Demand for banknotes hits a 20 year low
The world's largest banknote maker, De La Rue, issued a profit warning due to low demand for banknotes, leading to a low order book for FY24. Its adjusted operating profit for FY24 is expected to be $25M, half of its previous estimates. The decline is attributed to modern banknotes lasting longer, banks stocking up, and the rise of internet-based payments. De La Rue supplies raw materials to 140 countries.