The business, which shares the namesake of the Thomas De La Rue pub in St Peter Port, has said it plans to make savings of £35million to improve its financial performance.
Its primary business at the moment is printing money, and this comes as the business continues to move into plastic notes. it is planned to release a 2021 £50 note featuring Alan Turing next year, for example.
The cost cutting is set to enable De La Rue to compete better across all of its markets, and improve profitability.
It also wants to make its manufacturing bases more efficient and prepare itself to be more flexible as the markets evolve. De La Rue’s currency division will return to margin growth this year, coinciding with its 200th anniversary.
These improvements are all part of the business’ turnaround plan, aiming to significantly improve De La Rue’s performance across the board.
It was 200 years ago that Guernsey-man Thomas De La Rue founded the business, after getting a warrant from King William IV to make playing cards. During the Second World War, the business printed money for governments aligned with the Allies.
Shares in De La Rue performed well following the news this morning, going up by nearly 20%.
Pictured top: Thomas De La Rue.