40
3,841
130.91 
4,612
Exercisable at end of year
–
271
The range of exercise prices for the share options outstanding at the end of the year is between 
60.15p and 131.10p (FY23: between 60.15p and 131.10p). 
The weighted average remaining contractual life of the outstanding share options is 2.05 years 
(FY23: 2.20 years). 
During the period, the weighted average share price on options exercised in the period was 
60.15p (FY23: £nil).
Market share purchase of shares by Trustee De La Rue Employee Share Ownership Trust 
The De La Rue Employee Share Ownership Trust (Trust) is a separately administered trust 
established to administer shares granted to Executive Directors and senior employees under 
the various discretionary share option plans established by the Company. Liabilities of the 
Trust are guaranteed by the Company and the assets of the Trust mainly comprise shares in 
the Company. Equiom (Guernsey) Limited is the Trustee. The own shares held by the Trust are 
shown as a reduction in shareholders’ funds. The shares will be held at historical rates until such 
time as they are disposed of. Any profit or loss on the disposal of own shares is treated as 
a movement in reserves rather than as an income statement item. 
The Trustee held nil shares at 30 March 2024 (25 March 2023: nil).
21  Analysis of net debt
The analysis below provides a reconciliation between the opening and closing of the Group’s 
net debt position (being the net of borrowings and cash and cash equivalents). 
During the period, the Group has redefined and restated the definition of net debt to exclude 
losses or gains on debt modification. This is in line with the definition used in the covenant 
calculations. As a result, the FY23 net debt has been restated to £82.4m, previously £83.1m, 
after excluding the £0.7m of net loss on debt modification.
Note
At 
25 March 
2023 
£m
Cash flow
£m
Foreign 
exchange 
and other 
£m
At 
30 March 
2024 
£m
Gross Borrowings
17
(122.7)
4.0
–
(118.7)
Cash and cash equivalents
14
40.3
(10.6)
(0.4)
29.3
Net debt
(82.4)
(6.6)
(0.4)
(89.4)
Note
At 
26 March 
2022 
£m
Cash flow
£m
Foreign 
exchange 
and other
£m
At 
25 March 
2023 
£m
Gross Borrowings
17
(95.7)
(27.0)
–
(122.7)
Cash and cash equivalents
14
24.3
15.6
0.4
40.3
Net debt
(71.4)
(11.4)
0.4
(82.4)
Net debt is presented excluding unamortised pre-paid borrowing fees of £5.0m (FY23: £5.0m), 
net loss on debt modification of £3.5m (FY23: £0.7m) and £11.6m (FY23: £13.3m) of lease 
liabilities. 
At 
25 March 
2023 
£m
Cash flow
£m
Non-cash 
movements
£m
At 
30 March 
2024 
£m
Unamortised pre-paid borrowing fees
5.0
(5.5)
5.5
5.0
181	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
22  Leases 
Accounting policies 
At the inception of a contract, the Group assesses whether a contract is or contains a lease. 
A contract is or contains a lease if the contract conveys the right to control the use of an 
identified asset for a period of time in exchange for consideration. The Group accounts for 
identified leases in accordance with IFRS 16 (‘Leases’).
Management has made certain judgements on lease terms based on the Group’s current 
expectations of whether break or renewal options will be taken. Judgements have also been 
made in estimating the incremental borrowing rates to use when discounting lease payments.
Leases are recognised on the balance sheet (unless they are low value or for a term of less than 
12 months) with a right to use asset and corresponding lease liability being recorded at the date 
the lease asset is available for use. 
The right-of-use asset is depreciated over the shorter of, the assets useful economic life and 
the lease term. Each lease payment is allocated between repayment of the lease liability and 
finance cost. 
The finance cost is charged to the income statement over the lease term to produce a constant 
periodic rate of interest on the remaining lease liability. 
At commencement date of the lease, a lease liability is initially recognised on the balance sheet 
at the present value of future lease payments (including fixed payments and variable lease 
payments that depend upon an index) and any lease penalties payable on the early exit of a 
lease if management anticipates taking these, discounted using the incremental borrowing rate 
appropriate for that lease, absent of the interest rate implicit in the lease being available. 
The right-of-use asset is initially measured at cost, being the initial value of the lease liability, 
any lease payments made (net of any incentives received from the lessor) before the 
commencement of the lease and any initial direct costs and any restoration costs. Payments in 
respect of short-term leases (duration of less than 12 months) or low value leases continue to 
be charged to the income statement on a straight-line basis over the lease term. Right-of-use 
assets are tested for impairment when indicators of impairment exist.
The Group has lease contracts for various properties and ground leases in addition to other 
equipment used in its operations. Leases for property and ground leases range from two years 
to in excess of 100 years in certain cases. Leases for other equipment used in operations are 
typically for periods of 2 to 5 years. There are several lease contracts which include extensions 
and termination options and these are discussed below. 
The Group also has certain leases that have terms of less than 12 months or lease or where 
equipment is of a low value. The Group applies the ‘short-term lease’ and ‘lease of low-value 
assets’ recognition exemptions.
Right-of-use assets
Set out below are the carrying amounts of right-to-use assets recognised and the movement 
during the period:
Land and 
buildings
£m
Plant and 
equipment
£m
Total
£m
At 26 March 2022
12.5
0.4
12.9
Additions – change in lease assessment
1.0
0.4
1.4
Depreciation expense
(2.1)
(0.1)
(2.2)
At 25 March 2023
11.4 
0.7 
12.1
Additions – change in lease assessment
0.7
(0.1)
0.6
Depreciation expense
(2.3)
(0.2)
(2.5)
At 30 March 2024
9.8
0.4
10.2
Lease liabilities
Set out below are the carrying amounts of lease liabilities and the movement during the period: 
Land and 
buildings
£m
Plant and 
equipment
£m
Total
£m
At 26 March 2022
(13.8)
(0.4)
(14.2)
Additions including change in lease assessment
(1.0) 
(0.4)
(1.4)
Accretion of interest (note 6)
(0.5)
 – 
(0.5)
Lease payments1
2.8 
0.1 
2.9 
Exchange differences
(0.1)
– 
(0.1)
At 25 March 2023
(12.6)
(0.7)
(13.3)
Additions including change in lease assessment
(0.9)
0.1
(0.8)
Accretion of interest (note 6)
(0.5)
–
(0.5)
Lease payments1
2.8
0.2
3.0
Exchange differences
–
–
–
At 30 March 2024
(11.2)
(0.4)
(11.6)
2024
£m
2023
£m
Included within:
Current liabilities
(2.5)
(3.0)
Non-current liabilities
(9.1)
(10.3)
(11.6)
(13.3)
Note:
1 	
Lease payments include principal of £2.5m (FY23: £2.4m) and interest of £0.5m (FY23: £0.5m).
182	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
22  Leases continued 
The following amounts have been recognised in the income statement:
2024
£m
2023
£m
Depreciation of right-of-use assets
(2.5)
(2.2)
Interest expense on lease liabilities (note 6)
(0.5)
(0.5)
Expense relating to short-term leases
(0.2)
(0.3)
Expenses relating to leases of low-value assets
(0.2)
(0.3)
The Group had total cash outflows for leases of £3.4m in FY24 (FY23: £3.5m), including amounts 
relating to principal payment £2.5m (FY23: £2.4m), interest payments of £0.5m (FY23: £0.5m) 
and short and low values assets £0.4m (FY23: £0.6m). 
The Group also had non-cash additions to right-of-use assets £0.6m (FY23: £1.4m) and 
liabilities of £0.8m (FY23: £1.4m). At 30 March 2024, there are no leases entered into which 
have not yet commenced. 
The Group has certain leases that include extension or termination options. Management 
exercises judgement in determining whether these extensions and termination options are 
reasonably certain to be exercised.
Set out below are the undiscounted potential future rental payment relating to the period 
following the exercise date of extension and termination options that are not included in the 
lease term:
Within 
five years 
£m
More than 
five years
£m
Total 
£m
Extension options expected not to be exercised
–
–
–
Termination options expected to be exercised
–
–
–
Extension of the factory site in Malta
On 9 September 2021, the Group signed an Agreement with Malta Enterprise (“ME”) where ME 
finances the construction, civil works and M&E installations to be carried out at the premises 
located in Malta. The premises included land, the demolition of an existing building and a rebuild 
to the Group’s specifications. On 14 September 2021, the Company signed a lease for the 
premises for an initial term of 20 years. The Group is managing the construction of the new 
buildings for the lessor to the pre-agreed specifications. 
Management have made a judgement as to whether the Company has control of the site during 
the construction period. If the Group has the right to control the use of the identified asset for 
only a portion of the term of the contract, the contract contains a lease for that portion of the 
term. It was determined that control exists only after the build is completed and site becomes 
available for use. 
As per the agreement, there are three separate units with different start-up dates. Therefore, 
the lease will be recognised as these units become available for use. The lease costs will be 
allocated to the division to which they relate to based on area. However, if the cost relates to 
the total site, then it is divided based on the percentage split of the area, with 27% of the total 
sqm occupied by Authentication and 73% by Currency. 
The first block is currently scheduled to be completed in H1 25. Therefore, management have 
concluded that no lease should be recognised in FY24. The lease will be recognised when the 
building becomes available for use. 
At 30 March 2024, there are no other leases entered into which have not yet commenced. 
23  Retirement benefit obligations
Accounting policies 
The Group operates retirement benefit schemes, devised in accordance with local conditions 
and practices in the country concerned, covering the majority of employees. The assets of the 
Group’s schemes are generally held in separately administered trusts or are insured. The major 
schemes are defined benefit pension schemes with assets held separately from the Group. 
The cost of providing benefits under each scheme is determined using the projected unit credit 
actuarial valuation method. The major defined benefit pension scheme is based in the UK and is 
now closed to future accrual. The current service cost and gains and losses on settlements and 
curtailments are included in operating costs in the Group income statement. The interest 
income on the plan assets of funded defined benefit pension schemes and the imputed 
interest on pension scheme liabilities are disclosed as retirement benefit obligation net 
finance expense/income respectively in the income statement.
Return on plan assets excluding assumed interest income on the assets, changes in the 
retirement benefit obligation due to experience and changes in actuarial assumptions are 
included in the statement of comprehensive income in full in the period in which they arise.
The net liability/surplus recognised in respect of defined benefit pension schemes is the 
present value of the defined benefit obligation less the fair value of the scheme assets, as 
determined by actuarial valuations carried out at the balance sheet date. Any net pension 
surplus is recognised at the lower of the net surplus in the defined benefit pension valuation 
under IAS 19 and the asset ceiling. 
The Group’s contributions to defined contribution plans are charged to the income statement 
in the period to which the contributions relate. A trustee board has been appointed to operate 
the UK defined benefit scheme in accordance with its governing documents and pensions law. 
The scheme meets the legal requirement for member nominated trustee representation on 
the trustee board and a professional independent trustee has been appointed as chair of 
the Board. The trustee board undertakes regular training to ensure they are able to fulfil their 
function as a trustee and have appointed professional advisers to give them specialist 
expertise where required.
183	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
23  Retirement benefit obligations continued
The Group has calculated the value of the minimum funding commitments to its schemes and 
determined that if there was a surplus the value of any minimum funding commitments would 
not result in any additional liability under IFRIC 14 as the Group has an unconditional right to any 
surplus. No significant judgements were involved in making this determination. The Group has 
recorded a net deficit on an IAS 19 basis within non-current liabilities on the balance sheet 
as at 30 March 2024. A deferred tax asset has been recognised on the pension deficit and 
was included within deferred tax assets as at 30 March 2024 (see note 15).
Pension deficit funding
On 2 March 2022, the Trustee and the Company agreed the terms for a schedule of 
contributions and a recovery plan, setting out a programme for clearing the UK Pension Scheme 
deficit (the “Recovery Plan”). An actuarial valuation of the UK Pension Scheme as at 5 April 2021, 
which was based on intentionally prudent assumptions, revealed a funding shortfall (technical 
provisions minus the value of the assets) of £119.5m.
