BANK NOTE printer and anti-counterfeiting specialist De La Rue says trading is “satisfactory” but confirmed orders for its currency division have been lower than expected.
The firm employs 400 people at its biggest bank note printing factory in Gateshead and is creating a further 100 jobs there as shifts work from the south as part of its improvement plan that has a target of achieving a £100m-plus operating profits by 2013/14.
The general trading conditions from the start of April to date were revealed by chairman Nicholas Brookes, ahead of De La Rue’s AGM today.
He said: “The group's trading performance during the period was satisfactory.
“In currency, while the order pipeline remains good, confirmed orders in Quarter 1 for both print and paper were lower than expected, reflecting delays in receipt of orders and the more challenging market conditions for bank note paper referred to in the most recent results announcement.
“We expect volumes for the year to return to the usual weighting towards the second half, unlike the previous financial year.”