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Frontier Smart Tech (FST)

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Thursday 03 October, 2019

Frontier Smart Tech

Closure of Romania Operations

RNS Number : 6605O
Frontier Smart Technologies Grp Ltd
03 October 2019
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

3 October 2019

Frontier Smart Technologies Group Ltd

("Frontier", the "Group" or the "Company")

Closure of Romania Operations

As previously mentioned in the Company's announcements to the market of 9th May and 7th August 2019, the Company has reviewed its cost base and structure in light of the downturn in revenues in 2019.

 

After detailed consideration, Frontier has concluded that it is necessary to close its operations in Romania. 

 

It is expected that the closure will be substantially completed by the end of the year and doing so is expected to reduce the Group's cost base in 2020 by around $2 million.

 

The Group's audio engineering resources will henceforth be centred in the UK. A plan to manage a transfer of specific skills and expertise to the Cambridge team has been prepared and will be enacted in due course.

 

 

 

For Further Enquiries:

Frontier Smart Technologies Group Limited

+44 (0) 20 7391 0630

Anthony Sethill, Chief Executive Officer


Jonathan Apps, Chief Financial Officer




N+1 Singer (Nominated Adviser and Broker)

+44 (0) 20 7496 3000

Lauren Kettle / Ben Farrow


 

 

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