StockMarketWire.com - Cloud and IT services provider IDE said it expected to report a significantly narrowed annual earnings loss compared to the figure it reported for the first half.

The company said it had identified £7.8m in staff cost reductions, up from the £7.2m announced in January.

Various operational cost savings had also been realised, including a reduction in software licencing costs and property costs.

IDE also said it had reached a settlement in relation to an outsourced service contract, which would result in a saving of around £3m over the next three years.

A relate provision made at the time of the interim results had now been reversed.

For 2019, IDE said it expected to report 'much improved trading'.


At 2:14pm: [LON:IDE] IDE Group Holdings Plc share price was +0.2p at 1.55p



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