Cybercom implements cost-efficiency programmes in Finland and Sweden


2009-02-16, 09:02
Cybercom believes that the global economic slowdown will more strongly impact the Nordic market for IT consultancy services in 2009. To meet the current market conditions, Cybercom is taking several measures to adapt its Finnish and Swedish operations, including reducing its staff. The measures are expected to cut annual costs by SEK 80 million and give full effect from 2010, when the programme is expected to have a considerable positive effect on earnings.

The planned changes may affect up to:
• 50 employees in Sweden: in Stockholm and Östersund.
• 110 employees in Finland: in Tampere, Rauma, and Helsinki.

In Sweden, Cybercom has begun local union negotiations. In Finland, Cybercom will immediately start consultations with employee representatives. Negotiations are estimated to be completed in early April. The cutbacks affect administrative staff and consultants. In addition, there are ongoing measures to streamline the Group’s cost structure. Cybercom also strengthens its focus on increasing its outsourcing and turnkey sales efforts.

“It’s difficult to have to part from some of our skilled employees,” says Patrik Boman, president and CEO of the Cybercom Group. “But in the current market, it’s important to act fast and adapt operations to current conditions. These measures reinforce our competitiveness and prepare us for the long-term. Cybercom has a strong Nordic position, which will continue going forward.”

The measures are estimated to entail a non-recurring expense of SEK 30 million that will affect EBIT for the January–March 2009 period, but will give a positive effect for the full year. The measures are expected to give a cost reduction of SEK 80 million annually with full effect from 2010, when the company expects the programme to have a considerable positive effect on earnings.

The cost-efficiency programme will not affect customer projects. After these measures, Cybercom will have about 1,400 employees in the Nordics.

Find out more, contact:

Patrik Boman, president and CEO, Cybercom Group +46 73 983 89 79
Hannu Meskanen, managing director, Cybercom Plenware +35 8 50 14 87
Anders Franzén, managing director, Cybercom Sweden East +46 705 26 75 15
Kristina Cato, communications director and IR manager, Cybercom Group +46 708 64 47 02

About Cybercom
The Cybercom Group is a high-tech consultancy that offers global sourcing for end-to-end solutions. The Group established itself as a world-class supplier in these segments: security, portal solutions, mobile services, and embedded systems. Thanks to its extensive industry and operations experience, Cybercom can offer strategic and technological expertise to these markets: telecom, industry, media, public sector, retail, and banking and financial services. The Group currently employs 2000 persons and runs projects worldwide. Cybercom has 24 offices in 10 countries. Since 1999, Cybercom’s share has been quoted on the OMX Nordic Exchange. The company was launched in 1995. Find out more at: www.cybercomgroup.com.

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