Demand for Bank Notes at 20-year low

The company, who are responsible for a third of the world’s banknotes, said that demand for banknotes had fallen sharply following the pandemic, since central banks started stocking up on currency.

De La Rue said that the downturn would affect its full-year profits, which are forecast to be lower than the previous year.

In a trading update, De La Rue said: "The demand for banknotes has been at the lowest levels for over 20 years, resulting in a low order book going into fiscal year 2024"

In their trading update, De La Rue announced that shares fell by as much as 30% on Wednesday after it published its trading update. La Rue also said there are signs of recovery but they are not certain when that will take place.

De La Rue CEO Clive Vacher, speaking to the BBC, said that central banks had stepped up orders for bank notes during the pandemic, which is typical practice in an economic crisis.

"They always do that when there are crises, because of the security that having cash around them has,"

He continued: "So, we expected a downturn, which has indeed happened, but that downturn is probably extending deeper and probably for an extra 9-12 months than we’d normally expect in the normal cycle of things,"