According to chairman Nicholas Brookes, Quinn left the company following the sale of the Cash Systems division, which "completed the strategic programme" initiated by Quinn.

"We thank him for his drive and leadership, which has created significant value for shareholders, and wish him well for the future," Brookes added.

Quinn's departure, which is effective from 31 December, came as De La Rue announced that revenues for the six months to 27 September 2008 were up 14.4%, while profit before tax surged 23.9% to £49.8m.

Brookes described the performance as "outstanding" and said the results "demonstrate the continuing success of our strategy to drive profitable growth through innovation and productivity".

The strong results were driven by demand for banknotes, which grew by 15% in the six-month period under review.

With a strong order book for the second half of its financial year, the company said it had excellent visibility and remained confident in its outlook for the current year.

The results mark the continued strength of the banknote printer, and follows on from a positive trading update in July.