Future Network To Cut 140 Jobs In Cost-Cutting Restructure
Future Network is to cut 140 jobs as a result of the final stages of a reorganisation of its UK business.
The specific changes involve reductions in centralised support services and internet and magazine teams; rationalisation of the company’s property portfolio and a change in the way the UK business is managed, meaning that individual divisions will be independent but responsible for achieving profit targets.
Chief executive of Future Network, Greg Ingham, added: “We have made significant changes to our business worldwide in recent months, as part of a comprehensive plan. This change to the structure and management of the UK business is a very important element in that process. However difficult some of the changes have been for those involved, what is emerging is a stronger business.”
Earlier in the week Future was prompted to issue a statement to the Stock Exchange reassuring investors that there had been no deterioration in the condition of the business, after stock suddenly went into free-fall (see Future Reassures Investors Following Dramatic Shares Slump).
At midday today Future’s shares were up 2p at 38p.
