De La Rue reports higher profits following demand for plastic bank notes
A GLOBAL uplift in demand for plastic bank notes has helped security printer De La Rue coin in higher profits.
The banknote maker said it was determined to play a significant role in the growth of polymer notes, which many central banks believe are more durable and less prone to humidity damage than paper notes.
“Nine countries use our Safeguard plastic note product and demand is growing,” said executive chairman Philip Rogerson.
Despite losing out to Australian rival Innovia to supply the Bank of England’s upcoming £5 and £10 plastic notes De La Rue’s Clydesdale Bank £5 note will become the UK’s first plastic note when it goes into circulation next year.
Despite the resignation of boss Tim Cobbold and strong competition driving down banknote prices De La Rue reported a 43 per cent rise in annual profits to £90.5million.
The group, which prints bank notes for more than 150 currencies, said £20million of savings helped.
Its order book rose 8 per cent to £170million.
Sales of its security products including e-passports also did well. Its shares climbed 64p to 874p.
