BANKNOTE printer De La Rue says trading is in line with its expectations as it pushes ahead with its plan to cut costs, which includes bringing jobs to the North East from the Home Counties.

The business expects to have completed the closure of a factory in Bedfordshire and the transfer of the work to its biggest UK banknote printing unit at Team Valley in Gateshead within 18 months. Around 100 jobs will be created in the region as a result.

The cost-cutting exercise aims to save the business around £30m over three years, as it gets back on track after a drop in profits early in 2011.

De La Rue said its currency division has made “good progress” since its interim results were announced on September 24, while order intake and inquiries were “good and consistent”.

The group 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: “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.