The £119.5m deficit was to be addressed by payments of £15m per annum (payable quarterly in 
arrears) under the Recovery Plan payable from the year ending 5 April 2022 until 31 March 2029. 
Additional contingent contributions in exceptional circumstances will become payable by way 
of an acceleration of the contributions due in later years where: 
(i)	the leverage ratio (consolidated net debt: EBITDA) is equal to or greater than 2.5x in FY23, 
up to a maximum of £4m in the financial year and/or 
(ii)	the Company or any of its subsidiaries take any action which will cause material detriment 
(defined in section 38 Pensions Act 2004) to the UK Pension Scheme of £8m (£8m in FY23) 
over the period up to March 2023.
On 3 April 2023, the Company and the Trustee agreed to defer the deficit reduction 
contributions due under the previous Recovery Plan, payable on 5 April 2023, to 26 May 2023. 
Subsequently, on 25 May 2023 the Company and the Trustee agreed to defer the deficit 
contribution due on 26 May 2023 to 5 July 2023. In June 2023, the Company and the Trustee 
agreed to defer all the deficit reduction contributions due to recommence from 5 April 2024 
and a new Recovery Plan has been agreed between the Company and the Trustee.
An actuarial valuation of the Scheme was undertaken as at 30 September 2023. This showed a 
Scheme deficit of £78m. As a result of this new valuation, on 18 September 2023, the Company 
and the Scheme Trustee agreed a new schedule to fund the deficit. The funding moratorium 
until July 2024 as preciously agreed will be retained with the only payment being £1.25m due 
under the June 2023 Recover Plan. This will be followed by deficit repair contributions from the 
Company of £8m per annum to the end of FY27, followed by higher contributions that at no 
time exceed £16m per annum and which run until December 2030 or until the Scheme 
becomes fully funded. 
The next periodic actuarial valuation will be as at the end of September 2026, with the Scheme 
Trustee undertaking to provide the results of this valuation by January 2027, ahead of any 
increase in contribution from £8m per annum.
The Company has not paid any deficit reduction contributions to the Main Scheme in the year 
to 30 March 2024.
Qualifying insurance policy
On 24 May 2022, the Trustees of the Main Scheme entered into a partial pensioner buy-in 
contract (qualifying insurance policy) for a proportion of pension members. In return for a 
premium paid from the Scheme’s assets, from the date of the buy-in, payments will be made 
to the Scheme that match the benefit payments to those Scheme members covered under the 
buy-in contract. The buy-in is considered to be a qualifying insurance policy. The premium paid 
to the insurer was £319.0m. As at 30 March 2024, the value of the buy-in contract was £214.1m 
(25 March 2023: £220.6m). The impact of the partial pensioner buy-in has been recognised as 
a loss on the scheme assets. 
Other matters
In addition, during FY24, legal fees of £0.3m (FY23: £0.5m) have been incurred in the rectification 
of certain discrepancies identified in the Scheme’s rules (note 5). This has no impact on the UK 
defined benefit pension liability. 
(a) Defined benefit pension schemes
Amounts recognised in the consolidated balance sheet:
2024
£m
2023
£m
UK retirement benefit deficit
(49.7)
(53.1)
Overseas retirement liability
(1.9)
(1.6)
Retirement benefit deficit
(51.6)
(54.7)
Reported in:
Non-current liabilities
(51.6)
(54.7)
184	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
23  Retirement benefit obligations continued
The majority of the Group’s retirement benefit obligations are in the UK:
2024
UK
£m
2024
Overseas
£m
2024
Total
£m
2023
UK 
£m
2023
Overseas 
£m
2023
Total 
£m
Equities
3.9
–
3.9
3.2
–
3.2
Bonds
91.6
–
91.6
88.7
–
88.7
Secured/fixed income
91.7
–
91.7
133.0
–
133.0
Liability Driven Investment Fund
183.7
–
183.7
163.6
–
163.6
Multi Asset Credit
46.7
–
46.7
60.2
–
60.2
Qualifying insurance policy
214.1
–
214.1
220.6
–
220.6
Other
12.4
–
12.4
8.9
–
8.9
Fair value of scheme assets
644.1
–
644.1
678.2
–
678.2
Present value of funded obligations
(689.4)
–
(689.4)
(727.5)
–
(727.5)
Funded defined benefit pension schemes
(45.3)
–
(45.3)
(49.3)
–
(49.3)
Present value of unfunded obligations
(4.4)
(1.9)
(6.3)
(3.8)
(1.6)
(5.4)
Net (deficit)/surplus
(49.7)
(1.9)
(51.6)
(53.1)
(1.6)
(54.7)
Amounts recognised in the consolidated income statement: 
2024
UK
£m
2024
Overseas
£m
2024
Total
£m
2023
UK 
£m
2023
Overseas 
£m
2023
Total 
£m
Included in employee benefits expense:
— Current service cost
–
–
–
–
–
–
— Administrative expenses and taxes
(1.3)
–
(1.3)
(1.6)
–
(1.6)
–
Included in interest on retirement benefit obligation net finance expense:
— Interest income on scheme assets
31.2
31.2
27.6
–
27.6
— Interest cost on liabilities
(33.7)
–
(33.7)
(26.5)
–
(26.5)
Retirement benefit obligation net finance (expense)/credit (note 6)
(2.5)
–
(2.5)
1.1
–
1.1
–
Total recognised in the consolidated income statement
(3.8)
–
(3.8)
(0.5)
–
(0.5)
Return on scheme assets excluding assumed interest income
(17.8)
–
(17.8)
(301.1)
0.4
(300.7)
Remeasurement gains/(losses) on defined benefit pension obligations
23.5
(0.3)
23.2
200.4
–
200.4
Amounts recognised in other comprehensive income
5.7
(0.3)
5.4
(100.7)
0.4
(100.3)
185	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
23  Retirement benefit obligations continued
Major categories of scheme assets as a percentage of total scheme assets: 
2024
UK
%
2024
Overseas
%
2024
Total
%
2023
UK 
%
2023
Overseas 
%
2023
Total 
%
Equities
1
–
1
1
–
1
Bonds
14
–
14
13
–
13
Secured/fixed income
14
–
14
20
–
20
Liability Driven Investment Fund
28
–
28
24
–
24
Multi Asset Credit
8
–
8
9
–
9
Qualifying insurance policy
33
–
33
32
–
32
Other
2
–
2
1
–
1
100
–
100
100
–
100
The Liability Driven Investment (“LDI”) fund consists of fixed interest and inflation linked bond 
holdings and interest, inflation, credit default and other swaps. Derivatives have been valued 
on a “mark to market basis”. 
The Multi Asset Credit Fund invests in a variety of debt instruments. Multi Asset Credit, 
Diversified Growth Funds, Secured income and LDI asset categories include certain assets 
which are not quoted in an active market and are stated at fair value estimates provided by 
the manager of the investment fund. 
Debt securities (bonds) have quotes prices in active markets and equity instruments consist of 
private indices with underlying equities with quoted prices in active markets. Multi Asset Credit 
and LDI asset categories include certain assets which are not quoted in an active market and 
are stated at fair value estimates provided by the manager of the investment fund.
Other UK assets comprise cash, interest rate swaps and floating rate notes.
Principal actuarial assumptions:
2024
UK
%
2024
Overseas
%
2023
UK 
%
2023
Overseas 
%
Discount rate
4.90%
–
4.70%
–
CPI inflation rate
2.80%
–
2.50%
–
RPI inflation rate
3.20%
–
3.00%
–
The financial assumptions adopted as at 30 March 2024 reflect the duration of the scheme 
liabilities which has been estimated to be broadly 13 years (FY23: broadly 14 years).
As at 30 March 2024 mortality assumptions were based on tables issued by Club Vita, with 
future improvements in line with the CMI model, CMI_2022 (FY23: CMI_2021) with a smoothing 
parameter of 7.5 and a long-term future improvement trend of 1.25% per annum (FY23: long-
term rate of 1.25% per annum) and w2022 parameter of 20% (FY23: w2020 parameter 20%). 
The resulting life expectancies within retirement are as follows:
2024
2023
Aged 65 retiring immediately (current pensioner)
Male
21.3
21.8
Female
23.5
23.9
Aged 50 retiring in 15 years (future pensioner)
Male
21.8
22.4
Female
25.0
25.3
The defined benefit pension schemes expose the Group to the following main risks:
Mortality risk – An increase in the life expectancy of members will increase the liabilities of 
the schemes. The mortality assumptions are reviewed regularly and are considered appropriate.
Interest rate risk – A decrease in bond yields will increase the liabilities of the scheme. 
Liability driven investment strategies are used to hedge part of this risk.
Investment risk – The value of pension scheme assets varies with changes in interest rates, 
inflation expectations, credit spreads, exchange rates, and equity and property prices. There is a 
risk that asset returns are volatile and that the value of pension scheme assets may not move in 
line with changes in pension scheme liabilities. To mitigate against investment risk the pension 
scheme invests in derivatives which aim to hedge a proportion of the movements in assets 
and liabilities. The pension scheme invests in a wide range of assets to provide diversification in 
order to reduce the risk that a single investment or type of asset class could have a materially 
adverse impact on total scheme assets. The investment strategy and performance of 
investment funds are reviewed regularly to ensure the asset strategy of the pension 
schemes continues to be appropriate.
Inflation risk – The liabilities of the scheme are linked to inflation. An increase in inflation will 
result in an increase in liabilities. There are caps in place for UK scheme benefits to mitigate the 
risk of extreme increases in inflation. Liability driven investment strategies are used to hedge 
part of this risk. Any increase in the retirement benefit obligation could lead to additional 
funding obligations in future years. 
186	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
23  Retirement benefit obligations continued
The table below provides the sensitivity of the liability in the scheme to changes in various 
assumptions:
Assumption change
Change in 
assumptions
Increase in assumption 
approximate impact 
on liability
Decrease in assumption 
approximate impact 
on liability
Discount rate
0.50% p.a.
Decrease by c£37m
Increase of c£40m
Inflation (RPI and CPI inflation)
0.25% p.a.
Increase by c£10m
Decrease by c£8m
RPI inflation only
0.25% p.a.
Increase by c£1m
Decrease by c£1m
CPI inflation only
0.25% p.a.
Increase by c£9m
Decrease by c£7m
Life expectancy
1 year
Increase by c28m
Decrease by c£28m
The liability sensitivities have been derived using the duration of the scheme based on the 
membership profile as at 30 September 2023 and assumptions chosen for the FY24 year end. 
The sensitivity analysis does not allow for changes in scheme membership since the September 
2023 actuarial valuation or the impact of the Scheme or Group’s risk management activities in 
respect of interest rate and inflation risk on the valuation of the Scheme assets.
The largest defined benefit pension scheme operated by the Group is in the UK. Changes in the 
fair value of UK scheme assets:
UK Scheme assets
2024
£m
2022
£m
At 25 March 2023/26 March 2022
678.2
988.7
Assumed interest income on scheme assets
31.2
27.6
Scheme administration expenses
(1.3)
(1.6)
Return on scheme assets less interest income
(17.8)
(301.1)
Employer contributions and other income 1
1.5
16.5
Benefits paid (including transfers)
(47.7)
(51.9)
At 30 March 2024/25 March 2023
644.1
678.2
Nots:
1 	
The £1.5m (FY23: £16.5m) of pension payments includes £nil (FY23: £15.0m) payable under the Recovery Plan, agreed in May 2020, and 
a further £1.5m (FY23: £1.5m) relating to payments made by the Group towards the administration costs of running the scheme. 
Changes in the fair value of UK defined benefit pension obligations:
UK defined benefit pension obligations
2024
£m
2023
£m
At 25 March 2023/26 March 2022
(731.3)
(957.1)
Interest cost on liabilities
(33.7)
(26.5)
Effect of changes in financial assumptions
7.3
225.3
Effect of changes in demographic assumptions
19.3 
3.0
Effect of experience items on liabilities
(3.1)
(27.9)
Benefits paid (including transfers)
47.7
51.9
At 30 March 2024/25 March 2023
(693.8)
(731.3)
United Kingdom Pension Benefits — High Court of Justice Ruling on Actuarial Confirmations
In June 2023, the High Court ruled in the case between Virgin Media and the NTL Pension 
Trustees II Limited (and others) that the absence of a “Section 37” certificate accompanying 
an amendment to benefits in a contracted-out pension scheme would render the amendment 
void. If upheld, the High Court’s decision could have wider ranging implications, affecting other 
defined benefit pension schemes in the United Kingdom that were contracted-out on a 
salary-related basis, and made amendments between April 1997 and April 2016. There is 
still further uncertainty with a Court of Appeal hearing in June 2024, not yet opined on.
The company has a contracted out defined benefit pension fund scheme. The pension fund 
trustees have determined that there were nine amendments in the scheme for the period from 
2003 – 2016. The pension scheme administrators and trustees have not as yet carried out a full 
review of these amendments and historical actuarial certification dating back to 1997 as the 
Company is awaiting the outcome of the appeal that was heard in June 2024, as well as 
confirmation from the Government as to whether it intends to issue new regulations in 
response. As such, management unable to determine if the scheme will be impacted, 
or to reliably estimate any impact as at the period-end.
(b) Defined contribution pension plans
The Group operates a number of defined contribution plans for which the charge in the 
consolidated income statement for the year was £3.2m (FY23: £4.1m).
187	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
24  Employee information
 
