Orc Software launches efficiency program - To reduce annual expenses by around SEK 40 million

2 December 2008

Orc Software has announced the launch of a group-wide efficiency program. The program includes a measured reduction in workforce and will successively during 2009 lead to annual savings of around SEK 40 million. The cost of the program, estimated at SEK 25 million, will be recognized in the fourth quarter of 2008.

“The financial markets are currently undergoing one of worst crises of all time. Under these circumstances, it is only natural for us to take a closer look at our costs and organizational structure,” says Thomas Bill, CEO of Orc Software, and continues:

”I want to underline that we are seeing continued good demand for our products and a stable order intake. Both sales and contract downsizings in the fourth quarter are on par with the same point in the third quarter. Our earlier forecast for the full year 2008, to increase both our revenue and order book compared to 2007, remains unchanged. This means that the efficiency program is expected to provide scope for higher profitability in 2009.”

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