Martin Sutherland the chief executive of De La Rue, the passport and banknote maker has announced he is to step down after five years at the helm.
The company revealed a three-year strategic review of the business after they lost their contract to print British passports.
The company blamed “growing competitive pressure in the banknote print market” for a performance downturn as profits dropped the past year.
Operating profits to March 2019 dropped by 74% to £31.5m down from £123m the previous year.
Due to significant growth in the currency division revenue was up by 14% to £564.8m, and currency sales was up by 20% to £447.1m.
De La Rue aims to deliver £20m of annual savings by 2022, as they have started a three-year transformation programme.
Sutherland said, “As we look ahead, the conclusion of the UK passport contract in 2020 and the growing competitive pressure in the banknote print market present some significant challenges for our business.
“To partially mitigate against this, today we have set out a three-year cost reduction programme.
“In addition, we will be proposing a reorganisation of our business over the next 12 months designed to enhance our strategic focus and generate greater efficiencies.”
Philip Rogerson chairman said, “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.”