Security boosts De La Rue profits

Demand for hi-tech anti-forgery features in the production of banknotes has helped boost profits at the worlds largest privately owned currency printer, De La Rue.

Such added-value services helped lift pre-tax profits from 40.6m to 73.7m last year, although sales slipped 1.5% to 610.8m.

The company is reaping the rewards of an 18-month cost-cutting programme that involved shifting production from sites in the UK and Sweden to Russia and China.

"Margin improvements offset volume fall-off," said chief executive Leo Quinn. "We have seen good growth in authentication labels for customers like Microsoft."

As a result, during the year the company was able to return 103.6m to its shareholders.