15th Sep 2021 14:34
(Alliance News) - De La Rue PLC on Wednesday unveiled plans to expand its premises in Malta as part of its turnaround plan.
The Basingstoke, Hampshire-based banknotes and tax stamp printing specialist said it has upgraded its 14,000 square-metre factory to a 29,000 square-metre state of the art manufacturing site.
The upgrade will cost around GBP79.8 million and will create around 100 new jobs. The investment is supported by Malta's economic development agency, Malta Enterprise, and the government of Malta.
De La Rue anticipates the new facility will double the capacity for tax stamps and brand protection labels, as well extend its manufacture of the company's own traceability software platforms.
The banknotes specialist reported in May a drop in pretax profit for financial year ended March 27, making GBP9.9 million compared to GBP36.1 million a year earlier.
However, it noted a strong pipeline of business for 2022, the second year of its turnaround plan, where the "operational benefits" of the plan should come into play.
"The De La Rue Malta site has a strong track record of effectively managing investment and consistently meeting targets against customer commitments," said Chief Executive Clive Vacher.
"We continue to be humbled and honoured by the welcome of the Maltese people and government, and we look forward to further long-term continued cooperation."
Shares were up 0.9% at 186.60 pence in London on Wednesday afternoon.
By Josie O'Brien; [email protected]
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