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(Alliance News) - De La Rue PLC on Friday said it has secured a five-year extension to its contract to supply materials for Australian passports.
De La Rue is a Basingstoke, England-based company that designs and manufactures security and authentication features on physical currencies, financial documents and identity security components.
Signed with Note Printing Australia - part of the Reserve Bank of Australia - the contract sees De La Rue produce polycarbonate data pages for Australian passports.
The deal, which began in February, had an initial five-year term. However, it has now been extended to 2032.
The agreement will see De La Rue expand production at its Malta facility to meet increased volume demand, with the additional investment being covered by incremental cash flows.
The expanded capacity is expected to be in place around the beginning of the 2023/24 financial year.
Chief Executive Officer Clive Vacher said: "This extension helps to underpin management's confidence in the Company's long-term outlook for the division. We are already in the process of delivering highly secure and durable polycarbonate data pages for the Australian passport programme, and we will ramp up this production further in the coming months."
Shares in De La Rue were trading 2.6% higher at 88.66 pence each in London on Friday morning.
By Chris Dorrell; chrisdorrell@alliancenews.com
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