FINANCIALS: CDI expects to incur restructuring costs

US engineering and IT recruiter CDI says it expects a charge of $3.6m (£2.54m) in Q4 2015 in connection to the restructuring of its business.
Mon, 22 Feb 2016

US engineering and IT recruiter CDI says it expects a charge of $3.6m (£2.54m) in Q4 2015 in connection to the restructuring of its business.

In a statement released today, CDI said roughly $2.5m of the charge relates to employee severance and roughly $1.1m to facility consolidations and contract termination costs. 

In addition, the group said it expects to incur restructuring charges in 2016 of around $0.5m to $0.6m, primarily related to further consolidation of facilities and systems, and employee severance costs.

Providing further information on the restructure, CDI said it includes:

•an increased focus on more highly specialised IT and engineering skills in conjunction with its recent acquisition of computer consultants EdgeRock Technology Partners

•integrating its infrastructure business with its oil, gas & chemicals business to form a single energy, chemicals & infrastructure business in 2016

•re-aligning the management and leadership structure of the firm’s aerospace & industrial equipment business

•reducing support for new international corporate and business

A financial statement, released in November, covering the three months to 30 September, revealed group revenue of $244.7m, compared to $295.7m in the same period last year, and $566k incurred in restructuring costs.

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