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Our goal is for De La Rue to be positioned as an integrated, technology led Group delivering improved growth and profitability.
We have a clear strategic roadmap which will enable us to optimise and flex our print, cash processing and paper products and services while investing and building in the higher growth areas of polymer, components, citizen identity management and product authentication.
In Currency print, CPS and Currency paper we will optimise our operations and improve profitability and cash flow through ongoing operational excellence, reducing costs and optimising our production footprint. We will explore opportunities to partner with third parties to provide extra flexibility in our capacities and thereby reduce the impact of unpredictable orders and more efficiently meet short term fluctuations in order demand.
We expect demand for polymer substrate to grow at a materially faster rate than demand for paper and as one of only two manufacturers we believe we are well placed to capture this growth.
We have an improving pipeline of new component products and we intend to increase the level of investment in innovation in this area to ensure we capture an increased share of the growing market for this high margin product line.
We are already the largest commercial supplier of passports in the world but we see good opportunities to grow our market share in this area. This growth will arise from increased demand for security features within the passport or identity card and the trend towards governments seeking complete end-to-end solutions addressing personalisation, issuance and integration with other government systems.
As governments increasingly seek software solutions to authenticate products either for tax generation or, in the case of tobacco products for health reasons, we anticipate attractive growth prospects for our authentication products. We have considerable experience of producing the physical tax stamp and increasing experience of delivering an end-to-end service with software products and services.
A common theme across all ‘Invest and Build’ product lines is technology and innovation. We are well placed to capture the growth opportunities and will seek to build on our position through increased investment in innovation and our people and, where appropriate, through joint ventures and partnerships.