It has taken an exceptional charge of 17.7m - 11.6m of which was cash - relating to the closure of its High Wycombe facility, but that action, combined with the acquisition of House of Questa, should result in annual savings of 7m.

De La Rues turnover from continuing operations for the six months to 28 September fell 8.4% to 269.6m. Profit before tax, exceptionals and goodwill amortisation fell from 35.6m to 19.6m.

Jon Marx, managing director of the Global Services and Security Products division, has resigned. He had been with the firm since February 2000 and led the review of the manufacturing base.

The closure of De La Rues banknote-printing factory in Singapore is on schedule for completion by the end of the financial year next spring.

Portals Bathford, the groups papermaking business, performed in line with expectations.