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Frontier Smart Technologies to close Romanian operations
3rd Oct 2019 12:47
(Sharecast News) - Frontier Smart Technologies Group on Thursday announced that it will close its Romanian operations following a review of its cost base and structure in light of the downturn in revenues.
The closure of these operations is expected to be complete before the end of the calendar year and to reduce the digital audio technology specialist's cost base by around $2.0m in 2020.
Consequently, Frontier Smart's audio engineering resources will be based in the UK, with the AIM traded company stating that a plan to manage a transfer of specific skills and expertise to its Cambridge team has been prepared and will be enacted in due course.
The review that led to the decision to close the Romanian operations followed the company's May assertion that its full-year revenues and that gross margins were likely to come in below market expectations.
Frontier Smart Technologies Group shares were untraded on Thursday, having last closed down 3.72% at 24.55p after the previous session.
The closure of these operations is expected to be complete before the end of the calendar year and to reduce the digital audio technology specialist's cost base by around $2.0m in 2020.
Consequently, Frontier Smart's audio engineering resources will be based in the UK, with the AIM traded company stating that a plan to manage a transfer of specific skills and expertise to its Cambridge team has been prepared and will be enacted in due course.
The review that led to the decision to close the Romanian operations followed the company's May assertion that its full-year revenues and that gross margins were likely to come in below market expectations.
Frontier Smart Technologies Group shares were untraded on Thursday, having last closed down 3.72% at 24.55p after the previous session.