THE SEARCH for a new CFO at banknote manufacturer De La Rue is underway after Colin Child announced he is to vacate the role in the summer.
The company said Child will leave on 23 July and a replacement is being sought.
It also said its trading for the period ending 27 September was in-line with revised expectations and that the pricing environment in the banknote, print and paper markets would remain aggressive throughout the next financial year.
It reaffirmed that operating profit for the full year would be approximately £20m lower than the £89.3m reported last year.
A profit warning, issued in September, saw the company’s shares plunge 29%, the largest single-day fall in a decade, and knocked £200m off the market capitalisation.
In particular, the introduction of state-run print works, which manufacture around 85% of the 150 billion notes made globally each year, impinge on its market share.
Chairman of De La Rue Philip Rogerson said: “On behalf of the board and all his colleagues at De La Rue, I would like to acknowledge and thank Colin for the very significant contribution he has made to the company.
“During his five years with De La Rue Colin played an important role in the achievement of improvements to the business and took on additional responsibilities during periods of management change. He leaves with our very best wishes.”