De La Rue says demand for banknotes at its lowest in 20 years

Banknote shaper De La Rue has said that request for currency astir the satellite is astatine its lowest level successful 20 years.

The company, which designs a 3rd of banknotes globally, said request for currency had fallen since Covid.

It said that this was "causing a important grade of uncertainty" and meant its full-year profits would autumn abbreviated of expectations.

The steadfast is having to renegotiate its indebtedness agreements with its banks owed to the tougher trading conditions.

While the UK saw a accelerated diminution successful the usage of currency during Covid lockdowns arsenic online retailing soared, different countries successful the processing satellite continued to usage notes and coins.

But since past request for currency has fallen everywhere, arsenic radical person shifted to utilizing paper - and peculiarly contactless - payments.

De La Rue said determination are signs of betterment but is not definite erstwhile that volition happen.

"The request for banknotes has been astatine the lowest levels for implicit 20 years, resulting successful a debased bid publication going into fiscal twelvemonth 2024," it said.

The 200 year-old steadfast added it was successful talks with its banks implicit its indebtedness agreements due to the fact that of little profits and higher involvement rates, pursuing a succession of rises by the Bank of England.

De La Rue present expects its full-year nett to beryllium successful the "low £20m range" portion the involvement costs connected its loans has risen.

It said it is "in discussions with its lending banks successful narration to seeking an amendment to its banking covenants, reflecting the revised outlook and besides reflecting the summation successful the company's backing costs resulting from higher Bank of England basal rates".

De La Rue employs 1,800 radical globally and works with 140 countries.

All existent Bank of England banknotes are printed by the steadfast astatine a tract successful Debden, Essex.

The country wrong the De La Rue banknote printing hallway is simply a substance of the mundane and the surreal.

The mill level feels precise acquainted with hi-tech machinery, pallet carriers and unit that look emblematic of galore accumulation centres.

But the "product", arsenic it is called, turns your head. Millions of banknotes, successful assorted stages of production, are here. Obviously, the information is highly tight.

So galore banknotes printed each time feels astatine likelihood with our mundane lives - when, for galore people, currency usage is simply a rarity arsenic we wage for goods and services with cards and smartphones.

De La Rue is besides printing the caller banknotes featuring the representation of King Charles, though those volition not participate circulation until the mediate of adjacent year.

The company, which is headquartered successful Basingstoke, Hampshire, has contracts with cardinal banks astir the world.

For immoderate of those banks, it prints money, portion for others, it provides polymer for banknotes good arsenic different services.