De La Rue Authentication Achieves Record Sales, Amid Concerns

De La Rue has announced its full year results for the period ending 30 March 2024, with its Authentication division (which mainly comprises brand protection and tax stamp programmes) achieving record sales of £103.2 million. This figure surpasses the division’s £100 million target, representing a 12.5% increase over 2023. The results are, however, overshadowed by a £235 million loan that becomes payable next July.

During the 2024 fiscal year, the Authentication division secured multi-year renewals on four significant contracts, one of which was with Microsoft for the supply of physical and digital authentication technologies for the company’s OEM, retail and Xbox businesses. With these renewals in place, the division expects future revenue from contracts to be in excess of £350 million, equivalent to around 3.5 years of revenue at current run rates.

During a webinar set up by De La Rue to announce the results and address questions, one stakeholder raised the concern that, in comparison to competitors, the company did not seem to have launched new products or features over the past few years.