The sites include the production facilities for UK personal cheques and export stamps. The group will transfer equipment from Byfleet needed to support domestic stamp production to its Dunstable site.

An investors meeting at Byfleet, the former House of Questa operation bought by De La Rue in September 2002, was scheduled for Tuesday (25 November) as PrintWeek went to press.

GPMU national officer Chris Harding said the news had also been confirmed to him on Tuesday, but he was yet to sit down with the company to discuss the job losses. It only bought Byfleet at the same time it was closing High Wycombe, he added.

Following the review De La Rues Security Paper and Print division comprises banknote printing and papermaking operations, its Tapes and Holographics activities, as well as its Security Products division.

The news came as the group announced a pre-tax profit of 19.7m, excluding exceptional items and goodwill amortisation of 19.6m, for the six months to 27 September. However, this compared favourably to an 800,000 pre-tax loss this time last year. Turnover rose 7.6% to 290.1m.

De La Rues share price also rose 25p, or 9.4%, to 290p on the news. Its 52-week high is 315p.

The Security Paper and Print division performed well, with operating profits up 1.6m to 14.3m offsetting tough trading experienced in other parts of the group. This was, in part, due to the Iraq banknote contract announced in July (PrintWeek, 10 July).

De La Rues interim results
DivisionSalesOperating profit (loss)
Security Paper and Print114.8m14.3m
Cash Systems142.2m2.2m
Global Services35m(2.3m)

Story by Rachel Barnes