A BANKNOTE maker has shrugged off Brexit worries but admitted it will take steps to mitigate currency fluctuations caused by the vote.

De La Rue, which runs the world’s largest banknote factory on Team Valley, said the EU referendum has not shifted bosses’ full-year outlook.

The company previously revealed an order book of £365m, which officials claimed would provide a solid foundation for the next 12 months, and chairman, Philip Rogerson, said Brexit has yet to force the firm to revise its aims.

He added: “The order book continues to be strong and, having considered current trading, market conditions and the impact of Brexit in the short-term, our full-year expectations remain unchanged.

“However, in light of foreign exchange market volatility, the group will hedge all confirmed foreign currency sales and purchases.”

Earlier this year, De La Rue revealed full-year revenues had climbed seven per cent better to £454.5m, with underlying pre-tax profits two per cent better off at £58.5m.

Speaking to The Northern Echo, Martin Sutherland, chief executive, said it was focused on creating jobs to reinforce its North-East presence, with plans to recruit around 80 workers at its Gateshead factories.

The company was forced to make 85 redundancies about a year ago to protect it from falling profits and fierce European competition.

However, Mr Sutherland said it was ready to expand again.

He added the firm, which employs more than 580 people in the region and has made its Gateshead site a centre of excellence for cash manufacturing alongside bases in Kenya and Sri Lanka, will spend £15m over the next two years to improve the plants.

He said: “We are putting in more manufacturing equipment and are now recruiting again in Gateshead to bring numbers back up to where there were.”