De La Rue extends contract to print Bank of England notes

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De La Rue PLC (LON:DLAR) announced that the Bank of England will extend its existing banknote print contract by three years.

It means that the manufacturer will maintain exclusivity in printing Bank of England banknotes and operating the Bank’s facility in Essex until 2028.

The current contract was awarded to De La Rue in October 2014, becoming effective from April 2015, while the relationship between the two goes back to 2003.

During the current contract, the pair worked on the launch of three new banknote designs on polymer while next year, the release of the new Alan Turing £50 note will complete the polymer set.

“Our relationship with the Bank of England, and the operations in Debden, form a cornerstone of our growth strategy for currency design and print, including the conversion of customers worldwide onto cleaner, more secure SAFEGUARD polymer banknotes,” said De La Rue chief executive Clive Vacher.

“The facilities at Debden produce some of the most technically complex banknotes in the world and we work closely with the Bank of England to reduce the environmental impact of our operations.”

Shares dipped 1% to 135.3p on Friday morning.

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