Brainpower makes deeper cuts
31 May 2002 | 2224 views | 0
Brainpower, the Dutch supplier of investment analysis and decision support software, is looking for further annualised savings of EUR2.5 million, over and above the EUR3 million already realised in the past year, as it strives to achieve break-even by 2003.
Bill Holwell, chief financial officer of Brainpower, comments: "Management has been able to identify further cost savings targets in our sales, marketing and administrative cost base that will not jeopardise our sales and product development strategies."
He says the company will focus on sales in five key markets (Germany, Italy, Switzerland, the UK and the US), and seek to build on third party sales and marketing agreements.
Brainpower's chief executive officer, Rocco Pellegrinelli, adds: "Last year we promised our shareholders we would reach breakeven at an EBITDA level by the end of this year. This remains a firm commitment and the top priority of management despite the persistent weakness in the economic environment."
He says the company will incur a restructuring charge in the second quarter as it makes the necessary cuts.