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  • Photo: Descartes

14.09.2020

Artikel Nummer: 33155

Descartes working on a restructuring plan


Descartes has announced its financial results for its fiscal 2021 second quarter, reporting revenues of USD 84 million, up 4% from USD 80.5 million in the second quarter of fiscal 2020 and up from USD 83.7 million in the previous quarter.

 

The company also recorded a net income of USD 10.5 million, up 22% from USD 8.6 million in Q2/FY20 and down from USD 11.0 million in Q1FY21. Net income as a percentage of revenues was 13%, compared to 11% in Q2 FY20 and 13% in Q1FY21.

 

Since May Descartes has been working on a restructuring plan to reduce its cost base and further strengthen the company’s financial position. The plan is expected to reduce the company's global workforce by approximately 5%.

 

Restructuring activities are substantially advanced with activities anticipated to be completed over the next six months. Once completed, Descartes anticipates annualised cost savings of approximately USD 6 million to USD 7 million. (mw)


www.descartes.com

 

 

 

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