Consultant White Young Green has slashed a further 324 jobs this year and is expected to close another five offices before the end of 2009, the group has revealed.
The company had already announced the closure of seven regional offices and carried out a pre-Christmas cull which saw 235 positions lost from what was a 3,000-strong headcount.
But in an interim management statement to the London stock exchange today, the group said it had found trading conditions more “mixed and more challenging” than the second half of 2008 and now wanted to focus on “stronger, quality focused regional centres”.
It said: “Significant progress has been made in implementing the group’s strategy which is centred on creating a more focused and efficient businesses and internationalising White Young Green.
“Decisive action has been taken to restructure the group’s operations… and, as expected, White Young Green will incur significant exceptional costs during the second half of the financial year including redundancy costs and costs arising upon office closures.”
The group is expected to announce a full-year pre-tax profit – excluding exceptional costs – of some £12 million.
White Young Green reaffirmed it was still in discussions with its lenders and said it expected to make a further announcement regarding its financing “in due course”.