AGM Statement

De La Rue PLC
17 July 2003

                                 DE LA RUE PLC

                              2003 AGM STATEMENT


At the Annual General Meeting of De La Rue plc to be held today, Sir Brandon
Gough, Chairman, will be making the following statement:

Current Trading

'De La Rue's trading performance in the first quarter of 2003/2004 has been
modestly ahead of our expectations.  This primarily reflects earlier benefit
from cost control programmes announced in the 2002/2003 Preliminary Results.

'In the Currency business the acquisition of the banknote printing operations of
the Bank of England was completed on 31 March 2003 and we are encouraged by its
rate of integration in the first quarter.  Following the announcement on 7 July
2003,

De La Rue continues to plan for the production of Iraq banknotes, which have a
target issuance date of October 2003.  It is expected that the work will be
concluded in the current year.

Outlook

'In the light of the encouraging start to the year the Board views the prospects
for the current year with more confidence.'


                                     -ends-


For further information please contact:

Stephen King               Group Finance Director          [phone]
Mark Fearon                Head of Corporate Affairs       [phone]
Mike Smith                 Brunswick                       [phone] 
Jonathan Glass

17 July 2003

www.delarue.com


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