Economy

De La Rue drops passport appeal and issues profit warning

De La Rue drops passport appeal and issues profit warning

"For the last decade De La Rue has produced the UK's passports securely without any problems and provided a source of decent well-paid jobs in the North East", said Unite national officer Louisa Bull.

Our new blue British passports will definitely be made in France, now United Kingdom firm De La Rue has chose to drop their appeal.

"The group today announces it will not appeal against HMPO's decision on the United Kingdom passport tender".

Last month it was announced that the company will not design and produce the United Kingdom passport when its existing contract expires in July 2019.

Martin Sutherland, chief executive of De La Rue, described the original decision as "shocking" and pledged to appeal.

The new blue passport, which was replaced by the European Union burgundy in the late 1980s, will be reintroduced from October next year.

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De La Rue's chief executive Martin Sutherland had vowed to appeal the decision, but later decided not to challenge the move to print the new passports overseas.

Despite their French-sounding name, De La Rue (who make the current burgundy passports) objected to the new ones being manufactured in the European Union.

But reports that Franco-Dutch firm Gemalto GTO.AS had won the tender to produce the passport was criticised by some politicians and newspapers as unpatriotic, and De La Rue had said it would challenge the decision.

Touted by the Home Office as a symbol of Britain's post-Brexit independence, the decision to manufacture passports overseas was met with outrage by pro-Brexit MPs, the Labour party, and trade unions.

De La Rue also confirmed that its full-year earnings would be hit by a write-off of about £4m related to the bid costs for the passport tender.

The firm, which makes the new polymer bank notes, also issued a profits warning as it said annual operating income would now be around £60m to £65m.


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