De La Rue Plc told the annual meeting that it expects to be able to show improved earnings in the first half of the year: while production of banknotes had been running at record levels, especially for the inflation-wracked former Soviet Union, spending on equipment by commercial banks remained subdued in Britain, but appeared to be slowly recovering in the US; there was no expected early end to the recession in Germany although Garny, De La Rue’s German subsidiary had full order books and the potential for a successful year, although the benefit of German reunification to Garny was slowing down.