2024
number
2023
number
Average number of employees 
United Kingdom and Ireland 
691
935
Rest of Europe 
548
557
The Americas 
57
65
Rest of World 
378
485
1,674
2,042
 
2024
£m
2023
£m
Employee costs (including Directors’ emoluments) 
Wages and salaries 
65.3
80.8
Social security costs 
5.9
7.7
Pension costs
3.8
4.6
75.0
93.1
Share incentive schemes 
0.8
0.6
Sharesave schemes 
0.6
1.3
1.4
1.9
76.4
95.0
More detailed information regarding the Directors’ remuneration, shareholdings, pension 
entitlement, share options and other long term incentive plans is shown in the Directors’ 
remuneration report on pages 102 to 103.
25  Capital and other commitments
 
2024
£m
2023
£m
Capital and other expenditure contracted but not provided:
Property, plant and equipment
5.9
16.4
Lease commitments
13.3
13.9
19.2
30.3
Lease commitments relate to the factory site extension in Malta where the Company has signed 
a lease for the premises for an initial term of 20 years. The lease will be recognised when the 
building becomes available for use.
26  Contingent assets and liabilities
In FY23, De la Rue was made aware that the Central Bureau of Investigation in India (CBI-I) had 
launched an investigation into the conduct of Arvind Mayaram, the former Indian Finance 
Secretary, in which the historical activities of De La Rue in India prior to 2016 had been 
implicated. The Company still has not received any official direct communication of this 
investigation from the CBI-I but has learned about it from publicly available sources. De La Rue 
has not served the Government of India or the Central Bank of India in any capacity since 2016. 
The Company believes that there is no merit to the allegations that relate to De La Rue.
The Group also provides guarantees and performance bonds which are issued in the ordinary 
course of business. In the event that a guarantee or performance bond is called, a provision may 
be required subject to the particular circumstances including an assessment of its recoverability.
27  Related party transactions
During the year the Group traded on an arm’s length basis with the associated company Fidink 
(33.3% owned). The Group’s trading activities with Fidink in the period comprise £18.7m (FY23: 
£22.2m) for the purchase of ink and other consumables on an arm’s length basis. At the balance 
sheet date there was £3.7m (FY23: £1.7m) owing to this company.
The value of the Group’s investment in associate is not material and hence not disclosed 
on the face of the balance sheet.
Intra-group transactions between the Parent and the fully consolidated subsidiaries or between 
fully consolidated subsidiaries are eliminated on consolidation.
Directors and key management compensation
Directors
2024
£’000
2023
£’000
Aggregate emoluments
1,588
1,595 
Aggregate gains made on the exercise of share options 
–
–
1,588
1,595
Directors and key management
2024
£m
2023
£m
Salaries and other short-term employee benefits 
2.4
2.1
Retirement benefits – Defined contribution 
0.1
0.1
Termination benefits
– 
0.2
Share-based payments
0.3 
0.1
2.8 
2.5
Key management comprises members of the Board (including the fees of Non-executive 
Directors) and the Executive Leadership Team. Termination benefits include compensation 
for loss of office, ex gratia payments, redundancy payments, enhanced retirement benefits 
and any related benefits in kind connected with a person leaving office or employment.
188	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
28  Subsidiaries and associated companies as at 30 March 2024 
A full list of subsidiary and associated undertakings is below. Unless otherwise stated all Group 
owned shares are ordinary.
Country of 
incorporation
Name and Registered Office address and operation
Activities
De La Rue 
interest %
Europe
United Kingdom
DLR (No.1) Limited
Holding company
100
DLR (No.2) Limited1
Holding company
100 
De La Rue Holdings Limited
Holding and general 
commercial activities
100
De La Rue International Limited
Trading
100
De La Rue Overseas Limited
Holding company
100
De La Rue Finance Limited
Internal financing
100
De La Rue Investments Limited
Holding company
100
Portals Group Limited2
Holding company
100
De La Rue Consulting Services Limited
Trading
100
De La Rue Healthcare Trustee Limited
Dormant
100
De La Rue Pension Trustee Limited
Dormant
100
De La Rue Scandinavia Limited
Holding company
100
Harrison & Sons Limited
Non-trading
100
Portals Holdings Limited
Dormant
100
Portals Property Limited
Trading
100
De La Rue House, Jays Close, Viables, 
Basingstoke, Hampshire RG22 4BS,  
United Kingdom
Guernsey
The Burnhill Insurance Company Limited,  
Level 5, Mill Court, La Charroterie, St Peter Port, 
GY1 1EJ, Guernsey
Insurance
100
De La Rue (Guernsey) Limited,  
PO Box 142, Suite 2, Block C, Hirzel Court,  
St Peter Port, GY1 3HT, Guernsey 
Non-trading
100
Ireland
Thomas De La Rue and Company  
(Ireland) Limited,  
Floor 3, Block 3, Miesian Plaza, Dublin 2,  
D02 Y754, Ireland
Dormant
100
Malta
De La Rue Currency and Security Print Limited,  
B40/43 Industrial Estate, Bulebel, Zejtun, Malta
Trading
100
Netherlands
De La Rue BV,  
Hoogoorddreef 15, 1101 BA, Amsterdam, 
Netherlands
Non-trading
100
Sweden
De La Rue (Sverige) AB,  
Box 6343, 102 35 Stockholm, Sweden
Non-trading
100
Country of 
incorporation
Name and Registered Office address and operation
Activities
De La Rue 
interest %
Switzerland
Thomas De La Rue A.G.,  
Boulevard de Pérolles 7, c/o Cédric Page, 
Hartmann Dreyer, 1700 Fribourg, Switzerland
Holding company
100
North America
USA
De La Rue North America Holdings Inc.3
Holding company
100
De La Rue Authentication Solutions Inc.,  
1750 North 800 West, Logan, Utah 84321, USA
Trading
100
Canada
De La Rue Canada One Limited,  
1400-340 Albert Street, Ottawa, ON K1R 0A5, 
Canada
Non-trading
100
South America
Brazil
De La Rue Cash Systems Industrias Limitada4,  
Rua Boa Vista, 254, 13th Floor, Suite 40, Centro, 
Sao Paulo, State of Sao Paulo, 01014-907, Brazil
Non-trading
100
De La Rue Cash Systems Limitada4,  
Rua Boa Vista, 254, 13th Floor, Suite 41, Centro, 
Sao Paulo, State of Sao Paulo, 01014-907, Brazil
Trading
100
Africa
Kenya
De La Rue Currency and Security Print Limited
Trading
100
De La Rue Kenya EPZ Limited,  
ABC Towers, 6th Floor, ABC Place, Waiyaki Way, 
Nairobi, Kenya
Trading
60
Nigeria
De La Rue Commercial Services Limited,  
7th Floor, Marble House, 1 Kingsway Road, Ikoyi, 
Lagos, Nigeria
Trading
100
Senegal
De La Rue West Africa SARL,  
Ouakam, derrière l’hôpital, Lot No 43,  
Dakar, Senegal
Trading
100
South Africa
De La Rue Global Services (SA) (Pty) Limited,  
Wanderers Office Park, 52 Corlett Drive, Illovo, 
Johannesburg, 2196, South Africa
Non-trading
100
Ghana
De La Rue Buck Press LTD,  
Buck Press Building, Accra-Nsawam Hwy, Accra, 
Ga West, Greater Accra, P.O. Box AN 12321, Accra 
GA/R, Ghana
Trading
49
Australia and 
Oceania
Australia
De La Rue Australia Pty Limited,  
Level 7, 151 Clarence Street, Sydney  
NSW 2000, Australia
Trading
100
189	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
Country of 
incorporation
Name and Registered Office address and operation
Activities
De La Rue 
interest %
Far East and Asia
China
De La Rue Security Technology (Beijing) Co. Ltd,  
Room 1-053, Building No.1, Yard 4, East 
Beitucheng Road, Chaoyang District, Beijing,  
PR, China
Trading
100
Hong Kong
Thomas De La Rue (Hong Kong) Limited,  
Suite 1106-8, 11/F Tai Yau Building, No 181 Johnson 
Road, Wanchai, Hong Kong
Trading
100
Sri Lanka
De La Rue Lanka Currency and Security Print 
(Private) Limited,  
Export Processing Zone, Biyagama, Malwana,  
Sri Lanka
Trading
60
India
De La Rue India Private Limited,  
312 Vardaan House, 7/28 Ansari Road, Darya 
Gank, Central Delhi, Delhi, 110002, India
Trading
100
Malaysia
De La Rue Asia Sdn. Bhd.,  
No. 256B, Jalan Bandar 12, Taman Melawati, 53100 
Kuala Lampur, Wilayah Persekutuan, Malaysia
Non-Trading
100
Qatar
De La Rue Doha LLC,  
Desk BL24, 22nd Floor, Tornado Tower, Westbay, 
Doha, Qatar
Trading
100
Singapore
De La Rue Currency and Security Print Pte Ltd,  
80 Raffles Place, #32-01, UOB Plaza, 048624, 
Singapore
Non-trading
100
United Arab 
Emirates
De La Rue FZCO,  
Dubai Airport Free Zone Authority, Building 6 East 
B, Smart Office number 339-SD52, Dubai, United 
Arab Emirates
Trading
100
Saudi Arabia
De La Rue Communication and Information 
Technology Co LLC,  
Akaria Plaza, Gate “D”, Level 6, Olaya Main St, 
Riyadh, 1148, Kingdom of Saudi Arabia
Trading
100
Associates
Switzerland
Fidink S.A.
Trading
33
Notes:
1	
Ordinary shares held directly by De La Rue plc.
2	
Ordinary shares, cumulative preference shares and deferred shares.
3	
Common stock.
4	
Quotas.
29  Non-controlling interest
The Group has three subsidiaries with material non-controlling interests:
	
– De La Rue Buck Press Limited, whose country of incorporation is Ghana;
	
– De La Rue Lanka Currency and Security Print (Private) Limited, whose country of 
incorporation is Sri Lanka; and
	
