De La Rue PLC (LON:DLAR) shares plunged on Wednesday after it once again warned investors that its full-year adjusted operating profit will be “significantly lower” than market expectations.
The security printing company, which prints all the Bank of England's banknotes, also said in a very brief trading update that adjusted operating profits for the half-year ended 28 September will be “low-to-mid single-digit millions” and its management, led by the new chief executive, is conducting a “detailed” business review.
READ: De La Rue appoints turnaround expert as CEO
Business turnaround expert Clive Vacher was appointed earlier this month to replace Martin Sutherland as head of the firm, which announced in May a three-year cost reduction programme to offset the impact of losing a key contract with the British government to provide UK passports.
Back in May the company announced former that Sutherland would step down amid urgent plans to restructure, after issuing a profit warning which halved its share price in the year-to-date.
In early trading on Wednesday, De la Rue shares dropped 22% to 145.65p.