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100+ Jobs to Go at Cint
Research tech firm Cint has announced cost reduction measures which it says will enhance efficiency and ensure long-term competitiveness amid 'challenging market dynamics'. They include the loss of around 12% of its workforce of c.900.
 Cint is headquartered in Stockholm and also has offices in London, New York, New Orleans, Singapore, Gurgaon, Tokyo and Sydney. Its sample marketplace gives access to around 335 million opted-in respondents in over 130 countries. In September Chairman Patrick Comer (pictured) stepped into the CEO's role, replacing Giles Palmer, and in November it released a new version of its Cint Exchange research platform, as well as rebranding for a 'bold departure from the past'.
Net sales so far this year have been flat, on a constant currency basis, at EUR 120.8m (9 months) - well down on a reported basis as last year's 12-month total was EUR 194.2m - but profit margin (EBITA margin) has improved from 8.5% last year to 13.6% pro forma in the year to date. The company reported that sales in the Cint Exchange platform - to which all its business is migrating - have been slow as a result of lower demand from some key customers and overall uncertain economic conditions - but this has been offset by continued strong momentum in Media Measurement. Around 75-80% of its customer base it expected to have moved to the Exchange by the end of the year.
In addition to the 12% staff reduction - which is net of the September '24 headcount figure - the company said it would make 'general cost-saving actions', and was looking to reduce annual operating expenses by c.EUR 15m. This will 'strengthen Cint's financial performance and provide the flexibility needed to reinvest in strategic priorities, ensuring the company remains well-positioned'.
Cint says it is in the process of revising its 'medium-term strategy and financial targets' and plans to host an update for investors on 27th January.
Web site: https://investors.cint.com .
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