Trading Update

De La Rue PLC
19 September 2003


                                 DE LA RUE PLC

                PRE CLOSED PERIOD TRADING UPDATE FOR THE PERIOD
                              TO 27 SEPTEMBER 2003


De La Rue issues the following trading update prior to entering its closed
period, ahead of the publication of its interim results on 25 November 2003.

Underlying trading during the first half year has been in line with
expectations.

Production of the Iraq banknote order, announced on 7 July 2003, is progressing
well. Deliveries have now commenced and further significant deliveries are
expected to be made in the first half.

The Group's cost reduction programme continues to be implemented to schedule.

Accordingly, as a result of the earlier than anticipated deliveries of the Iraq
banknote order, the Group expects to report interim results significantly ahead
of expectations previously indicated at the time of the AGM in July 2003.


                                     -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

19 September 2003

www.delarue.com


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