De La Rue shares plunged more than 20% on Thursday after the company released its full-year results.
The British security printing company also announced the departure of its chief executive, Martin Sunderland.
De La Rue said that profit before tax collapsed by 78% to £25.5 million for the year to March-end, compared to £113.6 million the year before.
Meanwhile, customer contract revenue climbed 14% to £564.8 million, up from £493.9 million.
De La Rue has been dealing with the fall-out of losing a longstanding contract to print Britain’s passports following Brexit, alongside pressures in the banknote printing market.
Chairman Philip Rogerson commented on Mr Sunderland’s departure:
“For the past five years Martin has brought tremendous energy and strategic insight to moving the Company from a traditional manufacturing business to a service-oriented business building on leading edge technological solutions, as well as refocusing the business on its core strengths and bringing greater balance to the portfolio. The Company is now well positioned to move to the next phase of this journey. I would like to take this opportunity to thank Martin on behalf of the Board and colleagues for all that he has achieved. I would also like to thank him for his commitment to ensuring a smooth handover of his responsibilities. We will be conducting a search for his successor, which will begin immediately.”
Departing Chief Executive Martin Sutherland added:
“After nearly five years leading this great Company I am proud of what we have achieved together. It has been a time of significant structural change in the industry and real strategic change within the business. With a clear strategic vision now in place and being executed, now feels like the right time for me to hand over to a new leader, to take things to the next phase. I wish the Board and the Company every success.”
Shares in the firm (LON:DLAR) are currently down -28.16% as of 12:14PM (GMT).
