A BANKNOTE maker, forced to slash North-East jobs amid falling profits, has secured a string of fresh orders as it looks to steady its financial position.

De La Rue, which operates the world’s largest banknote factory on Team Valley, Gateshead, has agreements for a number of deals across its currency business.

Bosses say the contracts, obtained during the first quarter from March 29, mean the division is 90 per cent towards meeting sales and production targets for the 2015/2016 year, and will be integral to driving forward the company’s revival.

The Northern Echo previously revealed the firm, which has issued three profit warnings in the past two years, was making 85 of its 592 Gateshead workers redundant, after annual revenues fell from £513.3m to £472.1m, and pre-tax profits dropped more than £20m to £38.9m.

The firm’s two Team Valley factories, which produce passports, postage stamps and security stamps, as well as about ten million notes a day, were also included in a review of manufacturing processes.

However, the business has invested about £5.5m in its Gateshead sites over the last three years to meet increasing demand for notes to include high tech security features, and, in an update revealed at its annual general meeting, chairman Philip Rogerson said its turnaround plan was taking effect.

He said: “The group's trading has been satisfactory and the order book has increased substantially since the year end.

“In currency, although market conditions remain challenging, we have been successful in securing and confirming a number of important orders and we also have an encouraging pipeline of orders for delivery in the next financial year.”

Mr Rogerson added the company expects its financial performance to be weighted further towards the second half of the year, with around 70 per cent of its currency division’s production scheduled in the period.

Referring to its redundancy process, a spokeswoman said: "That is ongoing at our Gateshead site and we continue to work with the Union and Employee Forum to mitigate the need for compulsory redundancies through non-renewal of fixed term contracts and offering voluntary redundancy arrangements and redeployment opportunities where possible."

The company previously won a ten-year contract with the Bank of England to print its sterling banknotes at its site in Debden, Essex, which will see the introduction of plastic banknotes.

It has also worked with the Maldives Monetary Authority on new plastic notes, helped the Central Bank of Solomon Islands on a $100 bill, and printed notes for the National Reserve Bank of Tonga.