BANKNOTE printer De La Rue says trading is in line with its expectations as it pushes ahead with its plan to cut costs.

The company, which is set to create around 100 jobs at its biggest UK factory in Gateshead when it shifts production from a site in Bedfordshire, is aiming to save £30m over three years to counter a drop in profits early in 2011.

It said the currency division has made “good progress” since its interim results were announced on September 24, while order intake and enquiries were “good and consistent”.

De La Rue designs and produces more than 150 national currencies and makes security documents including passports and driving licences. It employs around 4,000 people worldwide including 180 at the Team Valley.  

It said today: “Implementation of the Improvement Plan is progressing well with further cost reductions being achieved. The early results of revenue growth initiatives are also encouraging.

“Overall the Board remains confident that the Group's trading and financial performance for the year is in line with its expectations.”

De La Rue’s first half revenue stood at £238.1m, with pre-tax profits before exceptionals of £29m. It will publish its full year results at the end of May.