Money (2)

UK-based global banknote printer De La Rue has said it will cut its production as consumers use physical cash less and less.

The company, which produces more than 150 currencies around the world, said it will reduce the number of banknotes it prints from eight billion to six billion.

De La Rue also said that some of work carried out at its plant in Gateshead would be transferred to Malta, with the Gateshead factory developed into one of three global centres of excellence.

Martin Sutherland, De La Rue's chief executive, said: "Today we are announcing plans to achieve a more streamlined De La Rue, in line with the future needs of our global customers, focused on centres for excellence with investment that underpins our future."

Despite supplying notes for more than 150 different currencies, De La Rue has issued several profit warnings, claiming growing competition from rival firms. Last week, it reported a 38% fall in underlying pre-tax profits.