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De La Rue Extends Australian Passport Contract For 5 More Years

De La Rue plc (DLAR.L), the world's largest commercial banknote printer and passport manufacturer, Friday announced the extension of its Australian passport contract.

The company has entered into a 5-year extension of its contract with Note Printing Australia or NPA for the sole-source supply of polycarbonate data pages for Australian passports.

The contract originally went live in February 2022 and had a 5-year duration has now been extended to 2032.

With the agreement, De La Rue will invest further to expand production at its Malta facility to meet increased volume demand. The additional investment will be covered by incremental cash flows.

The expanded capacity is expected to be in place around the beginning of Financial Year 2023/24.

Clive Vacher, CEO of De La Rue 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. The additional investment will enable us to satisfy further demand, and is incremental to the previously-announced expansion of our Authentication and Currency factory in Malta."

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