– De La Rue Kenya EPZ Limited, whose country of incorporation and operation is Kenya.
The accumulated non-controlling interest of the subsidiary at the end of the reporting period is 
shown in the Group balance sheet. The following table summarises the key information relating 
to these subsidiaries, before intra-group eliminations.
Ghana
Sri Lanka
Kenya1
Ghana
Sri Lanka
Kenya
Non-controlling interest 
percentage
51%
40%
40%
51%
40%
40%
2024
£m
2024
£m
2024
£m
2023
£m
2023
£m
2023
£m
Non-current assets
0.1
6.0
0.2
–
7.7
0.2
Current assets
7.1
30.0
20.3
8.9
30.5
22.8
Non-current liabilities
–
(0.5)
–
–
(0.4)
–
Current liabilities
(4.6)
(13.5)
(11.2)
(5.7)
(10.6)
(13.7)
Net assets (100%)
2.6
22.0
9.3
3.2
27.2
9.3
28  Subsidiaries and associated companies as at 30 March 2024 continued
190	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts  continued
29  Non-controlling interest continued
2024
£m
2024
£m
2024
£m
2023
£m
2023
£m
2023
£m
Revenue
10.9
33.8
0.2
13.8 
35.0 
16.8 
Profit/(loss) for the year
(0.2)
2.7
(0.2)
2.2 
1.2 
(7.3)
(Loss)/profit allocated to 
non-controlling interest 
(0.1)
1.1
(0.1)
1.1 
0.5 
(2.9)
Dividends declared by 
non-controlling interest
–
3.2
–
– 
0.8 
– 
Cash flows from operating 
activities
(3.7)
6.6
(0.3)
2.9 
8.9 
0.8 
Cash flows from investing 
activities
(0.1)
(0.1)
0.1
– 
(0.2)
(0.3)
Cash flows from financing 
activities
–
(7.9)
–
– 
(1.9)
(0.1)
Net (decrease)/increase in 
cash and cash equivalents
(3.8)
(1.4)
(0.2)
2.9 
6.8 
0.4 
Note:
1	
In January 2023, the Group announced that it has suspended banknote printing operations in Kenya. Operations ceased in FY24 (note 5).
30  Post balance sheet events
As announced to the market on 30 May 2024, the Group is currently exploring certain strategic 
options in relation to the sale of the whole group or each of its divisions. As a result, a number of 
parties have made proposals in relation to both the Group’s divisions, the furthest advanced 
being for the Authentication division. These workstreams continue, but at the date of the 
approval of the financial statements, no formal agreement has been entered into.
191	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes
2024 
£m
2023 
£m
Fixed assets
Investments in subsidiaries
3a
72.9
71.8
72.9
71.8
Current assets
Debtors: receivable within one year
4a
113.9
–
Cash at bank and in hand
0.2
1.0
114.1
1.0
Creditors:
Amounts falling due within one year
5a
(1.4)
(0.2)
(1.4)
(0.2)
Net current assets
112.7
0.8
Total assets less current liabilities
185.6
72.6
Net assets
185.6
72.6
Capital and reserves
Share capital
6a
89.0
88.8
Share premium account
42.3
42.2
Capital redemption reserve
5.9
5.9
Profit and loss account
48.4
(64.3)
Total shareholders’ funds
185.6
72.6
The profit for the year of the Company was £111.3m (FY23: loss £197.1m).
Approved by the Board on 24 July 2024.
Clive Vacher 	
	
Dean Moore
Chief Executive Officer 	
Interim Chief Financial Officer
Company balance sheet
at 30 March 2024 
192	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Share 
capital 
£m
Share 
premium 
account 
£m
Capital 
redemption 
reserve 
£m
Other
reserve
£m
Profit and 
loss account 
£m
Total 
equity 
£m
Balance at 26 March 2022
88.8
42.2
5.9
51.9
78.6
267.4
Loss for the financial year 
–
–
–
–
(197.1)
(197.1)
Reclassification between 
reserves
–
–
–
(51.9)
51.9
–
Employee share scheme: 
– value of services provided
–
–
–
–
1.9
1.9
Other – unclaimed dividends
–
–
–
–
0.4
0.4
Balance at 25 March 2023
88.8
42.2
5.9
–
(64.3)
72.6
Profit for the financial year 
–
–
–
–
111.3
111.3
Share capital issued
0.2
0.1
–
–
–
0.3
Employee share scheme: 
- value of services provided
–
–
–
–
1.4
1.4
Balance at 30 March 2024
89.0
42.3
5.9
–
48.4
185.6
Share premium account
This reserve arises from the issuance of shares for consideration in excess of their nominal 
value.
Capital redemption reserve
This reserve represents the nominal value of shares redeemed by the Company.
Other reserve
On 1 February 2000, the Company issued and credited as fully paid 191,646,873 ordinary shares 
of 25p each and paid cash of £103.7m to acquire the issued share capital of De La Rue plc 
(now De La Rue Holdings Limited), following the approval of a High Court Scheme of 
Arrangement. In exchange for every 20 ordinary shares in De La Rue plc, shareholders 
received 17 ordinary shares plus 920p in cash. The other reserve of £83.8m arose as a result 
of this transaction and is a permanent adjustment to the consolidated financial statements.
On 17 June 2020 the Company announced that it would issue new ordinary shares via a 
“cash box” structure to raise gross proceeds of £100m, in order to provide the Company and its 
management with operational and financial flexibility to implement De La Rue’s turnaround plan, 
which was first announced by the Company earlier in the year. The cash box completed on 
7 July 2020 and consisted of a firm placing and open offer. The Company issued 90.9m new 
ordinary shares each with a nominal value of 44 152/175p, at a price of 110p per share (giving 
gross proceeds of £100m). A “cash box” structure was used in such a way that merger relief 
was available under Companies Act 2006, section 612 and thus no share premium needed 
to be recorded and instead an ‘other reserve’ of £51.9m was recorded. This section applies 
to shares which are issued to acquire non-equity shares (such as the Preference Shares) 
issued as part of the same arrangement.
The Company recorded share capital equal to the aggregate nominal value of the ordinary 
shares issued (£40.8m) and merger reserve equal to the difference between the total proceeds 
net of costs and share capital. As the cash proceeds received by De La Rue plc were loaned via 
intercompany account to a subsidiary company to enable a substantial repayment of the RCF, 
the increase to other reserves of £51.9m was treated as an unrealised profit. In the year ended 
25 March 2023, the Company recorded an impairment of the intercompany loan. As a matter 
of generally accepted accounting practice, a profit previously regarded as unrealised becomes 
realised when there is a loss recognised on the write-down for depreciation, amortisation, 
diminution in value or impairment of the related asset. In the year ended 25 March 2023, the 
£51.9m previously treated as unrealised within Other Reserves is now treated as a realised 
amount which could be considered distributable and was reclassified from “Other Reserves” 
to “Profit and Loss Account”.
Given the reversal of the impairment recorded in relation to intercompany during the year 
ended 30 March 2024, the £51.9m is now considered to be unrealised.
Company statement of changes in equity
for the period ended 30 March 2024 
193	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Accounting policies – Company
Basis of preparation
The financial statements of De La Rue plc (the Company) have been prepared in accordance 
with the revised Financial Reporting Standard 102. The presentation and functional currency 
of these financial statements is GBP. 
Under section s408 of the Companies Act 2006 the Company is exempt from the requirement 
to present its own profit and loss account. 
In accordance with FRS 102, the Company meets the definition of a qualifying entity and has 
therefore taken advantage of the exemptions from the following disclosure requirements listed 
below:
	
– Disclosures in respect of transactions with wholly owned subsidiaries
	
– Cash Flow Statement and related notes
	
– Key Management Personnel compensation 
As the consolidated financial statements of the Company include the equivalent disclosures, 
the Company has also taken the exemptions under FRS 102 available in respect of the following 
disclosures:
	
– Share based payment – share based payment expense charged to profit or loss, 
reconciliation of opening and closing number and weighted average exercise price 
of share options, how the fair value of options granted was measured and explanation 
of modifications to arrangements; 
	
– The disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other 
Financial Instrument Issues in respect of financial instruments not falling within the fair 
value accounting rules of Paragraph 36(4) of Schedule 1; and
	
