Australia's Booktopia jumps after cost reduction plans, job cuts

Booktopia

23/01/2023 24:39

** Shares of Australia's Booktopia Group  BKG.AX  rise as
much as 19.5% to A$0.245, set to gain the most since Aug. 29,
2022 if gains hold
    ** The online book retailer announces initiatives to deliver
A$12 million ($8.37 million)-A$ 15 million earnings improvement
    ** Says business has also undertaken an organisational
restructure to reduce costs further and involves 30 to 40
job-cuts 
    ** Says job cuts to result in A$4 mln to A$5 mln in
annualised cost savings
    ** Adds annualised improvements to earnings to be primarily
realised in FY24 and beyond
    ** Stock fell 85.4% in 2022
($1 = 1.4337 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))