DE LA RUE'S FINANCIAL TROUBLES

 

The chair of British banknote printer De La Rue has resigned after months of attempts to oust him and criticism of the company's leadership by one of its largest shareholders.

De La Rue, which can trace its history back more than 200 years, is responsible for printing about a third of all banknotes in circulation worldwide including the new Charles III design being produced for the Bank of England.

Loosemore's resignation comes after a difficult few months for the London-listed company, which issued its third profit warning in 12 months on Wednesday after it revealed demand for banknotes was at its lowest in 20 years.

De La Rue has blamed the knock to its order books on falling demand for paper money, as consumers opt for card and contactless payments. Its share price has lost half of its value since the start of 2023, and has tumbled by almost two-thirds since last April.

To read the complete articles, see:
Banknote printer De La Rue's chair quits after turnaround plans criticised (https://www.theguardian.com/business/2023/apr/14/banknote-printer-de-la-rues-chair-kevin-loosemore-resigns-criticism-activist-investor)
Banknote printer De La Rue's chairman steps down (https://www.reuters.com/business/banknote-printer-de-la-rues-chairman-steps-down-2023-04-14/)

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