20 more jobs to go at Huntingdon technology firm
HUNTINGDON-based technology company Pursuit Dynamics is set to shed a further 21 jobs, following last week’s announcement that a planned tie up with US giant Proctor and Gamble had fallen through, leading to a collapse in its AIM-listed share price.
Its means that its workforce will have halved to just 40 since October last year, it told the Stock Exchange on Thursday.
As part of the restructuring to slash its operating costs, chief finance officer Richard Webster, will be stepping down from the Board on September 30.
The company said future revenues were expected to come principally from the pipeline of brewing, food and beverage technology and sales of its First Responder System and decontamination products.
The company has �6million in cash, and the changes will reduce its monthly costs to �450,000.
Interim chief executive Jeremy Pelczer said: “This has been a difficult time for the company and its shareholders following the failure to achieve an exclusive licence agreement with Procter and Gamble.
“However, with the changes we are making and with the new strategy in place, the company is positioned to deliver revenue growth from a reduced cost base.”
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