Fintech and platform engine supplier Bravura Options plans to downsize its UK places of work as a part of a world cost-cutting train, with some places of work set to be reduce altogether in Australia and New Zealand.
The corporate stated it’s going to shut three places of work and downsize an additional six.
It has 4 UK places of work in London, Edinburgh, Manchester and Tonbridge, though it has not but detailed which can face downsizing.
It additionally plans to scale back its world workforce by as much as 10% as a part of the A$30m (£17m) cost-cutting programme, because it strikes extra work to current groups in India and Poland.
The variety of employees on the group climbed from 1,553 at 30 June 2022 to 1,637 by 31 December 2022 at 16 places of work round Australia, New Zealand, United Kingdom, Europe, South Africa, and India.
That implies that as much as 160 of the corporate’s workers are dealing with the axe.
The worldwide enterprise acted after it made a internet lack of A$190m (£170m) within the second half of final 12 months.
That was down from a A$15m (£8.4m) revenue it made in the identical interval a 12 months earlier.
The agency, which is listed on the Australian Inventory Alternate, underpins adviser platforms Nucleus, Constancy, and M&G Wealth.
It has needed to droop its dividend to construct up cashflow and has organized a facility drawdown of A$9.5m (£5.3m) to fulfil working capital necessities.
It’s also elevating A$80m (£45m) in fairness, which it hopes will present “steadiness sheet flexibility” and “working capital.”
Libby Roy was appointed the corporate’s chief govt final June to supervise an “organisational change programme” which has led to the job cuts and workplace closure information.
She stated: “The primary half was undoubtedly a tough interval with our efficiency impacted by quite a few operational and market‐associated challenges.
“Nevertheless, after conducting a large‐ranging strategic evaluate of our enterprise and having taken some robust however needed selections, I imagine we now have a plan in place that can enable us to raised handle and monetise our suite of merchandise and construct on our sturdy buyer base.”