De La Rue responds to failure to land UK passport contract

De La Rue UK Passport
De La Rue have lost out on the contract to produce the post-Brexit UK passport.

Yesterday’s news that De La Rue had lost out on the £490 million contract to produce the new post-Brexit UK passports to a Franco-Dutch firm caused the company’s share price to fall by more than 5% in early trading.

Domestically, the company has contracts with the Bank of England, Bank of Scotland, Clydesdale Bank and Royal Bank of Scotland to produce the newer polymer bank notes.

De La Rue also prints money for Kenya, along with Qatar, Kuwait, the Bahamas and the Seychelles, among others.

In a statement released yesterday, the company said:

“De La Rue has worked closely with HMPO over the last nine years, designing and producing the UK passport and establishing it as one of the most secure passports in the world. The current ten-year contract has a total value of c£400m. Today’s decision is expected to have no impact on the performance of current and next financial year as we continue to fulfil the contract until July 2019 and assist with the transition process thereafter. The Company is disappointed with the outcome of the tender process and will now consider its options including an appeal.”

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