De La Rue plc (De La Rue or the "Group"), the world's leading anti-counterfeiting and security specialist for currency, identity, and brand protection, today announces that it has been awarded a ten-year contract by the Bank of England to supply the base material for its new polymer £20 notes. De La Rue already has the contract to design and print the notes, which will be issued in 2020.
Under the terms of the contract, De La Rue will supply the Bank of England its Safeguard® polymer substrate for 25% of the first call-off volume. Based on estimated timings, production for this contract is expected to commence in the financial year of FY18/19.
De La Rue launched its Safeguard® polymer substrate in 2012, and it is now used by 15 issuing authorities across 21 denominations. De La Rue is the only vertically integrated producer of polymer banknotes, which is one of the Group's fastest growing product lines. Production volume of Safeguard® nearly quadrupled last year and is expected to double again this year.
Martin Sutherland, Chief Executive Officer of De La Rue commented:
"We are delighted to have been chosen by the Bank of England to supply polymer substrate for the new £20 notes in addition to our existing work designing and printing the notes. De La Rue is the only fully integrated supplier of polymer banknotes in the world. This new contract is an important strategic milestone and will increase our share of this fast growing market."
"Having worked closely with the Bank to design and print the new polymer £5 and £10 notes, we look forward to continue our close relationships and the successful delivery of the new £20 notes in 2020 and beyond."
De La Rue plc +44 (0)1256 605000
Martin Sutherland Chief Executive Officer
Jitesh Sodha Chief Financial Officer
Lili Huang Head of Investor Relations
Brunswick +44 (0)207 404 5959
Notes to editors
- De La Rue has a 10 year managed service contract awarded in October 2014 to print Bank of England banknotes at the Bank's facility in Debden, Essex.
- Currently c3% of the 172bn banknotes issued each year globally are printed on polymer substrate.
- There are currently 2.2bn £20 notes in circulation, representing c60% of the total number of notes issued by the Bank of England. The annual issuance of the £20 notes ranged between 250-320m in the last five years.
About De La Rue
De La Rue's purpose is to enable every citizen to participate securely in the global economy. As a trusted partner of governments, central banks and commercial organisations, De La Rue provides products and services that underpin the integrity of trade, personal identity and the movement of goods.
As the world's largest designer and commercial printer of banknotes, De La Rue designs, manufactures and delivers banknotes, banknote substrates and security features to customers in a world where currency will continue to be a key part of the developing payments eco-system. De La Rue is the only fully integrated supplier of both paper and polymer banknotes, and creates security features that ensure banknotes are protected against counterfeiting.
De La Rue is the world's largest commercial designer and printer of passports, delivering national and international identity tokens and software solutions for governments in a world that is increasingly focused on the importance of a legal and secure identity for every individual.
De La Rue also creates and delivers secure product identifiers and 'track and trace' software for governments and commercial customers alike to help to tackle the challenge of illicit or counterfeit goods and the collection of revenue and excise duties.
De La Rue is listed on the London Stock Exchange (LSE:DLAR). For further information visit www.delarue.com