– The Company proposes to continue to adopt FRS 102 with the above disclosure exemptions 
in its next financial statements.
Judgements made by the Directors, in the application of these accounting policies that have 
significant effect on the financial statements and estimates with a significant risk of material 
adjustment in the next year are discussed below.
Critical accounting estimates 
Carrying amount of “Investment in Subsidiary” and “Amounts owed by Group 
undertakings”: 
In assessing the recoverable amount of the Company’s “Investment in Subsidiary” and 
previously impaired “Amounts owed to Group undertakings”, management has identified 
a number of indicators of an impairment reversal. These include improved trading in the 
Company’s subsidiaries, expressions of interest in the divisions of the Group and an increase 
in the market capitalisation of the Group. 
As such, management have assessed the fair value less cost to sell and value in use of the group 
to determine if an impairment reversal was appropriate. Having performed this assessment, 
management concluded that the fair value less cost to sell was higher than the value in use 
of the Company’s investment in subsidiaries.
The fair value less cost to sell was based on recent expressions of interest to acquire each 
of the Investment’s two divisions, taking into account the net debt of the subsidiary, amounts 
required to address the risk within the pension scheme and other costs to sell in line with the 
requirements of FRS 102. These expressions of interest were received from third parties and are 
considered to be at arm’s length. Management considers that this provides objective evidence 
of an event after the impairment was recognised which leads to a reversal. This assessment 
concluded that both the Investment in Subsidiary (£72.9m) and the gross value of the Amounts 
owed by group undertakings were recoverable. As a such, no impairment charge has been 
recorded in relation to “Investment in Subsidiary” in FY24 (FY23: £85.6m) and a reversal of 
the previous impairment charge of £113.9m is recognised in FY24 relating to “Amounts owed 
by Group undertakings”.
A reversal of the impairment recorded in FY23 has been recorded in FY24 (£113.9m). In FY23 
the present value of the estimated cash flows for amounts owed by group undertakings was 
concluded to be nil due to the time period over which the expected cashflows were due to 
be recovered. Given the factors included within Critical Accounting Estimates, specifically the 
acceleration of the timing of expected cashflows related to the expressions of interest in both 
divisions, a reversal of the impairment has been recorded in FY24.
A reduction or increase in the fair value less cost to sell of 1% would result in a reduction or 
increase of 2.6% in the carrying value of the Investment.
The accounts have been prepared as at 30 March 2024, being the last Saturday in March. 
The comparatives for the FY23 financial period are for the period ended 25 March 2023.
Other than as described below, the following accounting policies have been applied 
consistently to all periods presented in these financial statements as at, and for the period 
ended, 25 March 2023, apart from standards, amendments to or interpretations of published 
standards adopted during the year. 
Measurement convention
The financial statements are prepared on the historical cost basis.
194	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Accounting policies – Company  continued
Foreign currencies
Amounts receivable from overseas subsidiaries which are denominated in foreign currencies 
are translated into sterling at the appropriate period end rates of exchange. Exchange gains and 
losses on translating foreign currency amounts are included within the interest section of the 
profit and loss account except for exchange gains and losses associated with hedging loans 
that are taken to reserves.
Transactions in foreign currencies are translated into the functional currency at the rates of 
exchange prevailing at the dates of the individual transactions. Monetary assets and liabilities 
denominated in foreign currencies are subsequently retranslated at the rate of exchange ruling 
at the balance sheet date. Such exchange differences are taken to the profit and loss account.
Dividends
Under FRS 102, final ordinary dividends payable to the shareholders of the Company are 
recognised in the period that they are approved by the shareholders. Interim ordinary 
dividends are recognised in the period that they are paid.
Investments in subsidiaries
These are separate financial statements of the Company. In the transition to FRS 102 the 
Company took the first-time adoption exemption for separate financial instruments and as 
such the carrying amount of the Company’s cost of investment in subsidiaries is its deemed 
cost at transition date, 30 March 2014, and subsequently measured at cost less impairment.
Employee benefits
Defined benefit plans
The pension rights of the Company’s employees are dealt with through a self-administered 
scheme, the assets of which are held independently of the Group’s finances. The scheme is a 
defined benefit scheme and is largely closed to future accrual. The Group agrees deficit funding 
with the scheme Trustees and Pension Regulator. The Company is a participating employer but 
the Group has adopted a policy whereby the scheme funding and deficit are recorded in the 
main UK trading subsidiary of the Company, De La Rue International Limited, which pays all 
contributions to the scheme and hence these are not shown in the Company accounts. Full 
details of the scheme can be found in note 23 to the consolidated financial statements.
Share-based payment transactions
Full details of the share-based payments schemes operated by the Group are found in note 20 
to the consolidated financial statements.
Taxation
The charge for taxation is based on the result for the year and takes into account taxation 
deferred because of timing differences between the treatment of certain items for taxation 
and accounting purposes.
Deferred tax is recognised, without discounting, in respect of all timing differences between 
the treatment of certain items for taxation and accounting purposes which have arisen but 
not reversed by the balance sheet date, except as otherwise required by FRS 102.
Financial guarantee contracts
Where the Company enters into financial guarantee contracts to guarantee the indebtedness 
of other companies within the Group, the Company considers these to be insurance 
arrangements and accounts for them as such. In this respect, the Company treats the 
guarantee contract as a contingent liability until such time as it becomes probable that 
the Company will be required to make a payment under the guarantee.
195	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Notes to the accounts – Company
1a  Employee costs and numbers
Employee costs are borne by De La Rue Holdings Limited. For details of Directors’ remuneration, 
refer to disclosures in the Directors’ remuneration report on pages 94 to 112 relating to Executive 
Directors.
2024
number
2023 
number
Average employee numbers
4
3
2a  Auditor’s remuneration
Auditor’s remuneration is borne by De La Rue Holdings Limited. For details of auditor’s 
remuneration, see note 4 to the consolidated financial statements.
3a  Investment in subsidiary
The Investment in subsidiary is stated at deemed cost in the balance sheet, less provision for 
impairment.
2024
£m
2023 
£m
Investment comprises:
Investment in subsidiary
72.9
71.8
Cost at 25 March 2023 and 26 March 2022
71.8
155.8
Additions
1.1
1.6
Impairment
–
(85.6)
Cost at 30 March 2024 and 25 March 2023
72.9
71.8
Where the Company grants share options over its own shares to the employees of its subsidiary 
undertakings these awards are accounted for by the Company, as an additional investment in 
its subsidiary. The costs are determined in accordance with FRS 102. Any payments made by 
the subsidiary undertaking in respect of these arrangements are treated as a return of this 
investment.
For further details on the impairment, see the ‘Critical accounting estimates and judgements’ 
section on page 194 of Accounting Policies.
For details of investments in Group companies, refer to the list of subsidiary and associated 
undertakings in note 28 to the consolidated financial statements.
4a  Debtors
The amounts owed by Group undertakings are repayable on demand but are not expected to 
be realised within 12 months. Refer to page 194 for the details of the impairment reversal.
2024
£m
2023 
£m
Amounts falling due within one year 
Amounts owed by Group undertakings
113.9
–
113.9
–
5a  Creditors
2024
£m
2023 
£m
Amounts falling due within one year 
Amounts due to Group undertakings
1.3
–
Accruals and deferred income 
0.1
0.2
1.4
0.2
6a  Share capital
For details of share capital, see note 19 to the consolidated financial statements.
7a  Share based payments
