New Zealand's Vista Group International Ltd on Thursday disclosed plans to reduce 6 per cent-8 per cent of its global workforce and streamline operations in an effort to turn cashflow positive a year earlier than targeted. The film technology provider said it now expects to be free cashflow positive by th
New Zealand's Vista Group International Ltd on Thursday disclosed plans to reduce 6 per cent-8 per cent of its global workforce and streamline operations in an effort to turn cashflow positive a year earlier than targeted.
The film technology provider said it now expects to be free cashflow positive by the fourth quarter of 2024, as a bump in capital expenditure outlined last year will be spread over four years rather than previously indicated two years. Shares of Vista rose 4.7 per cent to NZ$1.77 by 1129 GMT, marking its highest level since September 2022.
"This updated, more stable, development program should result in a modest reduction in the total spend over time and a lower cash consumption in the near term," the company said.However, the group reaffirmed to achieve its targets of annual recurring revenue of A$175 million to A$205 million and earnings before interest, tax, depreciation and amortization of at least 15 per cent by the end of 2025.
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