Newly restructured GrowthOps posts $24M loss

Newly restructured GrowthOps posts $24M loss

$3.3 million paid in employee restructuring expenses

Scott Tanner and Clint Cooper (GrowthOps)

Scott Tanner and Clint Cooper (GrowthOps)

Credit: GrowthOps

GrowthOps has cut its losses down by almost half after embarking on a major restructure before the close of the 2020 half year.

For the period ending 31 December 2019, the IT services supergroup posted a net loss after tax of $23.1 million, reducing the figure by more than half of $47 million on the previous corresponding period.

At a leadership level, the move saw GrowthOps CEO Paul Mansfield, along with independent non-executive chairman Dominique Fisher and non-executive director Melissa Field, all exit the business.

Mansfield was subsequently replaced by Clint Cooper, who was named managing director and CEO.

In addition to this, the publicly listed company removed a number of roles that “did not directly service clients or support colleagues who do” and “functions with low utilisation levels”.

According to its half year report, the restructure cost GrowthOps $3.3 million in one-off payments and expenses. 

The company also saw increased contractor costs in the technology practice in Hong Kong and Australia, which was also “rationalised” as part of November’s restructure. 

Meanwhile, GrowthOps’ revenue fell by $4.7 million dollars to $46.1 million year-on-year. 

Going forward, GrowthOps will have to contend with the collapse of a number of businesses belonging to financial infrastructure and technology provider Sargon.

The company has now announced that its founder Phillip Kingston resigned from the GrowthOps board on 5 February 2020. 

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