The Company operates various equity option schemes although the majority of plans are 
settled by the issue of shares. The services received from employees are measured by 
reference to the fair value of the share options. The fair value is calculated at grant date 
and recognised in the profit and loss account, together with a corresponding increase in 
shareholders’ funds, on a straight line basis over the vesting period, based on an estimate of the 
number of shares that will eventually vest. Vesting conditions, other than market conditions, are 
not taken into account when estimating the fair value. FRS 102 has been applied to share settled 
share options granted after 7 November 2002.
Where the Company grants options over its own shares to the employees of its subsidiary 
undertakings these awards are accounted for by the Company, as an additional investment in its 
subsidiary. The costs are determined in accordance with FRS 102. Any payments made by the 
subsidiary undertaking in respect of these arrangements are treated as a return of this investment.
For details of share-based payments, see note 20 to the consolidated financial statements 
and the Directors’ remuneration report on pages 94 to 112.
8a  Related party transactions
The Company has no transactions with or amounts due to or from subsidiary undertakings 
that are not 100% owned either directly by the Company or by its subsidiaries. For details 
of key management compensation, see note 27 to the consolidated financial statements.
196	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Non-IFRS measures
De La Rue plc publishes certain additional information in a non-statutory format in order to 
provide readers with an increased insight into the underlying performance of the business. 
These non-statutory measures are prepared on a basis excluding the impact of exceptional 
items and amortisation of intangibles acquired through business combinations, as they are not 
considered to be representative of underlying business performance. The measures the Group 
uses along with appropriate reconciliations to the equivalent IFRS measures where applicable 
are shown in the following tables.
The Group’s policy on classification of exceptional items is also set out below:
The Directors consider items of income and expenditure which are material by size and/or by 
nature and not representative of normal business activities should be disclosed separately in 
the financial statements so as to help provide an indication of the Group’s underlying business 
performance. The Directors label these items collectively as ‘exceptional items’. Determining 
which transactions are to be considered exceptional in nature is often a subjective matter. 
However, circumstances that the Directors believe would give rise to exceptional items for 
separate disclosure would include: gains or losses on the disposal of businesses, curtailments 
on defined benefit pension arrangements or changes to the pension scheme liability which are 
considered to be of a permanent nature such as the change in indexation or the GMPs, and 
non-recurring fees relating to the management of historical scheme issues, restructuring of 
businesses, asset impairments and costs associated with the acquisition and integration of 
business combinations. All exceptional items are included in the appropriate income statement 
category to which they relate.
A  Adjusted operating profit
Adjusted operating profit represents earnings from continuing operations adjusted to exclude 
exceptional items and amortisation of acquired intangible assets.
2024
£m
2023 
£m
Operating profit/(loss) from continuing operations on an IFRS basis 
5.8
(20.3)
Amortisation of acquired intangible assets 
1.0
1.0
Exceptional items
14.2
47.1
Adjusted operating profit from continuing operations
21.0
27.8
B  Adjusted basic earnings per share
Adjusted earnings per share are the earnings attributable to equity shareholders, excluding 
exceptional items and amortisation of acquired intangible assets and discontinued operations 
divided by the weighted average basic number of ordinary shares in issue. It has been 
calculated by dividing the De La Rue plc’s adjusted operating profit from continuing operations 
for the period by the weighted average basic number of ordinary shares in issue excluding 
shares held in the employee share trust.
2024
£m
2023 
£m
Loss attributable to equity shareholders of the Company  
from continuing operations on an IFRS basis
(20.0)
(55.9)
Amortisation of acquired intangible assets
1.0
1.0
Exceptional items
14.2
47.1
Tax on amortisation of acquired intangible assets
(0.3)
(0.3)
Tax on exceptional items
(5.2)
5.1
Adjusted loss attributable to equity shareholders of the Company  
from continuing operations
(10.3)
(3.0)
Weighted average number of ordinary shares for basic earnings
195.7
195.4
Continuing operations
 2024
pence per 
share
2023
pence per 
share
Basic earnings per ordinary share on an IFRS basis
(10.2)
(28.6)
Basic adjusted earnings per ordinary share
(5.3)
(1.5)
Diluted adjusted earnings per ordinary share1
(5.3)
(1.5)
Note:
1 	
As there is a loss from continuing operations attributable to the ordinary equity shareholders of the Company for the year, the Diluted 
EPS is reported as equal to Basic EPS, as no account can be taken of the effect of dilutive securities under IAS 33.
C  Net Debt
Net Debt is a non-IFRS measure. See note 21 for details of how net debt is calculated.
197	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Non-IFRS measures  continued
D  Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA represents earnings from continuing operations before the deduction 
of interest, tax, depreciation, amortisation and exceptional items. 
The EBITDA margin percentage takes the applicable EBITDA figure and divides this by the 
continuing revenue in the period of £310.3m (FY23: £349.7m). The covenant test (note 13(b)) 
uses earlier accounting standards and excludes adjustments for IFRS 16 and takes into 
account lease payments made.
2024 
£m
2023
£m
Loss for the year 
(19.1)
(57.2)
Add back:
Taxation
3.7
27.6
Net finance expenses
21.2
9.3
Profit/(loss) before interest and taxation from continuing operations 
5.8
(20.3)
Add back:
Depreciation of property, plant and equipment
10.9
12.5
Depreciation of right-of-use assets
2.5
2.2
Amortisation of intangible assets 
5.9
5.3
EBITDA 
25.1
(0.3)
Exceptional items
14.2
47.1
Adjusted EBITDA
39.3
46.8
Revenue £m
310.3
349.7
EBITDA margin 
8.1%
(0.1)%
Adjusted EBITDA margin
12.7%
13.4%
The adjusted EBITDA split by division was as follows:
FY24
Currency
£m
Authentication
£m
Identity 
Solutions
£m
Central
£m
Total of 
continuing 
operations 
£m
Operating (loss)/profit on IFRS basis
(1.0)
12.9
–
(6.1)
5.8
Add back:
Net exceptional items
7.4
0.7
–
6.1
14.2
Depreciation of property, plant and 
equipment and right-of-use assets
9.8
2.7
–
0.9
13.4
Amortisation of intangible assets
1.2
4.6
–
0.1
5.9
Adjusted EBITDA
17.4
20.9
–
1.0
39.3
FY23
Currency
£m
Authentication
£m
Identity 
Solutions
£m
Central
£m
Total of 
continuing 
operations 
£m
Operating (loss)/profit on IFRS basis
(24.8)
5.4
(0.2)
(0.7)
(20.3)
Add back:
Net exceptional items
38.4
7.9
0.1
0.7
47.1
Depreciation of property, plant and 
equipment and right-of-use assets
11.1
2.6
–
1.0
14.7
Amortisation of intangible assets
1.3
3.4
–
0.6
5.3
Adjusted EBITDA
26.0
19.3
(0.1)
1.6
46.8
198	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Non-IFRS measures  continued
E  Adjusted controllable operating profit by division
Adjusted controllable operating profit represents earnings from continuing operations of 
the on-going divisions adjusted to exclude exceptional items and amortisation of acquired 
intangible assets and costs relating to the enabling functions such as Finance, IT and Legal 
that are deemed to be attributable only to the on-going two divisional structure model. 
Key reporting metrics for monitoring the divisional performance is linked to gross profit and 
controllable profit (being adjusted operating profit before the allocation of enabling function 
overheads), with the enabling functional cost base being managed as part of the overall 
business key Turnaround Plan objectives.
FY24
Currency
£m
Authentication
£m
Identity 
Solutions
£m
Central
£m
Total of 
continuing 
operations 
£m
Operating (loss)/profit on IFRS basis
(1.0)
12.9
–
(6.1)
5.8
Amortisation of acquired intangibles
–
1.0
–
–
1.0
Net exceptional items
7.4
0.7
–
6.1
14.2
Adjusted operating profit/(loss) (note 1)
6.4
14.6
–
–
21.0
Enabling function overheads
23.1
10.8
–
(33.9)
–
Adjusted controllable operating 
profit/(loss)
29.5
25.4
–
(33.9)
21.0
FY23
Currency
£m
Authentication
£m
Identity 
Solutions
£m
Central
£m
Total of 
continuing 
operations 
£m
Operating (loss)/profit on IFRS basis
(24.8)
5.4
(0.2)
(0.7)
(20.3)
Amortisation of acquired intangibles
–
1.0
–
–
1.0
Net exceptional items
38.4
7.9
0.1
0.7
47.1
Adjusted operating profit/(loss) (note 1)
13.6
14.3
(0.1)
–
27.8
Enabling function overheads
24.0
8.7
–
(32.7)
