Da La Rue’s share price climbs after Bank of England confirms 10-year deal

De La Rue's share price rose today after its 10-year deal to print sterling bank notes received the final approval. 

 

The printer and passport manufacturer will take on the new contract, producing bank notes from the Bank of England's base in Debden, Essex, in April. 

 

De La Rue, which has been printing bank notes since 1860 and held the BoE's previous contract, had been made preferred bider on September 8, but today the Bank of England confirmed it had completed its checks and finalised the contract. 

 

On announcement, the company's share price rose nearly three per cent, and was up 2.8 per cent at pixel time. 

 

It comes at a good time for the company. De La Rue last month saw its share price plummet by more than 26 per cent after it issued an unexpected profits warning relating to its passport arm. 

 

Chairman Philip Rogerson said: “We are delighted with the Bank of England's decision to award this prestigious and important contract to De La Rue, following a rigorous selection procedure 

 

“We are looking forward to continuing our successful working relationship with the Bank over the next 10 years."