The passport and banknote maker De La Rue has issued a second profit warning in five months, after losing out on the government’s contract to make new blue UK passports post-Brexit.
It has said profits will be “significantly lower than market expectations”.
New chief executive Clive Vacher, says he is “conducting a detailed review of the business and will update the market further”.
He replaced Martin Sutherland, who quit in May following a previous profit warning. De La Rue said it expects adjusted operating profits for the six months to the end of September “to be low-to-mid single-digit millions.”