By Jonathan Davies

De La Rue, the company that prints the UK's banknotes, saw shares fall by 10% this morning (Wednesday) after reporting a fall in profits.

Operating profits fell by 22% to £69.5 million, as predicted last year when De La Rue warned that profits would fall by £20m.

The global banknote printer also announced that it was cutting its dividend payment from 42p per share to 25p.

Last year, De La Rue said its new contract with the Bank of England was 'less favourable' and would lead to other countries renegotiating lower prices.