–
Adjusted controllable operating 
profit/(loss)
37.6
23.0
(0.1)
(32.7)
27.8
F  Covenant ratios
The following covenant ratios are applicable to the Group’s banking facilities as at 30 March 2024.
1.  Covenant net debt to EBITDA ratio
For covenant purposes the Net debt/EBITDA ratio is required to be less than or equal 
to 4.0 times until the Q4 2024 testing point. This then reduces to less than or equal to 
3.6 times from Q1 FY25 through to the end of the current agreement to 1 July 2025. 
The definitions of “covenant net debt” and “covenant EBITDA” are different to those provided 
in note C and D above. These are defined below:
2024 
£m
Borrowings 
(118.7)
Cash and cash equivalents
29.3
Net debt (note 21)
(89.4)
Trapped and other cash adjustments per banking facilities agreement
(15.0)
Covenant net debt
(104.4)
2024 
£m
Adjusted EBITDA (note D)
39.3
Adjustments per banking facilities agreement:
IFRS 16 leases adjustment
(3.0)
Bank guarantee fees
1.2
Covenant EBITDA
37.5
2024 
£m
Covenant net debt to EBITDA ratio
2.78
199	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Non-IFRS measures  continued
F  Covenant Ratios continued
2.  Covenant EBIT/net interest payable ratio
For covenant purposes the EBIT/net interest payable ratio is required to be more than 
or equal to 1.0 times.
The definition of “covenant EBIT” and “covenant net interest payable” are provided below:
2024 
£m
Adjusted operating profit 
21.0
Adjustments per banking facilities agreement:
IFRS 16 leases adjustment (note 22)
(0.5)
Bank guarantee fees
1.2
Covenant EBIT
21.7
2024 
£m
Interest on bank loans (note 6)
12.3
Other, including amortisation of finance arrangement fees (note 6)
3.7
Adjustments per banking facilities agreement:
Exclude amortisation of finance arrangement fees
(0.7)
Exclude arrangement fees
(2.5)
Include bank guarantee fees
1.2
Covenant net interest payable
14.0
2024 
£m
Covenant EBIT/net interest payable ratio
1.55
Covenant test results as at 30 March 2024:
Test
Requirement
Actual at 
30 March 2024
EBIT to net interest payable
More than or equal to 1.0 times
1.55
Net debt to EBITDA
Less than or equal to 4.0 times
2.78
Minimum liquidity testing
Testing at each weekend point on a 4-week historical 
basis and 13-week forward looking basis. The minimum 
liquidity is defined as “available cash and undrawn RCF 
greater than or equal to £10m”.
No 
breaches
G  Free cash flow
Free cash flow is a Key Performance Indicator for the Group and shows how much cash is being 
generated for shareholders and is a metric used in assessment of the Group’s Performance 
Share Plan. Free cash flow is defined below:
2024 
£m
2023
£m
Cash generated from operating activities
28.5
24.8
Add back: Pension recovery plan payments
–
16.5
Deduct: Purchases of property, plant and equipment (net of grants received)
(4.1)
(11.0)
Deduct: Purchases of software intangibles and development assets capitalised 
(4.6)
(10.4)
Add back: Receipt from repayment of other financial assets
0.3
–
Deduct: Lease liability payments
(2.5)
(2.4)
Deduct: Interest paid
(14.1)
(10.3)
Deduct: Dividends paid to non-controlling interests
(3.2)
(0.8)
Free cash flow
0.3
6.4
200	De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Five-year record
Income Statement
2020 
£m
2021 
£m
2022
£m
2023
£m
2024
£m
Revenue
472.1
397.4
375.1
349.7
310.3
Other operating income
–
–
–
–
0.7
Adjusted operating profit 
23.7
38.1
36.4
27.8
21.0
– Amortisation of acquired intangible assets
(0.9)
(1.0)
(1.0)
(1.0)
(1.0)
– Net exceptional items 
20.0
(22.6)
(5.7)
(47.1)
(14.2)
Operating profit/(loss)
42.8
14.5
29.7
(20.3)
5.8
Interest income
1.0
0.8
0.9
1.2
0.5
Interest expense
(6.1)
(7.1)
(6.2)
(11.6)
(19.2)
Retirement benefit obligation net finance 
expense/income
(1.6)
1.7
(0.2)
1.1
(2.5)
Profit/(loss) before taxation from 
continuing operations
36.1
9.9
24.2
(29.6)
(15.4)
Taxation
–
(1.4)
(1.3)
(27.6)
(3.7)
Profit/(loss) after taxation from continuing 
operations
36.1
8.5
22.9
(57.2)
(19.1)
(Loss)/profit from discontinued operations
(0.3)
(0.4)
0.8
–
–
Profit/(loss) for the year
35.8
8.1
23.7
(57.2)
(19.1)
Equity non-controlling interests 
(1.7)
(2.2)
(2.2)
1.3
(0.9)
Profit/(loss) for the year attributable to 
equity shareholders
34.1
5.9
21.5
(55.9)
(20.0)
Dividends
–
–
–
–
–
Dividends per ordinary share
n/a
n/a
n/a
n/a
n/a
Earnings per share (‘EPS’)
Basic EPS – continuing operations
30.3
3.7
10.6
(28.6)
(10.2)
Basic EPS – discontinued operations
(0.3)
(0.3)
0.4
–
–
Diluted EPS – continuing operations
30.2
3.7
10.5
(28.6)
(10.2)
Diluted EPS – discontinued operations
(0.3)
(0.3)
0.4
–
–
Adjusted basic EPS – continuing operations
11.1
14.7
13.0
(1.5)
(5.3)
Balance sheet
2020 
£m
2021 
£m
2022
£m
2023
£m
2024
£m
Non-current assets 
233.2
175.5
203.4
154.4
132.9
Net current (liabilities)/assets 1
(19.2)
21.3
43.5
15.3
21.3
Net debt 
(102.8)
(52.3)
(71.4)
(82.4)
(89.4)
Non-current liabilities1
(22.8)
(33.1)
(13.7)
(64.7)
(62.2)
Equity non-controlling interests 
(15.5)
(16.4)
(18.0)
(15.9)
(13.3)
Total equity attributable to shareholders 
of the Company
72.9
95.0
143.8
6.7
(10.7)
Note:
1	
Excludes amounts included in net debt (note 21).
201	 De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Shareholder information
Electronic voting
All shareholders can submit proxies 
for the AGM electronically by logging 
on to Computershare’s website at 
www.investorcentre.co.uk/eproxy
Electronic shareholder 
communications
Shareholders can register online 
at www.investorcentre.co.uk to 
receive statutory communications 
electronically rather than through 
the post. Shareholders who choose 
this option will receive an email 
notification each time the Group 
publishes new shareholder 
documents on its website. 
Shareholders will need to have their 
shareholder reference number (SRN) 
available when they first log in. 
This 11 character number (which 
starts with the letter C or G) can 
be found on share certificates 
and dividend tax confirmations. 
Shareholders who subscribe for 
electronic communications can 
revert to postal communications 
or request a paper copy of any 
shareholder document at any 
time in the future.
Consolidation of shares 
Where registered shareholdings are 
represented by several individual 
share certificates, shareholders may 
wish to have these replaced by one 
consolidated certificate. 
The Company will meet the cost 
for this service. Share certificates 
should be sent to the Company’s 
registrar together with a letter 
of instruction.
Capital gains tax
March 1982 valuation
The price per share on 31 March 1982 
was 617.5p.
Shareholders are advised to refer to 
their brokers/financial advisers for 
detailed advice on individual capital 
gains tax calculations.
Share dealing facilities
Computershare, the Company’s 
registrar, provides a simple way 
to sell or purchase De La Rue plc 
shares. For further information 
please visit their website, 
www-uk.computershare.com/
Investor/#ShareDealingInfo or 
telephone +44 (0)370 703 0084 
between 08:00 and 16:30 (UK time) 
on Monday to Friday, excluding UK 
bank holidays.
Warning to shareholders – investment fraud 
We are aware that some of our shareholders have received unsolicited 
telephone calls or correspondence offering to buy or sell their shares on 
very favourable terms. The callers can be very persuasive and extremely 
persistent and often have professional-looking websites and telephone 
numbers to support their activities. These callers will sometimes imply a 
connection to De La Rue and provide incorrect or misleading information. 
This type of call should be treated as an investment scam – the safest 
thing to do is hang up and ignore any written communications.
You should always check that any firm calling you about potential 
investment opportunities is properly authorised and regulated by the 
FCA. If you deal with an unauthorised firm you will not be eligible for 
compensation under the Financial Services Compensation Scheme. 
You can find out more about protecting yourself from investment 
scams by visiting the FCA’s website www.fca.org.uk/consumers, 
or by calling the FCA’s helpline on 0800 111 6768.
If you have already paid money to share fraudsters contact Action 
Fraud immediately on 0300 123 2040 or through their website, 
www.actionfraud.police.uk.
Registered Office and Company 
Secretary
De La Rue House, 
Jays Close, Viables, 
Basingstoke, 
Hampshire RG22 4BS
Telephone: +44 (0)1256 605000 
De La Rue plc is registered in  
England & Wales with company  
number: 3834125 
Company Secretary: Jon Messent
E-mail: companysecretarial@
delarue.com
Annual General Meeting
The AGM will be held at 12:00pm 
on 25 September 2024 at De La Rue 
House, Jays Close, Viables, 
Basingstoke, Hampshire RG22 4BS. 
Further information is also 
available on the Group’s website, 
www.delarue.com, where there is a 
page containing a range of materials 
relating to the 2024 AGM.
Website
There is a wide range of information 
on the Group and its business 
available on the Company’s website 
www.delarue.com, including:
	
