SHARES in banknote maker De La Rue tanked today (Tuesday, March 20) after the firm warned over profits and announced the departure of its finance chief.

The Gateshead-based passport maker said, in an unscheduled stock market announcement, it expects full-year results to come in at the "lower end of the current consensus range".

De La Rue did not give a reason for the lower guidance.

Consensus estimates for operating profit currently sit in the range of £71m to £73m.

Shares nosedived more than 11 per cent to 538p as investors digested the news.

In addition, De La Rue's chief financial officer Jitesh Sodha is stepping down from the firm with immediate effect in order to "pursue his career outside of the company".

Mr Sodha will remain in the business until the end of September in order to ensure an orderly transition while a suitable successor is identified, the group added.

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 last year reported a six per cent rise in annual pre-tax profits to £58.2m on revenue of £461.7m.

The business employs hundreds of workers at its Gateshead factories and operates as an international currency maker with capacity to make millions of notes every day out of the North-East.