THE SECURITY printing factory of international giant De La Rue, based in High Wycombe, has performed "below expectations" according to a company report recently published.o

But the company itself has maintained "an excellent all round position".

The factory, that mainly prints stamps and security paper, has recently signed a three-year contract with the Royal Mail for production of the new self-adhesive stamps that are now being issued.

Overall though the internal report acknowledges that the security printing business performed in line with expectations.

The company has other factories at Dunstable and Peterborough.

The report adds that the management of the factory had made considerable progress in improving quality and service.

Sales in the security paper and print sector remain flat despite a restructuring of the business.

Chief executive Ian Much said there was a bright future for the part of the business that includes High Wycombe.

He said: "We are looking to get some growth from the non-currency part of the business."

He added that managers were drawing up plans to overhaul the passport printing sector.

He said: "This will optimise the use of plant and machinery in the factory."

The report said that overall the company showed signs of "further improvement".

Operating profits from continuous operations increased to £66.4m. Company shareholders will get an 7.5% increase in the dividend to 8.6p.