Technology Minerals has unveiled a comprehensive cost reduction programme aimed at streamlining operations and bolstering efficiency across the organisation today.
After generating zero revenue in the six month period to 31st December, the firm is taking steps to cut costs to ‘drive productivity’. One would assume the company is yet to generate enough revenue to support its wage bill. We will find out more in the full-year report.
Steps outlined by Technology Minerals include a significant redundancy scheme to reduce the total workforce, substantial cuts to head office costs, and an ongoing, thorough assessment of all service providers.
Philip Beard has agreed to step down from his roles as Independent Non-Executive Director and Chairman of the Remuneration Committee with immediate effect.
The reduction in Independent Non-Executive Directors has prompted a review of the Board’s future composition, which is likely to be a lot leaner in the future.
“These cost reduction measures have been identified as part of the Board’s efforts to increase efficiencies and drive productivity throughout every level of the business,” said Robin Brundle, Chairman of Technology Minerals.
“On behalf of the Board, I’d like to extend our thanks and appreciation to Phil for his contribution to the Company. We are grateful for all the strategic guidance Phil has provided to Technology Minerals and wish him the best in his future endeavours.”
Those investors seeking a profitable circular economy metals recycling company should look at UK-listed Majestic Corporation.
The company generated $29m revenue in the year ended 31st December, and profit before tax grew 149%. Majestic recycles a range of e-waste and renewable energy waste and is expanding in the UK after acquiring a business based in North Wales.