CORRECT (Mar 20): De La Rue Finance Head Leaves Amid Profit Caution

21st Mar 2018 08:27

(Correcting that he was CFO of Greenergy, not chief executive.)

LONDON (Alliance News) - Shares fell in De La Rue PLC on Tuesday as Chief Financial Officer Jitesh Sodha announced he will step down from the company amid a cautious forecast for full-year profit.

Shares in the banknotes security provider closed down 14% at 519.00 pence on Tuesday and were down a further 0.4% at 517.00p early Wednesday.

Sodha has resigned with immediate effect after three years in the role but will remain in De La Rue until the end of September to ensure an orderly transition while a successor is found.

Sodha first joined the company in August 2015, and prior to that was chief financial officer of UK fuel distributor Greenergy International for seven and a half years from 2008 to 2015.

In addition, De La Rue said it expects the outturn for the year ending March 25 to be at the lower end of its current consensus range.

"Jitesh has been a valued member of De La Rue's management team. He has been instrumental in the execution of our strategic plan to diversify our business. I would like to thank Jitesh for his support and contributions during his tenure and wish him every success in the future," said Chief Executive Officer Martin Sutherland.

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