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De La Rue announced today that it had “considered all options” and decided that it would not fight the government decision to award the £490m contract to make Britain’s new blue post-Brexit passports to Gemalto, a Franco-Dutch firm.
De La Rue has manufactured the UK passports for the past 10 years. But the Home Office said Gemalto’s bid would save taxpayers between £100m and £120m.
The firm, which also makes banknotes, further said that it would continue to fulfil its existing contract and assist with transition to the new supplier, and was expecting no impact on its performance in the next 18 months.
The company said in a trading update that its revenue for the year to end-March increased by about 6 per cent year on year, with growth across all product lines.