Positive note from Greece

Banknote printer De La Rue cheered a 73 per cent rise in profits yesterday amid reports it is preparing to start making drachmas in case Greece crashes out of the eurozone.

The firm, which prints notes for some 150 countries, said underlying profits rose to £57.7 million in the year to March as it benefited from a recovery plan.

Orders at its currency business were up 18 per cent to £183m although it warned the market is becoming more competitive as rivals add capacity.

There is speculation that De La Rue could benefit from a potential Greek exit from the euro. It is reported to be preparing to print an alternative currency, and has retrieved old moulds of drachma notes.

Investec raised its earnings forecast for the current year by £400,000 to £84.4m.