Australia's Quickstep Holdings dips after restructuring leads to job cuts

Quickstep Holdings

26/06/2024 06:05

** Shares of aerospace engineering firm Quickstep Holdings
 QHL.AX  fall as much as 5.6% to A$0.170, their lowest since
June 20 
    ** Says changes in structures business unit will see a
reduction in direct production headcount of 20% 
    ** Says reduction of 35% headcount across all support teams
in corporate support functions
    ** Says changes expected to deliver annualised cost savings
of A$5 million ($3.34 million)
    ** More than 98,170 shares change hands as compared with the
30-day average volume of ~88,578 shares   
    ** Stock down 33.33% this year, as of last close vs 3.3%
increase in the benchmark S&P/ASX 200 index  .AXJO  



($1 = 1.4972 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))