De La Rue PLC CEO Martin Sutherland is stepping down as the U.K.-based banknote-printing company posted a year-over-year drop in profit for the 2019 fiscal year, sending its share price down.
Sutherland, who has also been a director for nearly five years, will remain in the role until a replacement is identified, the company said.
The company's profit for the year ended March 31 dropped to £18.3 million from £95.0 million in the same period a year earlier, when the company booked a £80.5 million gain on the change in indexation methodology on the U.K. defined pension scheme. Earnings per share fell to 16.5 pence from the year-ago 91.0 pence.
De La Rue's shares traded more than 30% lower May 30 following the profit drop announcement, Sky News reported, adding that De La Rue is cutting costs due to its failure to win the contract to print post-Brexit British passports.
Ordinary operating expenses increased on a yearly basis to £505.4 million from £431.8 million. The company incurred £27.9 million in exceptional operating expenses, compared with a year-ago income of £60.9 million.