Security and anti-counterfeiting solution provider De La Rue expressed concern about its future after it reported a pretax loss of £12.8 million in the first half of 2019, reports The Guardian.
Shares in the Basingstoke, U.K.-based business plunged by a fifth after it said there was “material uncertainty that casts significant doubt on the group’s ability to continue as a going concern.”
The statement follows a series of setbacks including two profit warnings, an investigation into suspected corruption in South Sudan and its failure to win a £490 million contract to print the U.K.’s post-Brexit blue passport. In May, it wrote off £18 million after Venezuela’s central bank failed to pay its bills.
De La Rue prints banknotes for more than 100 central banks, including the Bank of England. In early 2019, it signed a £3.5 million contract with Her Majesty’s Revenue & Customs to implement a track and trace system for all tobacco products sold in the U.K
De La Rue blamed its poor performance on the departure of top bosses, including its chief executive, adding that major changes to its turnaround plan meant the program was not delivered as originally planned.
The company said it is now focused on delivering a turnaround plan under its new chief executive, Clive Vacher, who was appointed last month.
De La Rue employs more than 2,500 people globally.