RE: Ide17 May 2020 14:24
I was not aware they had found further cost savings, beyond that previously reported - having achieved a 'proportionate cost base.' But it seems MXCP's relationship with Íde previous management, who allowed the company to bloat, was poor. Thus Smith taking charge himself and effectively starting again, at about the same time as organising the Cloudcoco 'takeover' of the also ailing Adept4, and largely relieving MXCP of that problem. If Smith has found further savings since, so much the better.
10th. January 2019.
"On 15th. October 2018 the Company announced the completion of its strategic and operational review and the sale of 365 ITMS Limited, one of the Group's subsidiaries. It also announced that the restructuring of the businesses that remained within the Group, being IDE Group Manage Limited and IDE Group Connect Limited, was ongoing.
To that end, a total of £7.2 million of annualised staff cost reductions have been implemented, along with other operational cost savings including, inter alia, a reduction in software licencing costs and property costs. The Company has also reached a settlement in relation to an outsourced service contract which will result in a saving of c.£3 million over the next three years. The Directors believe that following these cost savings, the Group now has a proportionate cost base."
11th. March 2019.
"As announced on 10 January 2019, £7.2 million of annualised staff cost reductions were implemented in 2018, with further reductions identified since the year end bringing the total to £7.8 million. Various operational cost savings have also been realised including a reduction in software licencing costs and property costs.
The Board is pleased to report that as a result of these cost savings the trading performance of the Group improved in the second half of the year. Furthermore, the Company reached a settlement in relation to an outsourced service contract which will result in a saving of c.£3 million over the next three years, therefore the provision made at the time of the interim results has now been reversed. Consequently, the Group now expects to report a significantly reduced loss at Adjusted EBITDA* level for the full year compared to that reported in the interim results for the six months to 30 June 2018. Following the rationalisation of the cost base, the Group expects to report a much improved trading performance in 2019."
Sign In
Follow the stocks
