Evans Dixon (ASX:ED1) set to reduce staff by 20%

Wealth manager Evans Dixon (ASX:ED1) report statutory NPAT for the half year of $2.1 million was down from $12.4 million delivered in the prior corresponding period.

They report net revenue of $102.9 million, down 7 per cent on prior corresponding period as the operational review was implemented and due to softer performance in E&P and Funds Management divisions.

Group staff numbers reduced by 20 per cent.

The full impact of these changes is expected to be apparent in 2H20 and beyond and the Group will maintain a continued strong focus on delivering further cost efficiencies across the organisation.

A fully franked interim dividend of 2.5 cents per share (cps) has been declared by the Board, which is down on the 3 cps declared in 2H19 and 5cps declared for the pcp.

Shares in Evans Dixon (ASX:ED1) are trading 3.23 per cent lower at 90 cents.
 
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Source: Finance News Network