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De La Rue’s CEO to step down

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Banknote and passports maker De La Rue Plc said on Thursday its Chief Executive Martin Sutherland would step down, after five years in the role.

The company, in a separate statement, said that adjusted operating profit rose 6% to 60.1 million pounds for the full year ended March 31 and that its fiscal year 2020 operating profit would be “somewhat lower” than this year.

The company, which last year lost the contract for Britain’s new post-Brexit blue passports, also announced cost reduction measures aimed at saving over 20 million pounds by fiscal year 2022 and a reorganisation of its business to sharpen its focus on currency and authentication services.

 

Via NASDAQ

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