Specialist financial IT consultancy The Terence Chapman Group is to cut ten per cent of its workforce in response to deteriorating market conditions. The UK company is warning that its results will fall "substantially short" of current market expectations for the second half of the financial year to 31 August 2001.
TCA says it has experienced a deteriorating market demand environment and deferrals of client expenditure over the two months since its interim results announcement in May.
The TCA board says it has reviewed the group's cost structure and decided to cut approximately ten per cent of its workforce in response to the slowdown. The cull will affect both support functions and fee earning staff.
Terry Chapman, group chief executive, says the group has a strong cash position of £20 million following the disposal of stockbroking systems vendors TCA Synergo in April, and is well-placed to ride out the current challenging market conditions.