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Eftel restructures business

Eftel restructures business

Closes Perth and Malaysian office, and makes staff redundant

ASX-listed telco provider, Eftel, has restructured its business after acquiring Engin back in September.

It purchased Engin for $9.1 million at the time.

During the six months to December 31, Eftel shut down its Perth and Malaysian office, which contained back office and contact centre staff. It stated it was able to consolidate those services into its Melbourne office and its existing outsourced contact centre provider.

It also conducted significant management and team restructuring, which cost the company about $1.6 million.

The telco hasn’t revealed how many staff were made redundant in the process.

Due to this, the company suffered a net loss of $46,000. EBITDA for the period excluding redundancy costs and onerous lease provisions of $1.67 million, was $2.1 million. At the same time last year, EBITDA was $1.63 million.

Revenue rose 20 per cent to $34 million with the Engin acquisition contributing $5.75 million in revenue during the reporting period.

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