De La Rue, the FTSE 250 currency maker, has warned that full-year profit would be below market expectations after falling to a loss in the first half.

The British banknote printer said on Wednesday that it now expected full-year adjusted operating profits to be between £30mn-33mn, lower than analyst estimates of about £36mn, after booking a series of exceptional charges related to restructuring efforts.

De La Rue’s auditors warned of a “material uncertainty” about the company as a going concern. In the audit statement, Ernst & Young said that in a “severe but plausible downside scenario” where De La Rue lost key currency contracts, it would breach a debt covenant on the group’s credit facility.

Revenues fell more than 8 per cent to £164.3mn after a drop in sales in its currency making operations, which has been hit by customers using up stocks built up over the pandemic when money use fell sharply.

De La Rue is in a public fight with one of its largest shareholders, the activist fund manager Crystal Amber, over its long-term strategy as it nears the end of a three-year turnround plan. The group is aiming for further “efficiency actions” and expects to save an annualised £12mn.

The company reported an operating loss of £12.6mn in the first half, compared with an operating profit of £13.8mn in the same period last year.

It outlined a new plan for the next three years, saying that it expected to be free-cash flow generating, after pension payments, for the next financial year.

De La Rue has called a general meeting on December 2 to vote on the re-election of Kevin Loosemore, its chair, in response to a request by Crystal Amber for him to resign with immediate effect. The company has recommended shareholders support Loosemore.

The group’s shares have fallen more than 35 per cent this year.