AGM Statement

De La Rue PLC
15 July 2002


                                 de la rue plc

                 ANNUAL GENERAL MEETING - CHAIRMAN'S STATEMENT


In advance of the Annual General Meeting of De La Rue plc, to be held on
Wednesday 17 July, the Chairman, Sir Brandon Gough, commented on the following:


Trading


'The year has got off to a slower start than last year, primarily due to a
number of our Cash Systems' customers in the eurozone holding back on
re-ordering following the euro changeover.  We anticipate that this will reverse
in the second half as financial institutions resume budgeted expenditure for the
year.

'As outlined in the Preliminary Announcement, the strong banknote order book
within Currency is more second half weighted because of an unusually large
number of new designs, which take longer to prepare than repeat orders.   In
addition, we have not been able fully to replace the benefits of last year's
order for euro banknotes. Trading in our Security Products business continues to
be weak and, as previously announced, we are undertaking a strategic review of
its manufacturing operations, which is progressing rapidly.

'Consequently half-year profits from continuing operations (including
acquisitions) will be significantly below last year.  However, De La Rue's
operating results have historically been strongly weighted to the second-half
and the Board expects an element of catch up of orders which had been expected
in the first-half.  As a result full year operating profits from continuing
operations (including acquisitions) are expected to be marginally down on last
year.'



Business Development

'The acquisition of the banking automation business of Papelaco, a leading
manufacturer of self-service banking technology based principally in Portugal
and Spain, was completed on 28 June 2002.

'Sequoia Voting Systems, our recently acquired US based election systems
business, is progressing as anticipated.  The Help America Vote Act 2001, which
is expected to be signed by President Bush later this year, will release
substantial Federal and State funding, and will accelerate the market's move to
automated voting solutions.

'We actively continue to pursue acquisition opportunities and, in particular,
Cash Systems are seeking to broaden the geographic base of their service
organisation.'


Singapore Closure

'Closure of the Singapore banknote printing factory is on schedule and should be
completed by the year-end.'


Outlook

'As highlighted in the Preliminary Announcement, the exceptional levels of euro
related business secured last year and a reduced contribution from our associate
company, Camelot, led to the Board's view that any earnings progress in 2002/
2003 would be modest.  In the light of the slow start to the year the Board now
believes that operating profits from continuing activities (including recent
acquisitions) are now likely to be marginally down on last year.   The outlook
for the current year is still dependant on the speed at which we see a return to
normal ordering patterns for Cash Systems' eurozone customers.

'Looking to the future, we are confident that our underlying business remains
strong and believe that the combination of anticipated market developments,
actions to improve manufacturing efficiencies and acquisitions will position the
Company to make significant progress in 2003/2004.'



                                     -ends-



For further information please contact:



David Finnett       Group Financial Controller            [phone]
Mark Fearon         Head of Corporate Affairs             [phone]

Stephen Breslin            Brunswick                      [phone]



15 July 2002



Notes to Editors:



1. De La Rue's AGM is being held at 12pm on Wednesday 17 July at:
Winchester Guildhall, The Broadway, Winchester, Hampshire, SO23 9LJ

2. De La Rue will announce its interim results for the six months ending
28 September on 26 November 2002.

3. Camelot - the second lottery licence commenced on 27 January 2002 when
De La Rue's effective shareholding decreased from 26.67% to 20%.  The new
lottery licence will reduce the shareholders' potential return from each 100p
collected from around 1.0p to just under 0.5p.

4. The Board will give a further update on current trading at the end of the
first half in September 2002, ahead of the close period.





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