Trading Update

De La Rue PLC
18 March 2004


                                 DE LA RUE PLC

                               PRE CLOSED PERIOD
                                 TRADING UPDATE

Prior to entering its close period for the year ending 27 March 2004, the Board
of De La Rue issues the following trading update.

Trading since the new year in the Currency business has been strong with the
business particularly benefiting from increased volumes relating to the Iraq
banknote contract.

In Cash Systems and Security Products the cost reduction programmes are
progressing ahead of schedule.

Accordingly, the Board now expects to report preliminary results modestly ahead
of its previous expectations expressed at the time of the interim results.

                                     -ends-


For further information please contact:

Stephen King              Group Finance Director            [phone]
Mark Fearon               Head of Corporate Affairs         [phone]
Richard Mountain          Financial Dynamics                [phone]

18 March 2004

Notes to Editors:

 1. De La Rue will announce its preliminary results on 26 May 2004


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