– Information on our business – 
Currency and Authentication
	
– Our priorities and activities in the 
areas of Responsible Business, 
including Environmental, Social 
and Governance (ESG) matters
	
– Share price information
	
– Shareholder services information
	
– Financial information – annual 
and interim reports, financial 
news and presentations 
	
– Regulatory news and press 
releases, including an archive
	
– A Q&A facility for the 2024 AGM
Registrar
Computershare Investor 
Services PLC, 
The Pavilions, 
Bridgwater Road, 
Bristol BS99 6ZZ
Telephone: +44 (0)370 703 6375 
Shareholder enquiries 
Enquiries regarding shareholdings 
or dividends should, in the first 
instance, be addressed to 
Computershare. Details of your 
shareholding(s) and how to make 
amendments to personal details 
can be viewed online at 
www.investorcentre.com.uk
Shareholder helpline telephone:  
+44 (0)370 703 6375
202	De La Rue plc Annual Report 2024
Strategic report
Governance report
Financial statements

Cautionary note regarding 
forward-looking statements
Certain statements contained in 
this document relate to the future 
and constitute ‘forward-looking 
statements’. These forward-looking 
statements include all matters that 
are not historical facts. In some case, 
these forward-looking statements 
can be identified by the use of 
forward-looking terminology, 
including the terms “believes”, 
“estimates”, “anticipates”, “expects”, 
“intends”, “plans”, “may”, “will”, 
“could”, “shall”, “risk”, “aims”, 
“predicts”, “continues”, “assumes”, 
“positioned” or “should” or, in each 
case, their negative or other 
variations or comparable 
terminology. They appear in a 
number of places throughout this 
document and include statements 
regarding the intentions, beliefs 
or current expectations of the 
Directors, De La Rue or the Group 
concerning, amongst other things, 
the results of operations, financial 
condition, liquidity, prospects, 
growth, strategies and dividend 
policy of De La Rue and the 
industry in which it operates.
By their nature, forward-looking 
statements are not guarantees or 
predictions of future performance 
and involve known and unknown 
risks, uncertainties, assumptions 
and other factors, many of which 
are beyond the Group’s control, 
and which may cause the Group’s 
actual results of operations, financial 
condition, liquidity, dividend policy 
and the development of the industry 
and business sectors in which the 
Group operates to differ materially 
from those suggested by the 
forward-looking statements 
contained in this document. 
In addition, even if the Group’s 
actual results of operations, financial 
condition and the development 
of the business sectors in which 
it operates are consistent with the 
forward-looking statements 
contained in this document, those 
results or developments may not be 
indicative of results or developments 
in subsequent periods.
Past performance cannot be 
relied upon as a guide to future 
performance and should not be 
taken as a representation or 
assurance that trends or activities 
underlying past performance will 
continue in the future. Accordingly, 
readers of this documents are 
cautioned not to place undue 
reliance on these forward-looking 
statements.
Other than as required by 
English law, none of the Company, 
its Directors, officers, advisers 
or any other person gives any 
representation, assurance or 
guarantee that the occurrence 
of the events expressed or implied 
in any forward-looking statements 
in this document will actually occur, 
in part or in whole. Additionally, 
statements of the intentions of the 
Board and/or Directors reflect the 
present intentions of the Board 
and/or Directors, respectively, 
as at the date of this document, 
and may be subject to change as 
the composition of the Company’s 
Board of Directors alters, or as 
circumstances require.
The forward-looking statements 
contained in this document speak 
only as at the date of this document. 
Except as required by the UK’s 
Financial Conduct Authority, 
the London Stock Exchange or 
applicable law (including as may 
be required by the UK Listing Rules 
and/or the Disclosure Guidance 
and Transparency Rules), De La Rue 
expressly disclaims any obligation or 
undertaking to release publicly any 
updates or revisions to any forward-
looking statements contained in this 
document to reflect any change in 
the Group’s expectations with regard 
thereto or any change in events, 
conditions or circumstances on 
which any such statement is based.
De La Rue is a registered trademark  
of De La Rue Holdings Limited.
DLR Certify™ is an unregistered trademark  
of De La Rue International Limited.
SAFEGUARD® is a registered trademark  
of De La Rue International Limited.
Traceology® is a registered trademark  
of De La Rue Authentication Solutions Inc.
Designed and produced by Gather 
www.gather.london
Printed by Pureprint Group, ISO 14001 Certified, FSC® 
Certified and a CarbonNeutral® company. The printing 
inks used are all vegetable oil based.
This report is printed on Forest Stewardship Council® 
(FSC®) certified Amadeus Silk paper and board, from 
well managed forests and other controlled sources. 
The manufacturing mill hold EMAS and ISO14001 
environmental certification.

De La Rue plc
De La Rue House 
Jays Close 
Viables 
Basingstoke 
Hampshire 
RG22 4BS
T +44 (0)1256 605000
www.delarue.com