Home Market Crystal Amber ups stake in British banknote maker De La Rue

Crystal Amber ups stake in British banknote maker De La Rue

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Crystal Amber, an activist fund backed by Neil Woodford, has yet again raised its stake in beleaguered banknote producer De La Rue.

A company filing showed today that its stake in the British passport maker now sits at 4.58 per cent.

The fund previously upped its stake in De La Rue to 3.11 per cent in April, following a fall in its share price which Crystal Amber told City A.M. left the company ripe for the taking by a hungry competitor.

Read more: Woodford-backed Crystal Amber builds stake in De La Rue after "own goal"

De La Rue took a significant hit that month, thanks to the loss of a government contract for the UK's new blue-topped passports to Franco-Dutch digital security group Gemalto.

The company, which also produces banknotes for the Bank of England, reported a fall in operating profit in its first annual results since losing the passport bid at the end of May. Adjusted operating profit fell 11 per cent to £62.8m while revenue increased seven per cent to £493.9m.

Read more: De La Rue reports profit drop in first results since passport controversy

De La Rue had previously expected profits for the year to be between £71m and £73.4m but revised its guidance downwards after missing out on the passport contract.

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