Cint to cut workforce by 12%
In a statement, Cint said that the 12% cut, as compared with its September 2024 workforce, would affect both employees and contractors and will come with a restructuring charge of around €5m.
The reduction in workforce is expected to reduce annual operating expenses by around €15m, Cint added.
Operating expenses in 2025 are expected to remain in line with 2024 levels, the company said, reflecting lower than normal bonus and LTIP (long-term incentive plan) accruals in 2024, while 2025 is affected by a higher run rate for key personnel recruited during 2024.
Cint’s statement said that “these cost reductions are designed to strengthen Cint’s financial performance and provide the flexibility needed to reinvest in strategic priorities, ensuring the company remains well-positioned”.
Cint is in the process of revising its medium-term strategy and financial targets, and will provide a strategy update for investors on 27th January 2025 to outline its medium-term strategic initiatives and financial targets, including progress on platform migration and growth opportunities.
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