This morning, we have announced proposed redundancies reflective of reduced growth targets. The official statement from Simon Conroy, CEO, reads as follows:
“As a result of the dramatic downturn in the economy we have revised our growth targets for 2009/10. Over the last four years we have experienced profitable revenue growth of 50%+ each year. For the coming year we have reduced our projections by 30% to just over 12% year on year profitable revenue growth. The majority of the reduced forecast growth was in relation to bespoke/ custom new site launches.
We are structured for growth, and as a result of cutting our projections we have had to review the cost base and current structure of the company and identify ways that we can save operational costs. It is with great regret therefore that we need to consider the possibility of making a number of redundancies across the company. At present we anticipate that up to 19 roles are likely to be at risk [out of a team of 81].
None of these role redundancies will impact project delivery deadlines, service level agreements or investment in our innovation programme. The stability of our client base, the economies driven by our newly launched job board platform and the contracted on-going revenues as far out as 2011, mean there is a secure revenue stream that will ensure Madgex continues to robustly grow throughout the recession as our clients’ outsource job board partner.”
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