De La Rue’s stocks fell to 72.2p before stabilising at midday at around 73.7p, a fall of 6.6% on yesterday's closing high of 78.9p.

The suspension of printing in Kenya has meant that the firm now operates with three printing sites in the UK, Malta, and Sri Lanka, a reduction from five sites in 2020.

De La Rue closed its Gateshead print operation in December 2020.

The decision to suspend printing came after reduced global market demand for printed banknotes, according to the firm’s statement, and no expectation of new orders from the Central Bank of Kenya for the next 12 months.

The printer said its constriction of operations would help the firm adjust its print capacity to current market demand, while maintaining its ability to scale up operations when demand recovers. The Kenyan government holds a 40% equity share in De La Rue’s printing operation in the country.

De La Rue’s expansion of its Malta facility will continue unaffected. 

The firm added: “Importantly, the joint venture between De La Rue and the government of Kenya remains active, and the company continues to explore further business opportunities, both in Kenya and for export from Kenya, with a view to restarting production if the economic climate permit.”

De La Rue has also been implicated in an investigation into India’s former finance minister, Arvind Mayaram, by the country’s Central Bureau of Investigation. It has not served either the government of India or its central bank in any capacity since 2016.

It said: “[De La Rue] believes that there is no merit to the allegations that relate to De La Rue and is seeking legal advice in this regard.”