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Praemium cutting UK workforce to save £2m a year

Australian-based technology platform provider Praemium is cutting its UK workforce in a bid to save the firm £2m per year.

In an Australian Securities Exchange alert today, Praemium announced a number of permanent full time roles in the UK will be made redundant or converted to part time roles.

The move is part of the technology firms plans to reduce the UK operating cost base by approximately £2m per annum.

The alert said: “This reduction is possible due to the fact that the bulk of Præmium’s development work in the UK is now complete and the business aims to focus on sales, implementation, and client support.”

Praemium group chief executive officer Arthur Naoumidis says: “The last twelve months have been a pivotal period for us in the UK. Our foundation clients are now engaged in real terms with the launch and distribution of our SMARTfund, and our discretionary service, launched jointly with BNP Paribas Securities Services, is creating significant interest in the IFA market.

“Lowering our UK costs is an exercise of prudent financial responsibility across our overall business. With the Australian business now moving into profit, this reduction of UK cost base enables the company to pursue our UK growth in the current economic environment.”

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