Central Banking

De La Rue profits nose-dive

Twenty and fifty pound notes

De La Rue, a UK banknote printer, on Tuesday reported a preliminary profit of £40.4 million for the year ending March 26, down 63% from last year, owing to exceptional losses on paper production.

Tim Cobbold, the chief executive of De La Rue, attributed the lower profits to "a single customer" and "production issues" during the course of the year.

Preliminary reports show the papermaker incurred operating costs of £29 million ($47 million) from "paper production quality issues" and £2.6 million

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