4 June 2020 - cost savings plan
The company has announced that to help reduce costs it is to reduce employee numbers by up to 500 due to a reduction in demand for its cars which has led to cuts in production. There are other aspects to a general restructuring including cuts to capital expenditure and non-essential expenditure. These cost savings are likely to save £18m per annum with the costs of the restructuring likely to be around £12m in the current year. Although the shares have bounced from the level of 45.36p at which they were tipped recently . . .
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