British banknote printer De La Rue aims to find new opportunities in security solutions while boosting efficiency at its core currency business, it said yesterday after posting a 22 per cent fall in operating profit.

The 202-year-old business reported operating profit of £69.5 million for the year to March 28, against £89.3 million the previous year, citing pricing pressures in banknote printing.

Chief executive Martin Sutherland, who joined the company in October, told Reuters he is looking to improve efficiency through modernisation in the print and paper banknote division as part of his five-year business plan.

Sutherland also said he would look for new opportunities within the solutions business, which accounts for about 30 per cent of group revenue, by speaking to third parties about collaborating on new products for commercial customers.

De La Rue, which makes more than 150 national currencies and UK passports, warned in November that underlying operating profit was expected to fall by about £20 million.

Sutherland said he expects the challenging market conditions to continue in the short term.

'At the moment, we are suffering with movement in the foreign exchange between the euro and sterling, which gives our European competitors a price advantage over us. That is putting a little bit of pressure on our profits in the short term,' he said.