3rd Oct 2019 12:05
(Alliance News) - Frontier Smart Technologies Group Ltd on Thursday said it has reviewed its cost base and structure in light of the downturn in revenue so far in 2019.
The digital radio and audio solutions company has concluded, after detailed consideration, that it is necessary to close its operations in Romania. It is expected that the closure will be substantially completed by the end of 2019 and doing so is expected to reduce Frontier's cost base in 2020 by around USD2 million.
"The group's audio engineering resources will henceforth be centred in the UK. A plan to manage a transfer of specific skills and expertise to the Cambridge team has been prepared and will be enacted in due course," Frontier said in its statement Thursday.
The company's shares were untraded in London on Thursday, last closing at 24.55 pence each.
By Evelina Grecenko; [email protected]
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