Baroness Ashton has been an independent non-executive director at the security printing group since September 2020.

She said she was stepping down in order to free up time for her future international commitments.

Newly-appointed chairman Clive Whiley said: “Catherine has made an invaluable contribution to the company's board proceedings. We wish her continued success going forward, particularly in relation to her international work.”

Ashton commented: “It has been a privilege to work with the Board and staff of De La Rue. However, international events and my work overseas require a change of focus in the period ahead. It is therefore appropriate at the end of three years to retire from my non-executive directorship and in doing so to wish De La Rue and the board well for the future.”

De La Rue has been buffeted by bad news in recent months and has delayed its year-end results, which will be announced at the end of this month.