QPR Software Plc's change negotiations to adapt the company's operations and improving its profitability have ended
QPR SOFTWARE PLC STOCK EXCHANGE RELEASE 30 May 2023 AT 9 A.M EET
On May 9, 2023, QPR Software Plc announced its plans to start change negotiations in order to adjust its operations and cost structure, as well as to improve the profitability of the business. The change negotiations have been completed on Monday 29 May 2023.
As a result of the negotiations, the company terminates a maximum of seven (7) positions and lays off temporarily a maximum of 36 people. According to preliminary estimates, the company estimated that the adjustment measures will lead to temporary layoffs of the personnel for a maximum of 90 days and, in addition, for a maximum of nine (9) positions to end. The scope of the negotiations included the company's entire personnel, in all its offices, a total of 65 people.
The adjustment measures are generally based on an uncertain market situation. The company has said that in terms of new customer acquisition, the general economic uncertainty has clearly postponed customers' decisions and the start of new tenders. In the current market situation, the company's room for maneuver is tight in terms of cash resources and equity ratio, while operations are still loss-making. The company is actively taking measures to reach the guidance given for the financial year 2023.
The company has also taken cost-saving measures to improve cost efficiency and minimize the effects of the general rise in cost levels in all areas of its business. In the change negotiations, the company discussed measures aimed at adapting the company's operation, structure, and related personnel costs to meet the requirements of a scalable business model.
For further information:
Heikki Veijola
Chief Executive Officer
QPR Software Plc
Tel. +358 40 922 6029
About QPR Software
QPR Software Plc (Nasdaq Helsinki) provides process mining, performance management, and enterprise architecture solutions for digital transformation, strategy execution, and business process improvement in over 50 countries. QPR software allows customers to gain valuable insights for informed decisions that make a difference.
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Nasdaq Helsinki
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www.qpr.com
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