De La Rue keeps busy with banknotes
Thursday, August 6, 2020
De La Rue’s banknote printing capacity is fully booked until March next year.
In a trading update ahead of its AGM today (6 August), the security printing group’s chairman Kevin Loosemore said the group’s Currency division continued to experience “strong demand”.
The business has been awarded contracts representing “approximately 100% of its available full-year banknote printing capacity for financial year 2020/21”, up from the 80% capacity fill it had said was booked in at its previous trading update, at the beginning of June.
The news comes despite the dramatic switch to contactless transactions driven by Covid-19.
However, it is not clear whether the strong banknote performance will be of any benefit to the firm’s Gateshead plant in the UK, where De La Rue has announced plans to end banknote printing as part of its Turnaround Plan.
Last month the Bank of Ireland and Danske Bank launched new £20 banknotes printed on De La Rue’s Safeguard polymer substrate and featuring new holographic stripes. Ulster Bank is also set to launch £20 polymer notes later this year.
Shares in De La Rue rose by 4.6% to 145.60p this morning.