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Linedata Services — Regulatory Filings 2008
Dec 19, 2008
1483_rns_2008-12-19_64ab0eb7-f53e-453f-b051-273c217e07d8.pdf
Regulatory Filings
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Linedata Services announces acceleration of cost efficiency plan
Paris, 19 December, 2008: Linedata Services today announced it launched a plan to build a more efficient and cohesive organization in order to adjust its infrastructure to a less favourable economic situation while preserving high quality of service for clients.
As part of this plan, the North American region will consolidate offices from 4 to 2, with a headquarters in Boston and a sales and support office in New York.
In Northern Europe, given the greater deterioration in the markets than expected, the group is announcing an adjustment of its staff in this area.
The plan will result in a reduction of the Group headcount by 5%, with the major part of the restructuring costs accounted for in the 2008 financial year.
Due to these restructuring costs, Linedata Services will not reach its profitability objectives for the year.
On the other hand, this plan should allow an estimated saving on personnel costs of several million euros on a full year basis and thus strengthen the group's profit-making capacity in 2009.
In addition, the cost-savings plan has been accelerated in each region, notably through reduction in the number of sub-contractors.
On a global level, Linedata Services possesses significant assets which will absorb the effects of the market crisis in 2009, notably its diversified activity and near 60% recurring turnover.
Linedata Services will publish its turnover for 2008 on 10 February 2009 after close of the market.
About Linedata Services
Linedata Services is a major international provider of financial IT solutions that specializes in Asset Management and Leasing & Credit Finance. As a software solutions and services provider, Linedata Services offers global solutions tailored to the world of finance. Linedata Services is listed on Euronext Paris Segment B and in 2007 generated turnover of EUR 164.8 million.
ISIN FR0004156297-LIN Reuters LDSV.LN Bloomberg LIN:FP Receive free financial information by email by subscribing to www.kaparcafinance.com
Linedata Services Thomas Hirsch: +33 (0)1 47 77 68 38, [email protected] Actus Finance Guillaume Le Floch: +33 (0)1 72 74 82 25,