Jitesh Sodha joined the security printer in August 2015, replacing Colin Child.

In a statement De La Rue said Sodha had resigned as a director with immediate effect, but would remain with the business until the end of September while the group searches for a successor.

Chief executive Martin Sutherland said: "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."

De La Rue will formally update the market next month on its expectations for its full year results to the end of March, but the group said it was “currently expecting the result to be around the lower end of the current consensus range”.

City expectations were for operating profits of between £71m-£73.4m.

The PLC had posted strong growth in currency at the interim stage, although operating profits were down.

De La Rue’s share price fell by 102p, or 17%, to a new 52-week low of 500p in early trading following the announcement, but had recovered to 529p at the time of writing. The 52-week high is 711.5p.

The group had sales of £461.7m last year and is the world’s largest security printer. It announced a deal to sell its specialty banknote and security paper business last month, and at the same time Sutherland said that the outcome of the £490m HM Passport Office tender was expected imminently.

De La Rue is the incumbent supplier to HM Passport Office, part of the Home Office, which typically issues more than six million passports a year. De La Rue is understood to be facing stiff competition from a number of continental rivals for the new contract, which will see the UK revert to dark blue passports. 

A Home Office spokesperson told PrintWeek: "The procurement process is ongoing so no update at this stage."