3 Oct 2019 10:00
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3 October 2019
Frontier Smart Technologies Group Ltd
("Frontier", the "Group" or the "Company")
Closure of Romania Operations
As previously mentioned in the Company's announcements to the market of 9th May and 7th August 2019, the Company has reviewed its cost base and structure in light of the downturn in revenues in 2019.
After detailed consideration, Frontier has concluded that it is necessary to close its operations in Romania.
It is expected that the closure will be substantially completed by the end of the year and doing so is expected to reduce the Group's cost base in 2020 by around $2 million.
The Group's audio engineering resources will henceforth be centred in the UK. A plan to manage a transfer of specific skills and expertise to the Cambridge team has been prepared and will be enacted in due course.
For Further Enquiries:
Frontier Smart Technologies Group Limited | +44 (0) 20 7391 0630 |
Anthony Sethill, Chief Executive Officer | |
Jonathan Apps, Chief Financial Officer | |
N+1 Singer (Nominated Adviser and Broker) | +44 (0) 20 7496 3000 |
Lauren Kettle / Ben Farrow |
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