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De La Rue plc, the world’s leading anti-counterfeiting and security specialist for currency, identity, and brand protection, today announces that it has been awarded a ten-year contract by the Bank of England to supply the base material for its new polymer £20 notes. De La Rue already has the contract to design and print the notes, which will be issued in 2020.
Under the terms of the contract, De La Rue will supply the Bank of England its Safeguard® polymer substrate for 25 per cent of the first call-off volume. Based on estimated timings, production for this contract is expected to commence in the financial year of FY18/19.
De La Rue launched its Safeguard® polymer substrate in 2012, and it is now used by 15 issuing authorities across 21 denominations. De La Rue is the only vertically integrated producer of polymer banknotes, which is one of the Group’s fastest growing product lines. Production volume of Safeguard® nearly quadrupled last year and is expected to double again this year.
Martin Sutherland, Chief Executive Officer of De La Rue commented:
“We are delighted to have been chosen by the Bank of England to supply polymer substrate for the new £20 notes in addition to our existing work designing and printing the notes. De La Rue is the only fully integrated supplier of polymer banknotes in the world. This new contract is an important strategic milestone and will increase our share of this fast growing market.”