Vista Group plans to merge its different companies into one single business, which will include job losses before the end of the year. Photo: Unsplash
Cinema software company Vista Group says it will cut its global workforce by 6 to 8 percent as part of a major business shake up.
The changes would see Vista move from running multiple companies to operating as a single business, it told the share market
Reduction of its workforce globally would happen through both "natural attrition" and "a phased, top down, transformation programme", to be completed by the end of the year.
Vista's existing brands include Movio, Veezi and Flicks. Its most recent annual report, for 2022, said it had about 780 employees.
The company expected the change in capital expenditure would make it cash-flow positive during the last quarter of 2024, a year earlier than previous guidance. And it remained on target to reach annualised recurring revenue of between $175 million and $205m by the end of 2025.
It said the changes would improve shareholder returns, with further details to be released in its first half results in August and on its US investor day, in September.
New chief executive Stuart Dickinson said since starting the role and talking to its clients, investors and employees, it was noted there was room for improvement.
"From these conversations we can see an opportunity to build a more connected business that continues to keep the client at the centre of everything we do, and also accelerates our growth as a global tech company," Dickinson said.
"As our clients continue to embrace end-to-end digital transformation, it is vitally important that we focus on enabling their operational efficiency and delivering a heightened digital experience for their customers - moviegoers, with connected and innovative platform and product offerings.
"We also recognise that in putting together these organisational changes, we've had to make hard decisions that will impact our people. We will support each impacted team member through the process."