Brief: Otovo Starts Cost Cut Program Of NOK 200-225 Mln

Otovo ASA

10/09/2024 07:14

Sept 10 (Reuters) - Otovo ASA  OTOVO.OL :
    * LAUNCHES PROGRAM REDUCING COST BY NOK 200-225M ANNUALLY
    * NUMBER OF EMPLOYEES WILL BE REDUCED TO AROUND 200
    * COST REDUCTION MEASURES WILL ENCOMPASS ALL COUNTRIES AND FUNCTIONS
    * SELECTION OF AFFECTED EMPLOYEES WILL HAPPEN IN SEPTEMBER
    * EMPLOYEE REDUCTION FROM A TOTAL OF 366 AT BEGINNING OF THIS QUARTER
    * BULK OF CASH IMPROVEMENTS FROM PROGRAM ARE ANTICIPATED TO HAVE TAKEN EFFECT BY END OF YEAR
2024
    * APPROXIMATELY NOK 150M OF 200-225M ANNUAL SAVINGS WILL RESULT FROM REDUCTIONS IN EMPLOYEE
COUNT
    * AN ADDITIONAL NOK 50-75M WILL BE SAVED IN GENERAL & ADMINISTRATIVE COSTS AND MARKETING
    * REDUCTIONS AFFECT MORE THAN HALF OF CURRENT EMPLOYEES THROUGH DOWNSIZING

Source text for Eikon:  ID:nObiqC5rJa 
Further company coverage:  OTOVO.OL 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))