Seeing Machines Ltd - Business restructure and Covid measures
Business restructure and Covid measures reduce cost base by
Like most other businesses in transport related sectors,
The Company has successfully reduced discretionary costs and introduced a number of short term measures to specifically mitigate the impact of the pandemic. These include the following items, which will be in place for an initial six months:
a. CEO salary reduction of 20% and deferral of any bonus payable for 12 months;
b. Chair fees reduced by 30%;
c. Non-executive director fees reduced by 20%; and
d. Introduction of a four-day working week and consequent 20% salary reduction for staff.
The Australian Federal Government has introduced a robust economic stimulus package designed to assist businesses through this downturn.
At the same time, the Company has restructured to improve its focus on profit in the three business units (Automotive, Fleet/Offroad and Aviation). Specifically, changes to engineering and technology management will improve the balance between innovation and delivery and will result in a more targetted approach to R&D in order to underpin the Company's market leading position. Corporate Services functions will also be restructured to enable better collaboration across the organisation and facilitate an enhanced focus on profitable growth. As with any cost restructure and streamlining, a number of roles across the Company no longer exist but this process leaves
These initiatives are expected to result in significant ongoing cost savings for the business, estimated at approximately
"The new organistional structure will re-focus our business and enable us to deliver better results faster. Our experienced and leading team is committed and determined to deliver profitable growth and we fully expect that when the world recovers from the pandemic,
| || |
+61 2 6103 4700
| || |
Cenkos Securities plc (Nominated Adviser and Broker)
+44 131 220 6939
| || |
+44 20 7710 7600
| || |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
The person responsible for arranging the release of this announcement on behalf of
This information is provided by RNS, the news service of the
Quick facts: Seeing Machines Ltd.
Market Cap: £161.09 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE