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The World's Largest Banknote Printing Plant is Going Bankrupt!

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2019/11/30 Viewed：

The company that prints UK bank notes and passports warned there was "significant doubt" about its future unless a turnaround plan revived its fortunes.

De La Rue, which prints notes for the Bank of England and more than 100 other central banks, said it was suspending its dividend to help tackle mounting debts as it reported a first-half loss following a raft of problems.

Shares in the Basingstoke-based business plunged by a fifth to 140p, wiping 36m pounds off its value, after it said there was "material uncertainty that casts significant doubt on the group's ability to continue as a going concern."

The company, which employs more than 2,500 people globally, said the warning was based on a worst-case scenario.

Unite, the union, said it was a "very worrying" development for workers at De La Rue, whose UK locations include Debden in Essex and Gateshead in the north-east.

"The potentially precarious future of De La Rue, a major UK manufacturing company, should be ringing alarm bells across government," said Unite national officer Louisa Bull.

"Unite will be doing all it can in supporting our members at this very difficult time and will continue to campaign strongly to keep vital printing work in the UK."

The latest statement follows a series of setbacks including two profit warnings, an investigation into suspected corruption in South Sudan and its failure to win a 490m pounds contract to print the UK's post-Brexit blue passport. In May, it wrote off 18m pounds after Venezuela's central bank failed to pay its bills.

（fromhttp://www.kekenet.com/read/201912/601978.shtml）

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