Image: Bill Mead, Unsplash
Otovo, a Norway-based operator of an internet market for photo voltaic, storage, and wall packing containers, has introduced plans to put off about 170 workers.
The firm, which operates in 13 European nations, will make use of 384 individuals by the tip of 2023. CEO Andreas Thorsheim mentioned on LinkedIn that Otovo goals to save lots of between NOK 200 million ($18.4 million) and NOK 225 million by way of job cuts.
In the primary half of 2024, Otovo’s gross sales fell from roughly NOK 592 million to NOK 322 million in comparison with the identical interval final 12 months. The firm’s loss after tax elevated to round NOK 197 million, from round NOK 142 million within the first two quarters of final 12 months.
“We are actually taking a brand new course with a extra refined setup and subsequently we’re taking a decrease danger method. And in that means we hope to protect choices and permit us to proceed to implement within the close to future,” mentioned Thorsheim.
Thorsheim mentioned the layoffs had been mandatory to realize profitability within the present market setting. In the 2023 annual report, he famous that the corporate will not be properly positioned amid a common decline in demand in Europe. Otovo holds the most important market share in nations with gradual enlargement and a smaller share in areas with robust progress. Its share value has fallen 97% up to now 12 months.
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