Brief: Archtis Ltd Announces Reduction in Overall Cost Structure
17/11/2022 02:05
Nov 17 (Reuters) - Archtis Ltd AR9.AX :
* REDUCED ITS OVERALL COST STRUCTURE TO FURTHER ALIGN WITH
MARKET
DEMANDS AND ACHIEVE CASH FLOW NEUTRALITY IN A MORE TIMELY MANNER
* ALSO CONFIRMED ITS PREVIOUSLY COMMUNICATED 60%
YEAR-OVER-YEAR
REVENUE GROWTH OUTLOOK
* RESIZING OF BUSINESS EXPECTED TO REDUCE OPERATING
EXPENDITURE BY
A$2.25 MILLION PER ANNUM FROM DEC 2022 ONWARD
* ALSO CONFIRMED ITS PREVIOUSLY COMMUNICATED A$9.5M OF CASH
RECEIPTS FOR FY23
* RESIZING OF BUSINESS INCLUDING REDUCTION OF STAFF AND
CONTRACTORS BY 18%
Source text for Eikon: ID:nASX1zNS0m
Further company coverage: AR9.AX
((Reuters.Briefs@thomsonreuters.com;))