Brief: Livetiles Announces Restructure And Cost Reduction Program To Achieve Cashflow
10/10/2023 02:46
Oct 10 (Reuters) - Livetiles Ltd LVT.AX :
* RESTRUCTURE AND COST REDUCTION PROGRAM TO ACHIEVE CASHFLOW
* IMPLEMENTING FURTHER GLOBAL HEADCOUNT REDUCTION OF
FORTY-EIGHT
WITH A COMBINATION OF FULL-TIME EMPLOYEES AND FIXED TERM
CONTRACTORS
* CEO DAVID VANDER HAS RESIGNED
* ACCELERATING EFFORTS TO REDUCE OPERATING COSTS INCLUDING
EXITING
OF NON- CORE OFFICE SPACE, IT COSTS AMONG OTHERS
* COST REDUCTION PROGRAM WILL ENABLE CO TO SAVE A$16.2M IN
ANNUALISED COSTS AND A$8.4M IN FY24
* CHANGES WILL PROVIDE LIVETILES WITH ADDITIONAL OPERATIONAL
LEVERAGE IN FY24
Source text for Eikon: ID:nASX92cr7Q
Further company coverage: LVT.AX
((Reuters.Briefs@thomsonreuters.com;))
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